No risk stable investment

Mikeyorks

The '5 years' you were quoted is to 'invest' the money (Funds etc) .. the lower periods were for plain 'savings' accounts - as they provide the 'risk free' to his capital he requires.

As you've clarified this a bit more in your last post - go to the Moneysupermarket link (here for ease) :

http://www.moneysupermarket.com/savings/

...... there are plenty of 'fixed term deposit' (also known as Bonds) accounts around at over 3%. You just need to choose one with a convenient High St presence if he doesn't wish an online account? But I repeat my advice - I would only put it away for a year at the moment. Its an opinion ....... but there will be better rates available in a year. One year ago not many people would have considered you would be able to get 3% ....... indeed there was a lot of talk about rates going negative!

But he should stay well away from Banks if he does ever decide to 'invest' ..... their advice / products tends to verge on the inept.

maintenanceman

Thanks for the replies.
Porcupine: The booklet he showed me was entitled Moreformore savings. I will ask him for the plan tomorrow. It will be interesting to know if they really tried it on . I think the sales rep was just after the comission.
Mickeyorks thanks for your replies but I never use price comparison sites, especially moneysupermarket.com. I really think those kind of comparison sites are purely aimed at getting the best revenue for the site owners and cannot reflect true bargains for the consumer. I prefer to ask for personal recommendations from peoples experience and knowledge of the market/trade.
The guy is basically old school and cannot handle year investments and internet bank account, Hence my request for a simple main street savings account that could earn himself a bit of interest instead of leaving him with 0.75 % P/a.

dunstonh

I think the sales rep was just after the comission.

unlikely on that product.

G_M

I never use price comparison sites, especially moneysupermarket.com. I really think those kind of comparison sites are purely aimed at getting the best revenue for the site owners

You are right to be wary, but they do still give you a quick source of alternatives....which you can then investigate further to confirm they are the best for you.

I would look at several:

The FSA's Moneymadeclear
Moneyfacts
Moneysupermarket

The FSA's comparison site is just that - it compares the banks' different accounts/rates. No selling, no bias, just 'comparison'!

Mikeyorks

maintenanceman wrote: »

... but I never use price comparison sites, especially moneysupermarket.com.

That's OTT caution - and denying yourself a very valuable source of data. They only broadly make money if you click through to the compared sites - and I rarely do.

I would give you Halifax from personal experience ... but there's basically only their Websaver that fits the bill at the moment - and that's an online account. But if you're doing the research - there's nothing to stop you taking that one extra step and setting up an online account in his name / with his address? That way the initial deposit data gets sent to him on paper. Managed all my Mother's funds that way for a couple of years.

Try this one with Julian Hodge. Good reports on these forums of their Customer Service - and will give 3.25% gross for 1 year. Postal application (see the download for application form) ...... so it can be conducted directly by him :-

http://www.julianhodgebank.com/personal/savings_fixed_bonds.asp

Jake'sGran

Birminham Midshires are doing 4.65% FIXED for two years and by post.

Give them a ring for the application form or have a look at their web site and ask them for the form.

Mikeyorks

Jake'sGran wrote: »

Birminham Midshires are doing 4.65% FIXED for two years and by post.

It's 3.85% both on their website and comparison sites?

The 4.65% is for 3 years ..... and you'll likely be lagging well behind the status quo by then.

Linton

maintenanceman wrote: »

I have an older relative who has a reasonable amount (20k Plus) to invest. He is looking to invest 2 years plus and does not need immediate access to it. His main concern is that the capital must , absolutely, be guaranteed and not put at any risk.
So a simple investment with a reasonable fixed % return would be adequate.
He has been to Barclays and was suggested MoreForMore savings split into 3 plans. The term of the plans were 4, 5 and 6 years dividing the 3 amounts into roughly 8K investments. From what he has told me the interest is variable. It doesn't seem suitable so any recommendations would be appreciated.

Suggest the money is split into 3 lumps. You then put one lump into each of a 1 year, 2 year, and 3 year fixed rate accounts. When each account matures you either spend the money or put it into a further 3 year account.

In this way you always have a pot of cash available within 12 months, and are annually able to get into the best paying accounts.

D1zzy

Dunfirmline and Derby BS are both doing 16months fixed @ 3.75%
Halifax has a 2 year fix at 4.2%
If he is upto it -he could put it (or some) into 3x Loyds Vantage current accounts @ 4% (for balances between 5K and 7K) . Each account requires £1000 to go through it each month, but this can be done with a SO to move £1000 through each of the accounts
A>B, B>C, C>A - so once setup there should be no hastle.

opinions4u

No risk stable investment

Are the gold, and frankincense, and myrrh included?

Not sure about the myrrh to be honest!