Investing for the unemployed

Jake'sGran

You can split it and put each lump sum into a fixed rate account. I will not invest for more than two years now and perhaps that would suit you. Last time I looked it was still possible to get over 4%. You don't need advice just to save it in a cash account. I'd be tempted to invest some in top rated shares like Shell and RTZ and maybe other blue chips but preferably those with a decent dividend. Everyone will say this is too risky but I think over time they will turn out to be good investment. If you want instant access Egg Bank are paying 3.25%. Otherwise, have a look at the list of bonds etc in Martins list
under BANKING-SAVING in the headings at the top.

The two brokers often mentioned on here are Hargreaves Lansdown and The Share Centre(this one is cheaper for buying shares and will give some advice too).

thedeerhunter270

Jake'sGran wrote: »

You can split it and put each lump sum into a fixed rate account. I will not invest for more than two years now and perhaps that would suit you.

I've been having a look at savings accounts this afternoon. Two years was my first thought, I have a feeling interest rates will rise at some point.

I'll have a look at Martins bond list in a sec.

Mikeyorks

thedeerhunter270 wrote: »

....Two years was my first thought ...

I would have another think ... and make it 1 year .... if you're going to keep it in cash? There will be better rates about in 12 months time. The current differentials between 1 and 2 year cash fixes .... don't warrant the longer tie in?

zag2me

65k wont give you a full time income though, you will need a lot more than that to live off and not depreciate your capital

thedeerhunter270

zag2me wrote: »

65k wont give you a full time income though, you will need a lot more than that to live off and not depreciate your capital

Yep, that is true. I may go abroad to be honest where living costs as lower.

Mind you, getting a job is my priority.

dunstonh

both have come back and said FSA rules don’t allow them to help me due to my circimstances, apart from savings accounts.

There are no such FSA rules. The banks have internal rules they give to their staff which will prevent them from doing a number of transactions that an IFA can do. Its possible the banks sales staff are prevented by their employer from doing investments to the unemployed because of the risks involved in putting money into investments which are longer term. As banks are the most unreliable distribution channel (low quality advice) they tend to have rules put in place that work to the lowest common denominator. i.e. if a bank has been seen to give a lot of bad advice in an area, they will often just remove that area of advice from their sales reps.

thedeerhunter270

dunstonh wrote: »

As banks are the most unreliable distribution channel (low quality advice)

I'm booked to see an IFA next week. Hopefully I'll get some better advice.