monthly income from 50K

bev_wrigley

My husband will be retirering soon and we will have around 50K to invest. Is it possible to receive the interest monthly as a boost to our income??????

deemy2004

Yeh

There are a number of monthly accounts paying between 4.5 and 5% APR, which equates to a income of
£187 to £208 per month.

It would be better to say fix £40k for a longer period and thus get a higher interest rate and use the £10k in instant access accounts and draw on it as income, which will also earn interest on it.

lisyloo

ING direct pay monthly are pay 5%.
You will need to fill out an R85 form if you are not tax payers to make sure that tax isn't deducted.
Put the money in the name of the lowest rate tax payer, so for example if your husband pays no tax and you are working then put it in his name.

deemy2004

bev_wrigley wrote:

My husband will be retirering soon My husband will be retirering soon and we will have around 50K to invest. Is it possible to receive the interest monthly as a boost to our income??????

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Simon Bottomley is a director of Nvesta plc, a specialist provider of structured products. Nvesta plc is authorised and regulated by the Financial Services Authority.

Nvesta does not give advice on the suitability of its products to individual investors.

LOL

Sorry but your signature and asking for advice is very funny

oramgepekoe

Northern Rock Silver Savings account is for over 50s only and gives 5.1% paid monthly, so better than ING. The interest rate is guaranteed to be at least equal to base rate until 1 Jan 2010. http://www.northernrock.co.uk/html/savings/silversavings/intro.asp