Fathers investment

denis06

My father has been taken into care and I have POA.
He has £50000 in savings and will soon have another £75000 after the sale of his house.
My brother is the other POA but has little interest in investing this money that is presently in a savings book account. I disagree over this and feel that I can do better with my fathers money.
Can anyone offer some advice on how best to deal with this please.

innovate

It depends a lot on what the money is to be used for. If it is for your father's care and well-being, which I would expect it is, investing the money seems wrong. Investments should be for a 5-10 year horizon, and you should be prepared to lose some or all of the money. If you / your father need ongoing instant access to the money, a savings account is the only sensible approach.

srcandas

Presumably if your father was on 100% form he wouldn't invest it? I suggest that as the £50000 is in savings - not investments.

As innovate says timescales and objectives need to be considered. And the consequenes of a loss no matter how unlikely you think that might be.

Hopefully your father will have a comfortable time in his new home and you can find him the very best of interest rates for his wealth :beer:

badger09

With that amount of money, you should split it between 2 different institutions to ensure FSCS protection.

Depending on his annual care costs, you could place some of the money in 1, 2, or even 3 year Fixed Rate accounts which might give you a better rate.

Is your father a taxpayer? If so, do consider ISAs.

Some of the best interest rates around at the moment are in fact on current, rather than savings accounts. Check out Nationwide FlexDirect, Santander 123, and LTSB and BoS Vantage. They all have 'hoops' to jump through but better rates.

Good luck.