Fixed Rate bond advice

treefern

Hi there,

I am making a query on behalf of my father-in-law who has a 5 year fixed rate bond deal with Barclays ending soon.

He derived a useful monthly income with this bond at an incredible 5% rate.

Obviously interest rates have since plummeted so he has asked me to advise him on the best current deal.

He is of advanced age - 95!, and despite being a smoker I wouldn't put money on him not reaching 100.

The Barclays bond expires in November, so there is plenty of time to get things sorted out.

Any advice is appreciated.

xylophone

http://moneyfacts.co.uk/savings/fixed-rate-bonds/
might find something here.

puk999

treefern wrote: »

He is of advanced age - 95!

95! is 10329978488239059262599702099394727095397746340117372869212250571234293987594703124871765375385424468563282236864226607350415360000000000000000000000 which I agree is very old :laugh:

nilrem_2

Hi Treefern

It's not easy finding any decent interest rates at the moment, I have just been in the same boat with a fixed rate maturing today at Chelsea, I have just reinvested it in a 3yr bond with monthly interest @ 2.28% might have got a little more if I switched but didn't want the hassle.

I have just done 5yr bond with Virgin at 2.80% but if rates rise early on it will be a bad move, however for the last 6yrs experts have been saying don't invest too long as rates are going up! but they never do in fact though base rate has not gone down rates are still being cut!

Some rates listed here

http://www.thisismoney.co.uk/money/saving/article-1621507/Best-savings-rates-Fixed-rate-accounts.html

brendon

At 95 years old, my advice would be to spend the money rather than put it into a fixed term bond.

Archi_Bald

treefern wrote: »

Hi there,

I am making a query on behalf of my father-in-law who has a 5 year fixed rate bond deal with Barclays ending soon.

He derived a useful monthly income with this bond at an incredible 5% rate.

Obviously interest rates have since plummeted so he has asked me to advise him on the best current deal.

He is of advanced age - 95!, and despite being a smoker I wouldn't put money on him not reaching 100.

The Barclays bond expires in November, so there is plenty of time to get things sorted out.

Any advice is appreciated.

What is your FIL's question?

Does he want maximum extra money for him to spend on something(s) he values?

Does he want to maximise his money for his heirs?