Poa advice

denis06

I have POA over my father's affairs. He has £25,000 to invest. Can anyone suggest the best place to invest it? He is 94 years old and resides in a care home.

Linton

What does he need the money for? Is it needed to pay for the care home or what?

You should not be thinking of investing if by investing you mean shares/funds, but rather in safe savings even though the interest will be low. At 94 the chances are that he will die in the next 5 years, a far too short a period to take any risk. In that sort of time period the rate of interest wont make a lot of difference, it's the capital which could be needed.

dunstonh

Should a 94 year old start investing a lump sum given his age?

An economic cycle is about 10 years. So, for him to see out a whole economic cycle would need him to live until around 104. That is unrealistic.

steelbru

The Pensioner Bonds would have been your best bet for £20,000 ( £10,000 in 3 year and £10,000 in 1 year ), but you've just missed the closing date !

Apodemus

Given that you want simple access (or executors might) short investment horizon and low risk, I would consider this to be one of the times that Premium Bonds make sense. Alternatively deposit with NS&I or 3 month fixed deposit with one of the high street banks.

Vortigern

I opened a Santander 123 current account for my father-in-law using a Lasting PoA. He gets 3% AER on £20,000. His state pension covers the funding requirement. You'll just need to find 2 direct debits.