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Monthly Income for Pensioner
Smint
Posts: 8 Forumite
Mum has £30K in bonds which currently pay her a monthly income and are about to mature. She's moving into a retirement flat and (at 81) doesn't really want her money tied up in another fixed term bond as she might want to spend some of it (good on her!) but she would like to continue with it paying a monthly income
At the moment she gets Monthly Net Equiv of 4.82% on the bond (6.2% APR), and 3.72% in a monthly paying-out savings account to which she has instant access
We could transfer the bond into the savings account, and take the interest monthly, but I was wondering if she could do better than the 3.72% Net Equiv (4.75% APR/4.65% Gross) and still have instant access to the savings
She's a non tax payer, and I could manage the account for her if it's web-based
Many thanks
At the moment she gets Monthly Net Equiv of 4.82% on the bond (6.2% APR), and 3.72% in a monthly paying-out savings account to which she has instant access
We could transfer the bond into the savings account, and take the interest monthly, but I was wondering if she could do better than the 3.72% Net Equiv (4.75% APR/4.65% Gross) and still have instant access to the savings
She's a non tax payer, and I could manage the account for her if it's web-based
Many thanks
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