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Advice Please.
slaterio
Posts: 45 Forumite
A relative of mine has recently come into some money (45000) and wishes to place this in a saving/ investment mix. They are over pensionable age and wish to utilise all available options. They have expressed a wish to put some money aside for my two children as well. I have read the info from Martin but just wondered if anyone had any views on how my relative should 'spread' their money as well as enhance their own lifestyle?
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Comments
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wondered if anyone had any views on how my relative should 'spread' their money as well as enhance their own lifestyle?
That is too specific for us to answer. The board is not authorised to give individual advice on areas of regulated financial services.
Plus, we know nothing about you relative's situation so any comments made would probably be wrong.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
A relative of mine has recently come into some money (45000) and wishes to place this in a saving/ investment mix. They are over pensionable age and wish to utilise all available options. They have expressed a wish to put some money aside for my two children as well. I have read the info from Martin but just wondered if anyone had any views on how my relative should 'spread' their money as well as enhance their own lifestyle?
Each of them should open an ISA if they haven't already got one. The best at the moment is National Savings Direct ISA, paying 6.3%. They can absorg £6000 into this before April 2008.
For the remainder, the lowest risk options are deposit accounts. One of the best at the moment is ICICI Bank, paying 6.41% AER, interest credited monthly. The account is simple to operate and cash can be moved into and out of without penalty.
If they are uncertain about what to do then I suggest that they consider the above primarily because they are not tied into anything with those options mentioned and they can reconsider what to do after reading up and/or taking further advice.
CICI Bank also currently have a 1 year bond, currently paiyng 6.85%, but obviously the cash is tied up for the year. They may consider putting some of the sum into one of these bond type accounts.
There are many other types of investment available, but of course, the risk increases and you need to have careful guidance and a good understanding of the likely risks.0
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