Best short-medium term accounts?

chrishell76

Unfortunately I’ve got a terminal diagnosis which was 12 months last October, so I cashed what I had in my pensions, these are still being processed but should end up around 100k (I’m 48). I’m wanting to get the best monthly return but also need easy access as although still getting paid from my employer, I’m not sure how long this will continue. I’ve already moved 80k to the current Chase 5% offer, have I done right or is there a better option?  Any other suggestions for a short to medium term? TIA

valuepack

I'm not clued up about what is available, but just wanted to say as a fellow 48 year old I'm sorry to learn about your diagnosis. I hope you're around for much longer than expected, and all the best.

chrishell76

valuepack said:

I'm not clued up about what is available, but just wanted to say as a fellow 48 year old I'm sorry to learn about your diagnosis. I hope you're around for much longer than expected, and all the best.

Thank you for your well wishes, very much appreciated. I’ve not given up yet!

InvesterJones

I'd echo the above wishes. I think probably best speak to an IFA as they will be able to take your individual circumstances into account - we as (mostly) non-qualified people are legally prevented from giving specific advice. 

For anything with a specific timeframe in mind it's worth looking at the spread of options - easy access accounts/short term money market funds for short term, notice/fixed rate bonds (and gilts - might be especially relevant if still drawing a salary) for longer.  You can combine them such that the easy access provides until the next fixed rate option matures at which point it fills the easy access pot again.

Eyeful

Hope this is of help to you:
https://moneyfactscompare.co.uk/savings-accounts/

bobfredbob

One thing to bear in mind is that banks often have a limit where they will allow your benefactors to close your account without needing a probate certificate.  This limit is typically around 25 to 50k (according to the co-op web page).  These funds can then be used to pay for things such as a funeral.

If you hold a lot of money in one bank and it exceeds their threshold then the money may not be able to be withdrawn and used while they wait for probate, which could take weeks.  If the money is split between different banks then each one applies their own limit.

So, I'd split the money, and ensure there is a lump sum in the house to cover initial expenses.

If there is a spouse, remember that an ISA allowance can be transferred tax-free.

chrishell76

bobfredbob said:

One thing to bear in mind is that banks often have a limit where they will allow your benefactors to close your account without needing a probate certificate.  This limit is typically around 25 to 50k (according to the co-op web page).  These funds can then be used to pay for things such as a funeral.

If you hold a lot of money in one bank and it exceeds their threshold then the money may not be able to be withdrawn and used while they wait for probate, which could take weeks.  If the money is split between different banks then each one applies their own limit.

So, I'd split the money, and ensure there is a lump sum in the house to cover initial expenses.

If there is a spouse, remember that an ISA allowance can be transferred tax-free.

Thanks for that, I’ll be honest not thought that far forward. I’ll bear in mind and when the time comes I’ll transfer most of my funds to my mum. 

xylophone

they will allow your benefactors

Beneficiaries? Executors?