Platform Suggestions Please

Shylock_249

The wife and I have cash savings in joint accounts and ISAs.

Currently we have 5 joint cash accounts, one variable easy access, the other 4 one-year fixed rates maturing on different dates throughout the year.

We have 7 ISAs each with 5 providers all fixed rate 1 year accounts.

Nineteen accounts in all. (joint taxed £550k, ISAs Self £475k, Wife £520k)

I’ve just had my attention drawn to platform accounts and Flagstone in particular.

Nineteen accounts – moving on maturity, reinvesting etc takes up a good amount of my time. I do all the work on my computer; my wife would NOT be able to master it having suffered a stroke a few years ago and suffers from short term memory.

I’m 78 my wife 76, we have NO children. On death of my wife, I’d be able to deal with Probate, PSA etc, my wife would have to get help from the Solicitor holding our wills.

From what I’ve discovered Flagstone is one of the only savings platforms which allows joint savings accounts, a must for us.

Please, does anyone know of any other platforms which would suit us and if anyone has any knowledge/experience with Flagstone, regarding ease of use, reliability etc could they please comment?

I realise it will take me a full year to drip-feed all monies across to any platform.

Thanks in advance…

poseidon1

The following article provides a round up of cash isa portfolio providers -

https://moneytothemasses.com/saving-for-your-future/investing/best-savings-platforms

I note you mention having no children and your wife's disability.

What are you doing about a Lasting power of attorney for yourself in the potential event that you begin to lose mental capacity? Is the solicitor that holds your wills your only option in that regard and is that firm even suitable for that task?

Shylock_249

https://forums.moneysavingexpert.com/discussion/comment/82084682#Comment_82084682

Thanks. I don't think the solicitors would be suitable. Unfortunately I don't have anyone who could do it.

masonic

The portfolio providers still require you to do some maintenance in selecting new products and moving your money into them.

It seems like you are looking for a more hands-off approach that will still deliver a reasonable return.

You could consolidate the £550k and put most of it in a joint NS&I guaranteed growth bond assuming the rate holds up when you are in a position to do so.

For the ISAs, it would be tempting to select very low risk investments (mostly short-term money market) in S&S ISAs as these will more or less track base rate, or engage with an IFA who could manage the portfolio in such a way as to deliver enough excess return to cover their fee. Sticking with cash ISAs and exceeding the FSCS limit doesn't really get you to a better place.

Clearly the ISAs cannot be in joint names and these hold the majority of your funds.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82086410#Comment_82086410

OP's age would now tend to militate against getting involved with stocks and shares ISA at this late stage.

However agree that given the circumstances, consolidation of the 19 accounts is a good idea to relieve an increasing administrative burden.