Advice for my Dad...

Imelda

Hi all,

My Dad has got about £180k in cash savings from the sale of his flat last year. He is currently living with his partner and plans to buy a house in the next year or two (or he may just stay put, he's not the best decision maker :rolleyes: ).
Anyway, he had all his money with Northern Rock and after all this time has decided to pull his money out.
He now wants to put the whole lot into a 6 month bond with the Bradford and Bingley @ 6.5%.
He retired at the end of last year and has no pension so I don't think he should be taking any risks with this money (he has other savings and income which he can rely on for the next 5 years +).

So I have suggested to him that he puts no more than half in the B & B and the rest elsewhere. Can anyone suggest where else he should invest his money?

Just as a heads up he has no internet access, and prefers face to face banking. I could probably get him an over the phone account if I pushed it.

Many thanks for your help!

margaretclare

Northern Rock are offering some of the best interest rates around at the moment - I think if I was your Dad I'd leave the money just where it is!

Margaret

Imelda

Too late- he's already moved it!! When it all kicked off I was on holiday, I had set up an internet savings account for him, he was panicking for 2 weeks because he couldn't get hold of the money (I tried to talk him through the internet but it was a no hoper) and now the government has guaranteed it he is walking away (my sister did it for him- she has absolutely no idea).

Are they guaranteeing deposits for new accounts still?

Parents!