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Advice

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I have been given some advice and wondered what you thought. I have £100,000 from the sale of my fathers house which needs to be invested/saved to make up his home care fees, about £400 per month, which means the interest would have to be paid monthly.
The advice I have been given is to put the money into a bond and then to put the bond into a building society account.

Mark
It's nice to be important, but it's more important to be nice.

Mark

Comments

  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Your concluding remarks on your previous thread were wholly appropriate - in that you indicated you were to seek IFA advice? Very sensible - as this is a specialised area and it's not one I would normally venture an opinion on.

    There are previous threads if you want to use the Search facility on 'care fees' or variations thereof, with some knowledgeable contributions - I remember?

    Incidentally ..... I'm assuming it is 'the proceeds from a Bond' that are intended for the BS account? If you've already approached an IFA ..... then an indication of the Bond in question would help?

    EDIT

    Some previous ones .... look at the ones that obviously relate to care fees (eg not Premium Bonds!). Worth an hour of your time? But also post the recommended Bond?

    http://forums.moneysavingexpert.com/search.html?searchid=25753579
    If you want to test the depth of the water .........don't use both feet !
  • Hi Mike. I spoke to an IFA this was his suggestion, the thing is I don't realy understand any of this. I don't know if this explanation will help but, The money is from the sale of my fathers house, the IFA said the best idea , so the money is safe, is to as I understand it, to put the money into a bond and then place the bond into a building society. Like I said it was over my head. I guess I just have to trust him. This was just one of the options, he was still looking into others.

    thanks

    Mark
    It's nice to be important, but it's more important to be nice.

    Mark
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