Short term home for a substantial sum

[GT03ROB]

Basic information:

• Significant sum - more than £1m less than £2m
• Half required in around 6-9 months
• balance unsure
• For people in late 80’s so no long term investment needs, short term only
• balance 50% not required for day-to-day living

Thoughts?

[Rollin]

NSandI
https://www.nsandi.com/products/direct-saver

[shtu]

Be wary of the FSCS protection limits.

The full balance will be covered for six months at most, https://www.fscs.org.uk/making-a-claim/claims-proc...

[LooneyTunes]

shtu said:

Be wary of the FSCS protection limits.

The full balance will be covered for six months at most, https://www.fscs.org.uk/making-a-claim/claims-proc...

NS&I will fully protect the sort of balance the OP is talking about, with no time limit.

[Mr Overheads]

Flagstone - dead easy to open account - then can spread funds over lots of savings accounts all under limit.

Easy fixed term fixed rate products as well as Instant Access.

[deggles]

LooneyTunes said:

shtu said:

Be wary of the FSCS protection limits.

The full balance will be covered for six months at most, https://www.fscs.org.uk/making-a-claim/claims-proc...

NS&I will fully protect the sort of balance the OP is talking about, with no time limit.

Seems like the simplest / safest option. Although that 3% return isn't great and will be taxable. For a small amount of added complexity you could look at short term gilts.
https://lategenxer.streamlit.app/Net_Yields

Depending on their income tax rate the additional return on a million quid+ might be worth it.

[Blue M5 Comp]

Mr Overheads said:

Flagstone - dead easy to open account - then can spread funds over lots of savings accounts all under limit.

Easy fixed term fixed rate products as well as Instant Access.

I am very happy with Flagstone as well

[LooneyTunes]

Blue M5 Comp said:

Mr Overheads said:

Flagstone - dead easy to open account - then can spread funds over lots of savings accounts all under limit.

Easy fixed term fixed rate products as well as Instant Access.

I am very happy with Flagstone as well

Deposit aggregators do have some risk inherent in their model, and not necessarily straightforward to get hold of money if they do go pop.

There’s arguably more diligence needed than assuming that, because they say that all deposits are under the FSCS limit, you’re safe.

[Arrivalist]

As has been said, NS&I.

[dodgydave]

Buy gilt T26A. Matures 22/10/26. Low coupon, most of the uplift comes from Capital Gain, but no CGT.
For a 22% tax payer, nets you 3.6%. I trade with AJ Bell costs a fiver to trade any size.

[PoorCarCollector]

Another T26A gilt vote + money market fund for when that matures