What to do with a pile of cash.

[Temp]

@SteamyTea In case it helps... I discovered some but not all care home chains will allow the person to stay after the money runs out. For example Guild Care require you to show you can afford the first 3 years but you can stay after that funded by the council.

 

Make sure to claim Attendance Allowance. Especially if she needs care at night as that's a better rate.

 

 

[SteamyTea]

14 minutes ago, DamonHD said:

Somehow you have http rather than https in your address bar.  Most recent browsers will default to https.  Are you running a very old one?

 

No.

It could be because I highlighted the address, then told it to open the page.

3 hours ago, DamonHD said:

hl.co.uk

May be a quirk of Brave browser, or duckduckgo.

Oddly I get the same warning when I go to my own tor server, via Brave's built in onion browser.

[SteamyTea]

2 minutes ago, Temp said:

Make sure to claim Attendance Allowance. Especially if she needs care at night as that's a better rate

I know my sister is getting some me allowances, which is strange as she only visits, no shopping, cooking or cleaning.

Maybe I should ask my Mother for a £700k unsecured loan.

[Temp]

4 hours ago, DamonHD said:

FWIW hl.co.uk does an Active Savings thing that puts everything in one place to reduce admin, and has enough participants at the moment that you can spread over several separate banking licences.

 

+1

 

Much easier than visiting lots of bank and building societies web sites and form filling. Been a customer of HL for many years. They have good customer support as well. Either by secure messaging or on the phone.

 

 

 

[SteamyTea]

5 minutes ago, Temp said:

Been a customer of HL for many years. They have good customer support as well. Either by secure messaging or on the phone.

Are there any downsides.

The problem with all 'remote' services is that you cannot easily punch someone out when they won't listen.

[Alan Ambrose]

>>> Are there any downsides.

 

Yes, they're very expensive.

[saveasteading]

41 minutes ago, Adsibob said:

called corporate entertainment. It is a cost of doing business

And the poor old staff get dragged along to it. i ran a businesss for decades and never set up a corporate day, and most clients would rather be working and that I was working for them. It is the consultants and Middle people who mostly go, and it is a jolly, without business being discussed in any way.

Thanks Mr middleman,  for overlooking our mistakes and for all the extras payments,would be more the way in construction.

 

 

BTW one of our competitors dud buy a yacht. Clients were not impressed.

 

Back to the question....the costs are high in year one, and a big slice of the pie is effectively gone.

[Marvin]

1 hour ago, SteamyTea said:

@Marvin

 

I have been basically thinking along the same lines.

Outgoings are know as she is in a home. Fee may change, but not drastically.

Never thought about ISAs. Think she has one, but if it is anything like mine, pretty poor rates in it.

 

Wish I knew more about bonds and gilts. 

 

I think initially it will be a case if trying to open up a few accounts. Last time I tried this was just after the banking crisis. Nat West would not allow me to open an account as I had tried to open an account at Nationwide.

Hi @SteamyTea Things have changed. First of all a good ISAs will give between about 4 and 5% fixed rate tax free. With taxable investments, if you have more than about 20,000 to invest at 5% then you will start paying tax. Tescos and Leeds definetly do not require current accounts to invest in products. With these products you do not need to pay any fees. UK government bonds pay about the same. 

 

Personally I find reassurance from fixed rates and as little future uncertainty as possible. This is more important when the money supports older people because they may not be able to wait ten years for a speculative investment to fall in value for a few years and then come into profit.

 

Secondly for me at the moment I want FSCS protection. Look at the recent Leeds Building society for instance: 

 

https://www.yorkshirepost.co.uk/business/despairing-leeds-building-society-customers-seek-compensation-over-ps138m-family-trusts-scandal-4195637

 

Good luck with your choices.

 

Marvin

[Adsibob]

32 minutes ago, saveasteading said:

And the poor old staff get dragged along to it. i ran a businesss for decades and never set up a corporate day, and most clients would rather be working and that I was working for them. It is the consultants and Middle people who mostly go, and it is a jolly, without business being discussed in any way.

Thanks Mr middleman,  for overlooking our mistakes and for all the extras payments,would be more the way in construction.

 

 

BTW one of our competitors dud buy a yacht. Clients were not impressed.

 

Back to the question....the costs are high in year one, and a big slice of the pie is effectively gone.

In my industry, networking on corporate credit cards is essential. It’s how we get most of our work. It’s not who you know, it’s who you saw last. 

[saveasteading]

2 hours ago, Adsibob said:

It’s not who you know, it’s who you saw last. 

Firstly, i think my messages over the last week have been more acerbic and grumpy than normal...sittting here bored with a very sore back: 

 

Isn't what you say,  the biggest problem with Britain? The ppe scandal was based on money for mates...our money of course. Nothing to do with fitness for purpose or even basic quality.

 

I imagine the same is the case in The City.....mates and bungs all the way.

 

Proper, efficient businesss is based on expertise and skill, not who you saw last or who took you to golf.

Or it should be anyway.

 

 

 

I thought I saw the last of blatant corruption in construction about 30 years ago. The manager of a world famous company hinting that the project was ours if he got a car....A Car! For nothing . My boss told me this was normal but on the way out. So was that clilent...they went out of business.

But I know what they made. You have used it. If their buyers were operating on who last took them out then it is very scary indeed.

[Adsibob]

3 hours ago, saveasteading said:

Firstly, i think my messages over the last week have been more acerbic and grumpy than normal...sittting here bored with a very sore back: 

sorry to hear about your back. I have had problems with mine most of my adult life. I find staying as active at posible really helps. Sitting does not.

 

 

3 hours ago, saveasteading said:

 

Isn't what you say,  the biggest problem with Britain? The ppe scandal was based on money for mates...our money of course. Nothing to do with fitness for purpose or even basic quality.

 

Yes and no. For public sector contracts (eg PPE, absolutely this is a huge problem, Boris and Hancock should go to prison.

 But I work in a highly competitive sector of the private sector, so if my employer wants to spend ££££ winning and dining potential clients and introducers of work, what’s the problem?

3 hours ago, saveasteading said:

I imagine the same is the case in The City.....mates and bungs all the way.

 

There are no bungs, certainly none that I’ve seen in the 20 years I’ve worked there. As for mates… yes there is still a degree of that, but more for getting employed (nepotism and parents’ networks still has an impact on getting your foot in the door) than for getting contracts. Ultimately, the client decides, so whilst having mates in the right place may help get an introduction, if you don’t perform adequately, the client will quickly fire you.

 

 

3 hours ago, saveasteading said:

Proper, efficient businesss is based on expertise and skill, not who you saw last or who took you to golf.

Or it should be anyway.

Yes, but there are some sectors of the City where expertise and skill is a given, whichever provider you go with.

[mickeych]

On 25/06/2023 at 08:44, SteamyTea said:

Thanks, I missed Moneybox yesterday, but knowing that my Sister is also a R4 listener, I shall send her the links.

 

Who would have thought having too much money causes problems.

 

Even with my limited knowledge, it seemed to me that I was explaining the options better than the advisor.

When we all met up in 2006 to sign this trust thing, it was very theatrical, fake sincerity and too many long faces.  No one had actually died, but those (expletive deleted)ers walked off with a few thousand each. 

 

On 25/06/2023 at 15:20, Adsibob said:

This is not really significant or a reason for avoiding this asset class. Bonds and shares are tradeable on many investment platforms, including within a trading ISA. Yes, you may need to pay a commission, but if you shop around you will find many low commission options. I use AJ Bell and ii , both of which are quite cheap. I’ve heard Charles Stanley is ok as well. Not sure how they compare to HL. Ultimately, if you keep each transaction to at least £2k in size, the commission is peanuts.

 

 The other financial products will have fees associated with them, but again shop around.

HL is a bit more costly than AJB and ii but if you stick to ETF's like vanguard they are fairly inexpensive, you can include them in an ISA and you can gain a broad equity exposure without having to worry too much about the fine print and who is getting a chunk of your hard earned cash

[Adsibob]

On 25/06/2023 at 13:03, SteamyTea said:

The court cases are still ongoing. 

Are you sure about this? My understanding is that all cases were settled by 2021.

[SteamyTea]

39 minutes ago, Adsibob said:

Are you sure about this? My understanding is that all cases were settled by 2021.

Not 100% sure, but don't think they have settled selling shares to small investors after they knew they were in serious trouble.

 

[LSB]

I have some of my build budget in Zopa savings.  I used to use them for Peer to Peer lending, but that was all stopped post covid.  Pity good returns.
But Zopa saving is easy and they raise the rates as the bank rate goes up, of course it will also go down.  I don't know who owns them, but does have the 85k protection for another angle

 

[Adsibob]

9 hours ago, SteamyTea said:

Not 100% sure, but don't think they have settled selling shares to small investors after they knew they were in serious trouble.

 

Are you referring to a mis-selling claim brought by investors against stock brokers? If so, that is totally different to the claims I had in mind, which were claims brought by investors directly against RBS and (in some cases) RBS’s directors, in both cases under section 90 of the Financisl Services and Markets Act 2000.

[Mr Blobby]

8 hours ago, LSB said:

I have some of my build budget in Zopa savings.

 

Me too.  Chip also.  Chip consistently pay best rates.  Today they raised their instant access rate to 4.8% and also fscs protected. 

[SteamyTea]

33 minutes ago, Adsibob said:

Are you referring to a mis-selling claim brought by investors against stock brokers? If so, that is totally different to the claims I had in mind, which were claims brought by investors directly against RBS

Think my parents, then just one parent, put it loads of claims. They had an interim payment a few years back, but I think their main claim is still unsettled.

I will say that if a deal looks too good to be true, it probably is.

But then I don't really understand the stock market, seems to me that it has little to do with reality and good business practice.