lump sum investment advice?

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positivenote

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Hi all,
im looking at getting advise as to wether there are any account with decent interest rates where you can lodge a lump sum of about 30-40k and get a weekly amount from it paid to you, almost like a salery? My dad is looking to do this with his lump sum from his pension instead of spending it all at once he thinks that a little bit every week would suit him better.... even if it was only 30 or 40 euro a week. Does anyone know if accounts like this exist?
Thanks
 
See the Financial Best Buys forum for details of deposit rates on offer. Some accounts offer either monthly or annual payment of interest. In some cases (e.g. NR) the monthly rate is slightly lower (0.25% lower in NR's case). You could always opt for annual interest and just make withdrawals from the capital? How much are you talking about here and over what period will it be deposited? Depositing large sums for long periods of time is not a good idea since the net returns could well be below inflation thus eroding the real value of the money. Perhaps your father should seek independent advice on what the best options for him are here? Perhaps diversifying where the money goes rather than lumping it all into a deposit account might be a better idea?
 
Thanks,
the money is a lump sum retirement payment so it will be a single deposite and he was looking at lodging it somewhere (he doesnt and has never had any bank account whatsoever) and recieving it almost like a weekly wage over a sustained period of time... as i was saying previously he is only looking at recieving 30ish euro a week from it but would like the rest of it to be getting the best rate avalable.
 
If he has never had a bank account and is not sure how best to deal with this lump sum then I strongly believe that he should talk to an independent, professional financial advisor (e.g. authorised advisor or multi-agency intermdiary but not a tied agent).
 
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