crockers
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Deleted cos I didn't read OP properly....DOH
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Shares are definitely a non starter and sop is gold.Work out the actual monetery difference between the interest with Nationwide and that with Govt Bonds for the amount you have to invest...is the risk worth the difference?
I agree john, your job is prudency at this time,not speculation or the highest profit. As for gold..well its at an all time high so guess where that will go in the future
Thanks very much for your thoughtful post.John you will be governed by the trust deed itself in what you can and can not invest. Govt Gilts can actually lose you money unless you buy at inception and sell at redemption... BUT John you can be sued for not making prudent investment decisions as a trustee so I would double check with the solicitor who drew up the trust. With dropping interest rates and rising inflation - a beneficiary could say investing all your money in cash was not prudent ...yes it has been said before. So just remember you will never be thanked for making the right decisions only slated if it goes wrong.....
John you need to try to ensure that the money buys in 14 years time what it will buy today....so do take advice.
Ignore the above I just re read OP -- 2 years investment for a 14 year old....doh...
Have any of our financial whizz kids any observations to make regarding Nationwide?
I have been asked to consider placing a largish sum of money into a two year bond with this building society and I'm loath to act in haste (I'm a trustee for a fourteen year old child)
Any advice will be appreciated.
Regards
John
Thanks very much for your thoughtful post.
I discussed this with our family solicitor and he has also spoken with the consultant. The building society bond was recommended and I voiced my concerns. The solicitor then took my observations onboard and has gone back to the consultant.
This is all way beyond my expertise and I am asking for observations to help give me a better picture.
I MUST act responsibly, BUT that is a two edged sword and in today's climate loosing money appears to be a huge danger.
At present the money is being held by my family solicitor.
Regards
John
Carnut has a point here,it is always advisable to spread some risk - maybe Lloyds/hsbc and an Irish BankWhere is he/she holding this money and how safe is it? I guess it should be in a client account and cant be raided but this as happened to some. Is your Family Solicitor sole practice, or a firm that could go bust...ohh it just goies on doesnt it.Is it currently in cash and where ( not Channel Isles I hope).
Its a worrying time as we cant actually give any reassurance to a safe course of action
PS dont put all eggs in one basket anyway
Just been speaking with the solicitor and we will be splitting the trust between governmentbonds and the Nationwide bonds.Where is he/she holding this money and how safe is it? I guess it should be in a client account and cant be raided but this as happened to some. Is your Family Solicitor sole practice, or a firm that could go bust...ohh it just goies on doesnt it.Is it currently in cash and where ( not Channel Isles I hope).
Its a worrying time as we cant actually give any reassurance to a safe course of action
PS dont put all eggs in one basket anyway
Just been speaking with the solicitor and we will be splitting the trust between governmentbonds and the Nationwide bonds.
This is a group of solicitors and are extremely well established. Tney will be holding the bonds in their vault.
Regards
John
Yup,In any event make sure it is not more than £50k in the Nationwide - no matter how good and safe it looks today. Up to £50k is 100% protected as you already know.
I am the trustee of a large sum of cash. I have sought the advice of an Independant Financial Consultant but I never take anyone at face value and when he mentioned 'building society' I cringed.
I have a responsibility to ensure the capital is safe and this must be the over riding factor, I must confess to be leaning towards Government Bonds but the above posts have all been reassuring.
Thanks very much
Yours sincerely
John
Yup,
Thanks for that and it is something we are aware of. The important things were that I listened to the experts, I listened to what was said here and then I made a decision that not only makes me happier, it also rests easy with our solicitor. I do NOT want to go against any professional advice, but I want to do what is best for this fourteen year old child.
A big thank you to everyone for all the excellent advice.
Yours sincerely
John
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