recomend a debit account for 100k investment?

[positivenote]

Hi guys and sory admin for bringing this up again...
my dad has just recieved a lump sum as part of his pension. He's never had a bank account and all his savings are in the credit union. He wants to invest his lump sum and savings (100k approx) in an account that will give him a certain amount each week or two, say 50-80euro. Can anyone recomend where he could start looking for such an account or who does the best value on such an account..
Thanks a million

 

[ClubMan]

Er, what do you mean by "debit account"?!

Somebody coming into €100K who has never had a bank account in their life really should get professional advice from an good/trustworthy independent financial intermediary in my opinion. Not the tied agent sales staff of a bank or the CU but a good multi-agency intermediary or an authorised advisor.

For the moment he could stick the money in one or more high rate savings accounts (see the Financial Best Buys forum for details). At c. 5% gross CAR his lump sum would be generating c. €300 interest p.m. But having most or all of this lump sum on deposit for the long term is not necessarily a good idea especially since inflation will eat into the returns leaving them (at the moment) close to zero or maybe even negative.

 

[positivenote]

sorry, what i meant is an account that he could recieve a portion of his lump sum every week or two, albeit a very small amopunt, almost like a mini-wage. Is there any financlial advisers that you could recomend and/or are they free or do they work on somekind of commission.
THanks again

 

[ClubMan]

Any demand deposit account allows you to make withdrawals at any time.

See my posts in this thread for some tips on choosing an advisor.