How Tim turned an inheritance into early retirement

In conversation with Tim Rennolds

When Tim received a lump sum in his 50s, it arrived at the same time he was beginning to picture what early retirement might look like. It meant taking a more structured approach to how he managed his money.

Tim had always taken a steady, sensible route with his savings. Share-save schemes. A couple of bank accounts. Nothing complicated, nothing risky. But handling a much larger pot meant finding a way to protect what he’d inherited, keep things simple, and avoid the ups and downs of the stock market.

That mindset led him to fixed-term savings – and eventually to Flagstone. A place where he could spread cash across multiple banks, stay within FSCS limits, and manage everything in one place.

We spoke to Tim about how he navigated this new chapter, how he uses the platform today, and how that lump sum helped open the door to an early retirement.

How would you describe your approach to saving before discovering Flagstone?

Through most of my working life, I didn’t have a lot of disposable income. I took part in share-save schemes, because they were almost guaranteed to give you a decent return, and we’d have small amounts in bank accounts. But the big change came when my wife and I both inherited money around the same time. We keep our finances separate, so we each dealt with our own inheritances. That’s really what started the journey into fixed-term savings and eventually using Flagstone.

Why did you choose fixed-term savings for your inheritance?

I didn’t want to put too much of it into pensions or stocks and shares because they’re volatile – prices go up and down all the time. So we looked at one-year, 18-month, and two-year fixed-term savings accounts. We didn’t need access to the money and were happy to lock it away for that period.

How did you first come across Flagstone?

I saw Flagstone come up regularly on Martin Lewis’s website where they list top savings accounts. At the start, I didn’t really understand how a savings platform worked – not that it’s complicated, but it was new to me – so I didn’t use it first. It felt easier to go straight to banks I already knew.

What changed things was the FSCS limit.

What did you find useful about using our savings platform?

Being able to keep everything in one place was the biggest thing – no remembering multiple logins and passwords. When fixed terms matured, the money would come into the holding account, and I could move it into whatever the best option was at that time.

Even if Flagstone wasn’t absolutely the top rate by a tiny fraction, I preferred keeping everything in the same system rather than chasing a slightly higher rate from a bank I’d never heard of.

How often do you check rates and reinvest?

Probably every three or four months. Because the inheritance came in a lump, lots of fixed terms were opened at the same time, so they tend to mature together. That’s when I look more closely. I keep an eye on emails from comparison sites, so I have a rough idea of what’s available.

Do you prefer familiar banks, or are you happy with lesser-known ones?

Once a bank is FSCS-protected, I’m happy. My trust is in the platform. I’ve even used Sharia-compliant accounts where the return is technically a ‘profit’ rather than ‘interest’. I looked them up beforehand and people said they always pay what they quote, so I was comfortable with that.

I also noticed Flagstone mentioned in the brochures from my St James’s Place adviser, which added to my confidence.

How does Flagstone fit alongside your other financial arrangements?

When I inherited my lump sum, I was still working. I met with a St James’s Place adviser who encouraged me to use ISA allowances and pension contributions, so a large portion went into those.

My wife is the opposite. She inherited a larger amount later on, and she’s almost 100% in fixed-rate accounts. She doesn’t like the risk of stocks and shares, and she doesn’t want to tie money up for more than one or two years. With the amounts she has, the £85,000 FSCS limit really matters, so she spreads it across lots of accounts and platforms.

At the moment, I keep my cash in fixed-rate savings across Flagstone and a handful of other providers.

Would you move more money into investments if interest rates fall?

Not really. As you get older, you’ve got less time to recover from dips in the market, so most advisers tell you to reduce risk. I’d listen to my adviser, but personally I’m not looking to put more into stocks and shares. I’m more inclined to move money out of volatile investments.

The difficulty is psychological: when investments are doing well, you think ‘I’ll leave them to grow,’ and when they drop you feel like you should wait for them to recover. There never seems to be a perfect moment to cash out.

How much time do you spend managing your savings now?

When the inheritance first arrived, I spent a lot of time on it. It was the first time I’d handled that amount of money. Now it doesn’t take much. When I know something is maturing, I check comparison sites and the savings platforms I use. I pick the best rate from the providers I’m already set up with. Rates don’t vary hugely – usually just fractions of a percent – so there’s not much point chasing tiny differences.

How did your inheritance affect your retirement plans?

It started when we brought in a financial adviser to sort out my father-in-law’s finances after his partner died. He didn’t understand any of his own finances and it turned out he had several houses, a large pension, and a lot more than anyone realised. During that process, I asked the adviser what early retirement would look like for me. He made projections of income and spending, and it was the first time I realised I could retire early.

About a year later, I wasn’t enjoying work as much. Once you know retirement is possible, you do start asking why you’re still doing it. The strange part at first was switching from constantly building up savings to living off them. It felt odd seeing the pot that always went up suddenly having the potential to go down.

Let your savings support your next chapter

Tim took a thoughtful approach to managing his inheritance. While most of his lump sum went into ISAs and pensions, he placed a portion into high-interest savings accounts – choosing competitive rates and spreading his cash across FSCS-protected banks.

Whether you’ve received a lump sum, are planning for retirement, or have steadily built up your savings over time, how you manage that money matters. With Flagstone, you can:

• access hundreds of high-interest savings accounts from 65+ banks
• open multiple accounts with just one application
• easily spread funds to stay protected within FSCS limits

Use our calculator to see how much interest your savings could earn.

Calculate now