Safety and income, not tax, is paramount to us, so how should we invest?

Q.

My wife and I are both 70 years old. We have sold our home to downsize and intend to rent for six months before buying for around $1m. We have $1.5m to invest in on-line cash accounts as we don't want to tie it up - safety and income, not tax, is paramount. Where should we put the money assuming we spread it between three or four banks?

I have no problems with the security of any of the major banks so it's really a matter of finding products that pay a high rate. You can check it out at http://www.cannex.com.au