Mothers money

trashcan_2

My mum has most of her money in an nationwide ISA. This pays her 5%.
She is retired and a non tax payer. Would she be better off saving in a higher in interest account. One problem she has is she has no Internet access nor never will . Also she has no passport or driving license, which means applying for new account is not easy.

Lokolo

She will have extreme difficultly being able to open a bank account nowadays without forms of ID.

However, how much does she have? If she has over a certain amount then she may have to pay tax (if the interest is more than £5k)

trashcan_2

She has about 25000. So no tax.

Primrose

On the question of identity documents, your mother might be able to produce statements from her Nationwide ISA, Council tax bills, utility bills, and any official documents sent to by by the Dept of Work & Pensions regarding her state pension as identity/address verification. Banks do have certain leeway to accept other documents where somebody has no driving licence or passport. It's just that junior bank clerks don't double check in these circumstances with their supervisors.

chesky369

Are you sure about the tax question - how much pension does she receive?

trashcan_2

£118 a week.

The last account I opened with the abbey for her was a nightmare. Every bit of documents I gave them was rejected. It took 5 goes with her pension details that I had to send away for before they said one was the right one. 5 different appointments.

Primrose

Trashcan - don't accept this nonsense from a bank clerk about documents not being accepted. Simply ask to see the Manager and explain that you know they have discretion to accept other forms of identity for elderly people.

bigbloke45

trashcan, I presume you don't read the Telegraph and Times money questions. If you did, you would see that Abbey seems to top the list regarding !!!!-ups.

Do a bit or research to find someone whose admin systems seem to work OK. Then couple this with savings rates and make an informed decision.

Finally and, I'm afraid a bit stark; are you expecting your mum to be around for a good few years yet? If not, Abbey has an awful reputation for dealing with deceased's money, get out quick!

trashcan_2

I hope my mother will be around for many years but alas she is not a well woman and the dealings I have had with abbey on her behalf especially with her power of attorney, were nothing but disgusting. I have taken her ISA's out already and will close her other accounts. Thanks for your advise that other are not as bad as abbey. I do not mind doing things for her but the hassle abbey gave me put me to the limit. I wish she had a passport but she has never been out of the country in her life.

Titch89

Regarding no internet - have a look on www.moneysupermarket.com they have savings accounts that can be operated (right word?) by post, phone or in the branch.