Moving money> 35K limit. Advice pls

bealimar

My 74 year old mother needs to move money into another bank, owing to the 35K limit.
Not wanting to have all her eggs in one basket!!!
She has an appointment with the Nationwide today. I fear she may be sold this, that and the other.
What would be her best options. ?Should she put 3.5K into an ISA? Whatelse.?
I believe she is moving 30K into the Nationwide.
Help:eek:

Stavros_3

Yes definately a cash ISA first priority, its £3,600 now. have a look at the link below to find the best rates on savings.

http://www.moneyfacts.co.uk/savings/bestbuys/default.aspx

Voyager2002

Any money in ISAs already should be transferred to a new ISA with another provider, NOT withdrawn.

isofa

Depends if she is a tax payer or not too.

If she isn't and is never likely to be, ISAs aren't worth bothering with - just ensure she registers for gross interest on all her accounts. However if she is a tax payer, then make sure £3600 is put away immediately in a good Cash ISA. Moneyfacts is your friend here with all the best rated accounts.

As Voyager says, if your Mum has existing cash ISAs, she'd like to move ensure these are transferred to other providers to keep their tax-free status.

Paul_Herring

What would be her best options.

1) National savings
2) Northern Rock (while the 100% remains)
3) Lloyds TSB, because if it came to the point that they went bust, being able to have access to any money will be the last thing on your mind.

home_alone

Paul_Herring wrote: »

1) National savings
2) Northern Rock (while the 100% remains)
3) Lloyds TSB, because if it came to the point that they went bust, being able to have access to any money will be the last thing on your mind.

Northern Rock E saver goes down to 5.75% tomorrow from 6.0%

gary

clock24

Northern Rock also said in a letter to me :-
"as part of our Competitive Framework, Northern Rock has pledged not .. to knowingly keep their products in a market leading position".

I'll bet not many NR savers realise they are deliberately keeping their saving rates arbitrarily low. Strikes me as devious - my money is certainly coming out of the 'Rock'.

voyagerbear

:huh: :huh: please explain the last post, i'm completely new to this.

casper_uk

Basically the government own Northern Rock and have guaranteed all deposits if it where to go bust. Every other bank etc is limited to 35k, every man and his dog has chucked money into NR and because of this, the government is going to lower the interest rate to stem the amount of money people are taking out of other banks and injecting into NR.