Mother downsizing property ? where to put £30,000

Korkyb

Mumsy is downsizing her gaffe & will be left with between £30,000 & £35,000 once all is said & done.

Where should she (safely) put this cash??

Would any "allowances" I have be of any use (i.e. opening an ISA in my name to keep some of the cash?) or being does her being over 60 mean that she has other options.

Thanks for any advice.

martin1018

In the absence of any other replys, and should you not wish to put the money into my bank account - and I'm sure you won't - then why not try National Savings Premium Bonds.
First drawback is that you only get out what you put in, unless you win! Also the maximum holding is £30,000 I think.
I recently put a smaller sum in Premium Bonds, circa £7000, and easily covered what I would have earnt in interest in a savings account before I had to withdraw the money. And that was just with £50 wins plus one £100 win. Advantages are obviously that the big £1m win is possible, earning you more than any interest could in a very long time. There is also the excitement of having your number came up. And it is 100% secure with repayment promptly upon request.
Someone has to win! And looking at the winners list on teletext, most have many thousands of Bonds, so they can't all be wrong!

dunstonh

By putting it in a savings account, it could hit her age allowance if the interest takes her total income to over £19,500.

Savings accounts also run the risk of the rate of return not keeping up with inflation over the long term. That can be a greater risk than looking at low risk products/funds which offer the potential for greater returns. Risk is not an on or off option but a sliding scale and its knowing what is available on that scale that is important.