Over 60's Savings

Snapelover

My parents have some money that they want to put into a savings account (about £15,000) and, obviously, earn the best interest. They want the best interest paying account (they are willing to do a 30 or 60 day notice) but want to be able to withdraw the money using a cashcard or over a counter. I have explained that normally the best offers are internet based accounts but they don't have a PC and even though I have offered them the use of ours whenever they need to do their finances they have refused our offer. I think the internet is a bit too complicated for them.
What would be their best option?
I have done searches on some websites but, to be honest, I am visually impaired and reading through pages of sometimes gobbledygook is all too much for my eyes and thought it would be easier for me to ask here. (No sympathy required).

codetown

Hi,
I would suggest the Nationwide 65+ saving account.

It is perfect for elderly people, as it gives 4.5% interest, coupled with access to their money via a cashcard and also easy access to traditional bank facilities (Nationwide has many facilities all over the country).

Snapelover

Sounds great but my Mam is not yet 65. Anyone got any other ideas?

ReportInvestor

Coventry BS 60 Saver Plus allows 1 branch withdrawal per month and comes with a cash card (I'm not sure if the 1 withdrawal per month excludes cash card withdrawals). It pays 5.25% (including a 0.75% 12 month bonus).

Can also pay in cheques by post.

Greycrow

Northern Rock Silver Savings 30 might be worth looking at.
Age 50+
It's branch or postal operated and pays 5.01% AER.
I concidered it myself but I prefer internet accounts.
http://www.northernrock.co.uk/html/savings/silversavings/silversavings.asp

Snapelover

It;s been a while since I fisrt asked my question and, as the new tax year has beguna nd rates have changes, what is the best way that my parents (both over 60 but only one over 65) can save their money?

They are taking up the advantage of their ISA's.

ReportInvestor

The Cov BS account I mentioned above still pays 5.25% (0.75% bonuse for 1 year) if they haven't opened theirs yet.

No other accounts specifically for the over 60s are currently paying over 4.8% AFAIK.

margaretclare

Snapelover wrote:

Sounds great but my Mam is not yet 65. Anyone got any other ideas?

Hi Snapelover

It's true that the best rates are to be found in the internet-based accounts - savings on admin costs are passed on to the customer.

Mam not yet 65 - couldn't she be persuaded to attend one of the informal and friendly classes that are held at all local community colleges? They're usually labelled things like 'Computers Don't Bite'. My DH had never touched a computer until after his 60th birthday (he's 71 now). We do all our banking online, have done for a few years now. Wouldn't dream of queuing up at a Post Office etc!

Like everyone else, I'm now planning to close my cahoot savings accounts because of their reduction in interest. I've just applied to the ICICI Bank for their HiSave account which offers 5.15%.

You could also try the Yorkshire Building Society: https://www.ybs.co.uk

Best wishes

Margaret Clare

Snapelover

margaretclare wrote:

It's true that the best rates are to be found in the internet-based accounts - savings on admin costs are passed on to the customer.

Mam not yet 65 - couldn't she be persuaded to attend one of the informal and friendly classes that are held at all local community colleges? They're usually labelled things like 'Computers Don't Bite'. My DH had never touched a computer until after his 60th birthday (he's 71 now). We do all our banking online, have done for a few years now. Wouldn't dream of queuing up at a Post Office etc!

I've told them that I could set everything up for them and they could come over here any time they like to do some banking but I think they think it's too much like hard work - but I try to tell them that it's a heck of a lot easier than trailing down to the high street, standing in a long queue in order to get some money paid in or taken out!

Funny thing is, hopefully next week we are getting back a PC which has been getting repaired and, as we now have two others at home, have offered them it and they are going to take it - so they wouldn't even have to come over here!

Like everyone else, I'm now planning to close my cahoot savings accounts because of their reduction in interest. I've just applied to the ICICI Bank for their HiSave account which offers 5.15%.

I browsed their website and read a lot of the feedback and decided to give them a miss. The interest rate sounds really good but I have opted for Birmingham Midshires Internet Easy Access (Issue 6) which is not as good an interest rate (4.9%) but I have my doubts about ICICI.

margaretclare

Snapelover wrote:

I've told them that I could set everything up for them and they could come over here any time they like to do some banking but I think they think it's too much like hard work - but I try to tell them that it's a heck of a lot easier than trailing down to the high street, standing in a long queue in order to get some money paid in or taken out!

Funny thing is, hopefully next week we are getting back a PC which has been getting repaired and, as we now have two others at home, have offered them it and they are going to take it - so they wouldn't even have to come over here!

They may get 'hooked' on it once they see how it can help them. I had major hip surgery in December and it took several weeks for me to get back to full mobility. I couldn't possibly have stood in a Post Office queue. It has been an absolute godsend being able to sit here in warmth and comfort on a freezing cold morning and do my banking in my dressing-gown!

Phone your parents' local council - there may be volunteer groups, 'silver surfers' computer clubs, things like that. My DH is a volunteer and he sometimes gets a call to go into someone's home to help them - he also goes to day centres where they have a computer for the residents' use.

I need to have my savings fairly accessible, because I have a few thousand that are 'stoozed' from 0% credit cards so I'll need to pay them back in a few months' time.

Margaret Clare

Snapelover

margaretclare wrote:

They may get 'hooked' on it once they see how it can help them.

I was in my mid thirties when we got our first computer and I was so scared of pressing a wrong button - now I couldn't do without it.

Of course, having two kids who are growing up in a PC workd really helps - just shout on them and they know what to do:)