Savings

Perpita

I have an aunt wi alzheimers who is now in residential care we are using her savings to pay for her care, her bungalow has been sold so we now have 50-75k to put away in the hopes of earning the most we can to assist her stay in the home. We have kept an amount back to cover the next years fees anyone got any suggestions wouldn't need to get the money back straight away. Thanx in advance for any decent advice

dancingdandare

I have an aunt wi alzheimers who is now in residential care we are using her savings to pay for her care, her bungalow has been sold so we now have 50-75k to put away in the hopes of earning the most we can to assist her stay in the home. We have kept an amount back to cover the next years fees anyone got any suggestions wouldn't need to get the money back straight away. Thanx in advance for any decent advice

Depending on whether you believe interest rates will stagnate for the next year or so, or start to recover is the question you need to ask yourself before deciding on a saving option. Also consider what sort of time you can lock the money away for.
I personally would put 48k in a fixed saving account for a year and the remaining amount in a easy access account. The best fixed rate you can get at the moment is about 4% or just under with either AA (part of HBOS) or my old favourite ICICI (British arm of Indian bank, 3.75% 1 year fixed, or 4.35% over 2 years). ICICI is a full regulated UK bank by the FSA
http://www.icicibank.co.uk/home_fixedratebonds.html

For the remaining savings i would open a savings account with Nationwide or Alliance & Leicester. Just need to open a flex account or pre current account respectively and then choice from one of their e-savings accounts, which are full operated online which you can link directly to your ICICI account if you like.

As you are aware interest rates are pretty poor at the moment, so you guess is probably as good as mine (above). Anyway hope you make some decent returns on your aunts savings.....keep looking around as things change quickly if you don’t like my ideas........ :cool:

opinions4u

Perpita wrote: »

I have an aunt wi alzheimers who is now in residential care we are using her savings to pay for her care, her bungalow has been sold so we now have 50-75k to put away in the hopes of earning the most we can to assist her stay in the home. We have kept an amount back to cover the next years fees anyone got any suggestions wouldn't need to get the money back straight away. Thanx in advance for any decent advice

Have a look at www.moneyfacts.co.uk or www.moneysupermarket.com/savings.

It may be worth opening the accounts in joint names with her if appropriate.

If her mind is considered up to it, she should consider obtaining power of attorney to enable nominated member(s) of family to look after he affairs.

If not, you probably want to look in to obtaining a Court of Protection order. That takes several weeks to come through but can make managing her finances and other affairs much easier as and when her condition deteriorates.

Good luck.

Aegis

Perpita wrote: »

I have an aunt wi alzheimers who is now in residential care we are using her savings to pay for her care, her bungalow has been sold so we now have 50-75k to put away in the hopes of earning the most we can to assist her stay in the home. We have kept an amount back to cover the next years fees anyone got any suggestions wouldn't need to get the money back straight away. Thanx in advance for any decent advice

As horrible as it sounds, you might need to look to annuities to provide an income for her for the rest of her life. Chances are that with her condition she's not going to be leaving residential care any time soon, but Alzheimers doesn't in itself mean that her time is limited, so residential fees could keep going for a long time. Depending on her age, and health otherwise, an annuity might be the best logical approach.

Speak to an IFA in doubt, as they are able to source annuities from the whole market and will generally be able to give you at least as good a deal on them as the insurance companies will do.

Perpita

Thanks to everyone have printed your suggestions off so i can have a read tonight and decide what is best thanx to all x