savings account for elderly mum

G_M

Phew..! didn't think I'd be seeking help here but I've searched the 'usual sites' (Moneyfacts/supermarket etc) but getting the right search filters is hard:

I've discovered my mum (mid 80s) is regularly keeping 1000s (at present 12K) in her c/a, and has no savings account. So she needs a saver where she can have access, move cash back/forwards easily.

No internet accounts! Branch or post preferred (or phone though hearing difficulties make the phone harder to use). Also min/max balance limits are a pain as she'll never keep track (so Lloyds Vantage is out)!

She banks at Abbey (I know I know - but the branch is handy, she knows the staff and she's happy. If it ain't broke don't fix it!) so their Instant Access Saver Issue 3 (2.5%) is a good option - except that it would mean reviewing in a year as it's a bonus account.

So if anyone knows of/can recommend a non-bonus, post/branch-based, easy to use, minimal restrictions, saver with more than the high street 0.10% rate, I'd be grateful!

opinions4u

Telephone account linked to her current account: Birmingham Midshires 3.15%.

"Hearing/Speech impaired customers can use Typetalk on all our telephone numbers"

except that it would mean reviewing in a year as it's a bonus account

To be honest, bonus or not, I'd review the account every 6 months or so regardless! Banks like to price down once they've got the money in.

Just noticed the BM one has "Includes a bonus of 2.65% gross for 12 months" - so a minimum guaranteed rate of 2.65% for a year!

pmjenkins

Whenever I read about old people being unable to cope with internet banking / saving I wonder why a younger member of the family doesn't act on their behalf.

Why don't you open the best savings account in your mother's name and transfer the bulk of the 12k into it. Leave sufficient funds for her day-to-day needs in whichever easy access account suits her. If she needs to check her balance she could phone you instead of the bank. This way you can switch the savings account if rates change without confusing your mother.

My parents are only in their 70s yet I shudder at the thought of them having 12k in an easy access account just waiting for a dodgy tradesman to relieve them of it ...

G_M

My parents are only in their 70s yet I shudder at the thought of them having 12k in an easy access account just waiting for a dodgy tradesman to relieve them of it ...

pmjenkins - you're right, but she's independent and wants to stay that way. Short of having her declared unfit (which i) she isn't and ii) is a pretty horrible thing to have to do), I can only advise her and suggest accounts which are easy for her to handle. We don't really want to have to handle her money for her unless we have to, and she certainly doesn't want us to!