Investing for 67 yr old Mom !

Blackjackette

Hi Everyone,

My retired Mother has £70,000 in savings. She is happy to invest £60,000 for 2-3 years but would like approx £10,000 in an easy access account for emergencies...any advice on high interest savings accounts for her lum sum?!!

Thankyou very much !:)

psychic_teabag

Is she happy to use online banking, or a postal account, or will she insist on using a nearby branch ?

xylophone

http://www.moneysupermarket.com/savings/

sorcerer

when you say Invest do u mean Save (two very different things).Because investing for 2-3 years at the age of 67 is too short and too risky.

Vortigern

If she doesn't have a cash ISA, she should get one before April and pay in £5340 (the max allowed) Then get another cash ISA after April 5th and pay in £5640 (new allowance next year)
These can both be 3-year fixes.

Blackjackette

Thankyou for all your replies sorry I wasn't clear!! Have spoken to Mom again today..she wants to keep 10k in an easy access savings account for emergencies only, is happy not to use any of the remaining 60k for the next 2-3 yrs but would like to draw out monthly interest to top up her pension (has a small private pension as well as state pension having worked all her life, no mortgage and low out goings). She isn't confident on internet banking but I'd be happy to help with that, no she doesn't have any ISA's, but as you say, maximum saving amounts are limited. No, my mistake she's not looking to invest but to 'store it somewhere safe dear'... lol !!!

Thanks once again :mad:

Tuesday_Tenor

MSE guide to saving:

http://www.moneysavingexpert.com/banking/

xylophone

http://moneyfacts.co.uk/compare/savings/accounts/search/
Try playing about with search engine here.
Check her tax position - http://www.hmrc.gov.uk/rates/it.htm
Check for 10% band if appropriate http://www.hmrc.gov.uk/tdsi/ten-per-cent-guidance.htm (see examples and substitute personal tax allowances).
Don't forget to use ISA allowance for this year and next.