Advice on savings a/c please

jamanda

Please could anyone direct me to a "normal" old fashioned savings account with reasonable interest. Don't want on-line account, just one where you put an odd couple of hundred in and take odd bits out when you need them. Everything seems to be linked to everything else. Mum getting on a bit and can't get on with all the new stuff.

Advice would be very much appreciated. Thank you.

a&akay

My Mum and I opened a joint account with Lloyds where her pensions are paid into. I operate it on her behalf and she gets paper statements every month to see where her money is going. I can pay her car tax etc online. She is 86 with a recently fractured hip so can't walk very far and lives 80 miles away. I also registered her Nationwide account online and she gave me the log in code on the phone 3 days later. I transfered her cash into the Lloyds which is what she asked me to do. Of course she has to trust you but see how she feels. You can then get the best rates. Northern Rock Silver Saver has just gone up to 6%. ICESAVE is good too.

nilrem_2

jamanda wrote: »

Please could anyone direct me to a "normal" old fashioned savings account with reasonable interest. Don't want on-line account, just one where you put an odd couple of hundred in and take odd bits out when you need them. Everything seems to be linked to everything else. Mum getting on a bit and can't get on with all the new stuff.

Advice would be very much appreciated. Thank you.

What about an account with Sainsburys or Tesco's? They seem to pay fairly decent interest and I believe that it's easy to get cash in and out, I don't have one myself but my Mother seems happy with a Tesco account.

jamanda

I forgot about Tesco - I'll check that out. Thanks very much.

flossy_splodge

Does your Mum pay tax? If so you can do what I've done for my father and transferred his money to a high street ISA provider, in our case I've used the Halifax as they have a branch nearby and its on a pass book so is CAT standard easy access. Although I have explained the details about an ISA my father still hasn't got his head round it but quite frankly it doesn't reaslly matter as long as the account works the way he needs and I know its a financially wise account for him. He never has more than £3000 to put away each year; indeed, not even half of that, so it doesn't matter if he puts and takes. I keep a watching brief on his actions to make sure all is well. I have personally NOT gone down the route of a joint account as I am trying to make sure my father feels he remains in charge of his own affairs. Some banks etc can set up a "authority to operate" which is what I have on his main current account in case he needed me to take some action, but the account remains solely his. Hope this helps.:rolleyes:

tyllwyd

It sounds as if the ease of paying money in and out is more important than getting the maximum interest possible - why not have a look around and discover the three or four easiest high street banks/building society/post office etc accounts for your mum to get to, and pick up leaflets from all of them to compare? There might be other things to think about, like which have steep steps to get in etc.

flossy_splodge

I think you missed my point! What I was flagging up was that after establishing her main needs like accessibility, THEN don't forget to look at the tax situation. Too many elderly people are paying tax on savings when they don't need to. OBVIOUSLY the first consideration is her being able to get to her money. Sort of goes without saying I think.:rotfl:

jamanda

My mum (and my dad) are very independent. My mum particularly seems to acquire a couple of hundred now and then and doesn't know what to do with it. They are not doddery but don't like or understand anything "on line" or where you don't get a "bank book". Without intrusive questioning, I think they have ISAs sorted - don't want to get too nosy or they'll think I'm assessing how much they've got.

Thank you all for your help

flossy_splodge

Yes I can understand that. Could you not just check to be sure with something like" have you used all your ISA allowance for this year". That way you're not talking actual figures but flagging up important considerations. My father is also not doddwery and feels the same about internet and non pass book accounts! Guess our turn may come as the world continues to roll forward. Good luck anyway.