Savings account for my mom

VintageBelle

Hi

I don't know if anyone can help. I'm trying to get my mom to put some money into a savings account as it's burning a hole in her pocket and I'd like her to save it for something she really wants. None of us really know much about accounts and I find all these comparison sites a bit mind boggling as I don't understand a lot of the jargon.

Does anyone have any suggestions or recommendations please?

Many Thanks

Anna

lalman

Would you mind telling us a little about your mom's situation please?

Does she want to save a lump sum or money every month? is it for emergencies? etc

VintageBelle

Hi

It's just a lump sum she wants to save. As it's in her current account at the moment she is spending it like it's going out of fashion, so it needs to be in an account building interest where she is less likely to spend it. It's not necessarily for emergencies but it might be something she needs in the future. She is 60, lives with my dad and they own their home, so I don't know if there are specific accounts that would be suitable.

Cheers

Freecall

What is a 'mom'?

Freecall

I think that I have just found out. Google says that it is a North American term for 'mum'.

I thought that it was a typo at first but then it appeared in the post as well as the title.

I live and learn.

VintageBelle

Freecall wrote: »

I think that I have just found out. Google says that it is a North American term for 'mum'.

I thought that it was a typo at first but then it appeared in the post as well as the title.

I live and learn.

In Birmingham a lot of people say mom not mum

xylophone

Are you able to indicate the size of the lump sum in question?

Does your mother have cash isa(s)?

Does she have a sum set aside for emergency savings?

Does she require instant access?

Is she a tax payer?

VintageBelle

xylophone wrote: »

Are you able to indicate the size of the lump sum in question?

Does your mother have cash isa(s)?

Does she have a sum set aside for emergency savings?

Does she require instant access?

Is she a tax payer?

I'm not entirely sure now of the amount, think it may be a few thousand.

I don't think she has any emergency savings or cash isa's of her own (not sure about if she may have joint ones).

I think she would like instant access just in case and she is currently a tax payer.

I'm not with her at the moment so don't have all the info.

Cheers

Anna

atush

Freecall wrote: »

What is a 'mom'?

How nastily ethnocentric of you.

atush

Get her to open an isa if she is a taxpayer.

VintageBelle

atush wrote: »

Get her to open an isa if she is a taxpayer.

Thanks atush, I think it is probably best as I have an ISA myself but not knowing a lot about savings etc I didn't know if there was anything overly obvious that was I overlooking. :dance:

And I was offended by the 'mom' comment, glad you picked up on it, I think it was pretty obvious I was referring to my mother but some people just like to show off by pretending they are thick lol :T