Where to put savings...

Harveys_2

My mom whose 67 has some money in savings account earning a mere 0.1%

Where would you put 75k BUT it has to be say in one institution / bank as to make things easy for her.

Thank you...

bigadaj

You can obviously play the current account game but you've excluded that and it might be considered complicated for some older people.

Check the rates on the main site and places like money facts etc, instant access might get close to 1.5% and progressively better with fixes up to 3% or more for longer term! the problem with the latter is that base rates could rise in the meantime.

Simple option is ns&i as safe as you can get but only 1.1% I think.

soulsaver

If she has a partner she can get 3 Santander 123 accounts £20k in each & get 3% on £60k.
I'm not sure if you cant get more than 3 as the rule recently changed.. but you can still put all her cash with them if that suits.. she just wont interest on the amount above £20k in each (£60k total if limited to 3) but still WAAAAAY better than 0.1.
Needs 'working' though with regular (£500 monthly) deposits from external acs and 2 DDs on each account to get the rate. + £2 pm charge for ea ac but cash back on DDs for Council Tax, utilities etc.

xylophone

Maybe NS&I income bonds would suit http://www.nsandi.com/savings-income-bonds particularly if she is a non taxpayer.

She could open NS&I ISA. http://www.nsandi.com/savings-direct-isa

The "Pensioners Bonds" are supposed to be coming on stream in January 2015- she might want to switch some of the money over then?

http://www.moneysavingexpert.com/news/banking/2014/03/budget-2014-pensioner-bonds-coming-for-over-65s

Harveys_2

Thank you guys for your help!

G_M

Does she manage her money or do you have POA and do it for her?

1.65% https://www.co-operativebank.co.uk/savings/select-access-saver-5