Short term high interest bank account after house sale?

Ruddlehead

I am selling a flat and buying another (not yet found) within the next 3-6 month for my elderly mother. I need to put a substantial amount of sale money into a high interest account for a short time. Where can I put it without incurring entry fees or removal penalties at the highest interest?

le_loup

Have you looked at any of the links above?

jonesMUFCforever

Short term high interest does not exist - if you get 1% gross you will be doing well.

agrinnall

jonesMUFCforever wrote: »

Short term high interest does not exist - if you get 1% gross you will be doing well.

Simple to get 1%, NS&I Direct Saver pays 1.1% and protects up to £2 million, it's where a large chunk of the proceeds of my house sale sits until I use it to buy another.

xylophone

http://www.nsandi.com/income-bonds

Your mother can receive an income boost while she's waiting to move.

The income is paid gross - advise HMRC if liable to tax.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293747/Fact_sheet_template_-_10__tax_9.pdf

might be relevant to your mother.

Ruddlehead

As I am trying to manage my 80yr old mother's finances so I can pay for her care, now that she has been diagosed with dementia, the forum has been a great help, just to have a place to ask these questions is great, thanks.

xylophone

Have you checked on any benefits to which your mother might be entitled?

http://www.alzheimers.org.uk/site/scripts/documents_info.php?documentID=51

https://www.gov.uk/attendance-allowance/overview

agrinnall

The other relevant question is whether you already have a Financial Power of Attorney, because if you don't it will be very difficult for you to do the things you want to. And it may now be more difficult to get the LPA if your mother no longer has capacity to grant it.

https://www.gov.uk/government/organisations/office-of-the-public-guardian

jonesMUFCforever

I agree it might have to go through Court of Protection.

Ruddlehead

Thank you I do have PofA and Ma is still living alone wearing her stillettos! (though she is finding the rubber wedge boots I bought her extraordinarily comfortable compared to the heels). She lives in London and I live with a job and young kids in Devon. A lady from age concern comes in every Monday to see her and maybe drive her places though she still takes the tube and bus. She has too much in her savings to get any benefits at all. I am buying the new flat because it will give her income and go up in value, I went to a financial advisor but I could,t get the same return of £400 a week rent from and the fund took ages to grow. The idea is that if she needs to go into a home the rent from the two flats (one being her home) will pay for the care. The tricky part is paying for care IN her home when needed with only the rental of one flat and her living expenses of her own flat. She won't move to Devon so everything is from afar. When she gets really ill I can move her to a care home in our village, it's the interim part that is tricky financially. Two flats seems the best option, it has been working well for the last year but then the building needed work at the cost of between 20-40K per flat over the next 5 years and there was no cash for that so I'm selling before the residents start to really fight the costs, and buying another. If only one could get enough income in a fund and I'd put it there but there is none I can find.

xylophone

She has too much in her savings to get any benefits at all

Attendance Allowance is not means tested.

See http://www.ageuk.org.uk/money-matters/claiming-benefits/attendance-allowance/what-is-attendance-allowance/

Age Concern will assist with completing the form.