Best home for £75k for someone who's not online

atush

I'd be buying her a computer, and teaching her how to use it.

It can not only provide her with better options re banking, utilities and the like, but can provide hours of fun hobbies from things like genealogy, to gardening, cooking, reading etc and can provide contact with others and reduce loneliness.

Those who are initially resistant, usually become enthusiastic in a very short time.

TheBanker

atush wrote: »

I'd be buying her a computer, and teaching her how to use it.

She has a laptop and a tablet that were dads, but she's not interested in learning to use them.

She is of a generation who, if they had savings, went to the Building Society and had a passbook.

I've helped her sort the home and car insurance out as the policies were in dad's name. I had to do that all on the computer for her. When I asked if she knew who the policies were with, she told me "Jack". "Jack" was the man from the Co-op who used to come on a Friday afternoon to collect the premiums. I believe "Jack" himself has been dead for 20 years.

badger09

OP I have every sympathy with you. I had similar issues with my sister, now 78, when her husband died 3 years ago.

All her money was in 0% HSBC current accounts :eek: and she resolutely refused, and still refuses, to have anything to do with the internet:(

Long story short, I persuaded her she did not need to have the whole amount instantly available, so she opened a Santander 123 account which she keeps at around £20k and uses as her current account.

Most of the rest is in a Santander 123 2 year fixed rate ISA @2.3%, 2 x NSI 65+ bonds (I know its too late for your mum:o) and a series of 1 and 2 year fixed rate accounts, which she was able to open by post. The most recent being Aldermore 2 years @ 2.35% (now 2.25%). Not brilliant, I know, but so much better than 0%.

The biggest hurdle was getting over the 'need' for instant access:cool:

Vortigern

xylophone wrote: »

....things only improved when the relative who had POA for her took over, opened a 123 for her and made sure that the balance was deposited at the best rates possible.

That would be an ideal solution for the OP. Get a Lasting Power of Attorney while Mum still has capacity to grant it.

Mum can then use her current account however she likes while the OP does the online money movements to keep the interest coming in.

TheBanker

badger09 wrote: »

OP I have every sympathy with you. I had similar issues with my sister, now 78, when her husband died 3 years ago.
...
Most of the rest is in a Santander 123 2 year fixed rate ISA @2.3%, 2 x NSI 65+ bonds (I know its too late for your mum:o) and a series of 1 and 2 year fixed rate accounts, which she was able to open by post. The most recent being Aldermore 2 years @ 2.35% (now 2.25%). Not brilliant, I know, but so much better than 0%.

The biggest hurdle was getting over the 'need' for instant access:cool:

Thanks - I think I will try to persuade Mum to use some fixed rate accounts. Today I sat down with her and we went through her income and outgoings, and she has a surplus each month, even allowing for an increase in spending on social activities now Dad's gone. In reality she won't need to touch the savings and will be able to add to them. The only time she would need the savings is if she decides to go on a round the world cruise (unlikely) or there is some kind of emergency.

Vortigern wrote: »

That would be an ideal solution for the OP. Get a Lasting Power of Attorney while Mum still has capacity to grant it.

Mum can then use her current account however she likes while the OP does the online money movements to keep the interest coming in.

After what happened with Dad, getting a PoA is on the list of things to do, and mum has agreed to this. However, whilst she trusts me I am not sure how comfortable she would be with everything being online. She is old fashioned - when she pays for something with her debit card she writes it on the bottom of last month's bank statement, then when the next statement comes she ticks the transactions back.

This is an eye opener for me, I take the internet for granted and never realised how difficult it was to organise things without it.

I've just helped her with her car and home insurance, and without the comparison sites I would not know where to start. Mum was telling me how when they first married they got their insurance through the Co-op and a man called Jack used to come every fortnight to collect the premiums. How the world has changed...

atush

TheBanker wrote: »

She has a laptop and a tablet that were dads, but she's not interested in learning to use them.

She is of a generation who, if they had savings, went to the Building Society and had a passbook.

I've helped her sort the home and car insurance out as the policies were in dad's name. I had to do that all on the computer for her. When I asked if she knew who the policies were with, she told me "Jack". "Jack" was the man from the Co-op who used to come on a Friday afternoon to collect the premiums. I believe "Jack" himself has been dead for 20 years.

I understand this. But believe me, I have volunteered in this area, and the freedom, and lack of boredom that comes with, will help her.

Obviously it is early days. And she is grieving and unsure of herself. but she will need a confidence boost soon. A shot in the arm, some of which will come when she realises with your help she is accomplishing things.

The transformation from frightened sparrows to the soaring confidence of eagles is something to see. And the happiness you see is astounding.

Dont discount this, unless of course it helps you to grieve if she leans on you more than she should.

atush

he is old fashioned - when she pays for something with her debit card she writes it on the bottom of last month's bank statement, then when the next statement comes she ticks the transactions back.

actually, going over your bank statements with a fine toothed comb is educational, satisfying, and helps safeguard her banking as she will find any fraud.

I would encourage this

TheBanker

atush wrote: »

Dont discount this, unless of course it helps you to grieve if she leans on you more than she should.

She can lean on me as much as she needs to. That is what I am here for.

I guess she will get more confident and may well learn to use a computer. One of my work colleagues suggested showing her Skype so we can talk (I live 250 miles away) - he said his mum was in a similar situation and being able to use Skype to keep in touch with family was a big boost and a real incentive for her to learn to use the computer. I know her local library run computer courses and this might also be a good opportunity for her to meet new people.

All this will come with time, but at the moment my immediate problem is she has nearly £100k in her current account not earning a penny in interest.

Anyway for the short term she has agreed to move the surplus funds to the Post Office and she's agreed to look at it again after Christmas.

Thanks everyone for your suggestions.

jackyann

I would just look at local branches - Nationwide have good savings accounts if you are near one, and so do a lot of local Building Societies - in the market towns near here, the only "bank" is usually a Nationwide or other BS.
I also use a Credit Union - but they are very variable, both in how good rates are and how accessible cash is (I can use a local library)

atush

TheBanker wrote: »

She can lean on me as much as she needs to. That is what I am here for.

I guess she will get more confident and may well learn to use a computer. One of my work colleagues suggested showing her Skype so we can talk (I live 250 miles away) - he said his mum was in a similar situation and being able to use Skype to keep in touch with family was a big boost and a real incentive for her to learn to use the computer. I know her local library run computer courses and this might also be a good opportunity for her to meet new people.

All this will come with time, but at the moment my immediate problem is she has nearly £100k in her current account not earning a penny in interest.

Anyway for the short term she has agreed to move the surplus funds to the Post Office and she's agreed to look at it again after Christmas.

Thanks everyone for your suggestions.

This (ie the skype) is exactly what I am talking about.

so take a little time and a little money and get her a laptop (not a tablet), and gently introduce her