Where should an 80 yr old save cash?

Brynsam

Safest of all is NS&I - perhaps a one year guaranteed growth bond (1.5%): https://www.nsandi.com/guaranteed-growth-bonds

Wobblydeb

Thank you so much for taking the time to answer. Lots of good ideas and food for thought.

A_T wrote: »

What are his goals for his savings?

He wants to keep it reasonably accessible in case it is required as he (and my mother) get older. At present they are in reasonably good health and have a good pension, other investments and accessibly cash. His main concern seems to be if a house move is needed in the future - so something that could feasibly occur, but wouldn't prevent him locking cash away for a year at a time. 3 years would be a little too long though.

Robin9 wrote: »

Has he got any debts/mortgage ? Probably not

Does his house need any future proofing - perhaps a down stairs bathroom.?

No debts/mortgage. They've done a small amount of future proofing, and I think this money is for this type of thing in the future. I don't think they will do more, as they may choose to move rather than stay in the existing property - it is 2 story and has a steep drive which is becoming increasingly difficult in winter weather.

I think he has been caught out with the money sitting idle and earning very little due to lack of diligence on their part. However, he is not up to internet banking or a lot of moving money around - I think he would struggle to keep track, and maybe would not think the effort worth it.

Matthew2018

Do you have Power of Attorney set up? If not and your parents agree, get one put in place, soon.

This is relevant because if you have to take over running affairs, albeit temporarily, it would be useful for you to have access to any accounts your parents have set up. If their accounts are in the same organisation that you use, it makes things so much easier.
My mum and I both have savings accounts with NS&I and have bank accounts with the same bank. whenever I log on to either organisation I can easily deal with mum's affairs as well as mine.