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Jay_Sparrow

Hi. Can anyone help?
My partner's mother has substantial savings in a very low interest bank account. He has power of attorney for his mother who is over 100 years old. Would he be able to transfer her money into a higher rate savings account in her name? He has enquired at one, but they say that his mother has to open the account, But she is not capable of that. This is why he has POA !
Any answers - Thankyou

JimmyTheWig

Jay_Sparrow wrote: »

Hi. Can anyone help?
My partner's mother has substantial savings in a very low interest bank account. He has power of attorney for his mother who is over 100 years old. Would he be able to transfer her money into a higher rate savings account in her name? He has enquired at one, but they say that his mother has to open the account, But she is not capable of that. This is why he has POA !
Any answers - Thankyou

Surely he must be able to. I'll admit that I know absolutely nothing about it but he must be able to do this for her in the same way that he is able to do all sorts of things for her. As you say, that is the point of him having POA.

Well done for her, by the way, getting to over 100!

alanfp

I asked for an application form before Christmas, when the rate included a 2.7% bonus.
Eventually got the form (dated 23rd Dec) in mid Jan. with NO mention of bonus. So I didn't send my cheque off straight away, while I looked into it - now the bonus has been reduced! (I expected their base rate to reduce - that's fair enough).

Do you think they'r etrying it on? Advertising 5% but then taking so long to send out forms that the rates reduce before you have time to apply.

luv_my_brass

alanfp wrote: »

I asked for an application form before Christmas, when the rate included a 2.7% bonus.
Eventually got the form (dated 23rd Dec) in mid Jan. with NO mention of bonus. So I didn't send my cheque off straight away, while I looked into it - now the bonus has been reduced! (I expected their base rate to reduce - that's fair enough).

Do you think they'r etrying it on? Advertising 5% but then taking so long to send out forms that the rates reduce before you have time to apply.

In a word - YES! I think they are all trying it on. I have given up looking for 'the best rates' because as you have found, by the time it all goes through - they certainly are not. :-(

919er

This site is quoting the Alliance and Leicester eSaver Iss 3 account as 3.6% and indicates a RED "Rate Dropped" from the BOE 0.5% rate cut on 8th January, and is listed first under "The top paying accounts ....."

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Well are you sure??

My information is that they will drop 0.5% to 3.1% on 2nd February 2009, and therefore HAVE NOT yet reacted the the 8th Jan drop.

Anybody confirm this.

geepster

alanfp wrote: »

I asked for an application form before Christmas, when the rate included a 2.7% bonus.
Eventually got the form (dated 23rd Dec) in mid Jan. with NO mention of bonus. So I didn't send my cheque off straight away, while I looked into it - now the bonus has been reduced! (I expected their base rate to reduce - that's fair enough).

Do you think they'r etrying it on? Advertising 5% but then taking so long to send out forms that the rates reduce before you have time to apply.

Did you eventually open an account with ING? I opened one on 13th January (that's the date they set it up) and I rang them yesterday and they confirmed that my bonus is fixed at 2.17% and will stay fixed for the year but, of course, the normal interest rate has dropped as they have announced. I was worried that I would only get the new reduced bonus of 1.95% as I haven't received the welcome pack. If you opened an account when the bonus was 2.17% then I'm sure you will have that.:j

Mad_Mick

Just been reading Martins advice on whether to save or pay off more expensive debt. Sorry Martin but I have to disagree.
Mathematically paying off debt is obviously the choice but let me give you another view.

I have enough savings to clear all my credit card debt but choose to hang on to the money as it will cover my salary for about 18 months. I'm over 50 and jobs are to say the least shaky. I used to have an income protection insurance. £64 a month to pay me £2000 a month for 12 months after 90 days. What a waste of money!
If I take you advice and pay off my cards I'd have no debt and no savings. Yes I could put what I used to pay to the cards in to savings but I could lose my job next month. No income, no debts, but I'd still have my mortgage to pay, and council tax, fuel bills etc etc.
Your way I'm in the cack from day one. My way, yes more expensive in the long term but financial security and the chance to consider my options for 18 months.
In this day and age, and at my age, its better to be "cash rich" with debt than debt free and potless!

Jake'sGran

Jay_Sparrow wrote: »

Hi. Can anyone help?
My partner's mother has substantial savings in a very low interest bank account. He has power of attorney for his mother who is over 100 years old. Would he be able to transfer her money into a higher rate savings account in her name? He has enquired at one, but they say that his mother has to open the account, But she is not capable of that. This is why he has POA !
Any answers - Thankyou

If he can accept an online account and they sent the application form wouldn't he be able to get her to just sign the form. I recently opened an ING account in my husband's name (he is not the slightest bit interested in financial matters) and it was sorted in half an hour, no forms required. This might be because I used to have an account with them.. It is necessary to have a linked account to send/receive money from. By the way the ING account includes a twelve month bonus but is paying 4% I think.

Raddad1

I Have 50k to invest short term & I have no idea where to put it....HELP!!!

Patr100

Raddad1 wrote: »

I Have 50k to invest short term & I have no idea where to put it....HELP!!!

Have you read this?
http://www.moneysavingexpert.com/banking/