Good savings account

Orangelady2

Need a good savings account with low risk. We have just obtained lasting power of attorney for my 45 year old brother. He lives with my parents and has Aspergers, very rarely leave the house and wont use telephone. He currently has an ISA with 25k and a Current Account with Halifax with 30k. We obviously want to do something with the large amount of money in current account on his behalf. Is it better to transfer to a new savings account or split into various accounts with various providers to get better interest for him. He probably wont need to access it for a long time, but is doing no good in current account.

eskbanker

https://www.moneysavingexpert.com/savings/which-saving-account/
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Orangelady2

Thanks Eskbanker. I will take a look. My mother wants to just transfer it to whatever account HSBC can offer because she banks with them. I will have a look at link and see what others offer.

colsten

Orangelady2 said:

Thanks Eskbanker. I will take a look. My mother wants to just transfer it to whatever account HSBC can offer because she banks with them. I will have a look at link and see what others offer.

Apart from their Regular Saver, into which you can deposit £250 a month for 12 months, their savings rates are absolutely terrible. Any provider who offers FSCS protection is as safe as HSBC, and you should not be driven by your mother's desire but by what's in the best interest of your brother. By all means, go for the HSBC Regular Saver (your brother needs a current account with them for that BUT this does not have to be his only current account) but his remaining money can make a lot more interest elsewhere.