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85 year old with £2000 free money
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robti
Posts: 212 Forumite


Hi my mother sold her car and has enough free cash Floating about, so where would you recommend to put some of her money, she has no savings accounts, only current account with TSB ?
Thanks
Thanks
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Comments
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Premium bonds?1
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She can upgrade her current account to Classic Plus account to generate 1.5% interest on first £1500, then open a second account to generate 1.5% on the balance. She would need to set up a standing order to move £500 from one account to the other and another to move it back each month. Easy to do online."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:1 -
testertrev said:Premium bonds?0
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missile said:She can upgrade her current account to Classic Plus account to generate 1.5% interest on first £1500, then open a second account to generate 1.5% on the balance. She would need to set up a standing order to move £500 from one account to the other and another to move it back each month. Easy to do online.0
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It works for me. There may be more other options but your mother may feel comfortable sticking with a bank she knows and trusts"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
missile said:It works for me. There may be more other options but your mother may feel comfortable sticking with a bank she knows and trusts0
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Is the money better spent on the house/flat where she lives ? Improved shower room perhaps ?Never pay on an estimated bill. Always read and understand your bill0
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Robin9 said:Is the money better spent on the house/flat where she lives ? Improved shower room perhaps ?0
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NS&I is paying 0.9% now which is about the best savings account around.
I agree that at 85 she might be better buying something that improves her quality of life. Too many go to their grave cash rich but not enjoying their surroundings. I do not see your point. So she lives in a council house but if she needs better facilities I doubt the council will object.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
If I were her I'd buy myself some lovely new furniture, new clothes, new soft furnishings, jewellery etc., and make my home a comfortable little palace. And if I felt up to it I'd also treat myself to a lovely holiday (bearing all the coronavirus cautions in mind, of course). In short, I'd spoil myself to death. I'd spend, spend, spend. What's the point of saving oodles of money when you are 85? Don't get me wrong, I'm not much younger than your mum myself but I thoroughly intend to spend as much of my cash as I can before I go anywhere. I'm going to be spending my kids' inheritance and I recommend your mum does the same. Selfish? No. Deserved? Well.Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.1
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