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85 year old with £2000 free money

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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 
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  • testertrev
    testertrev Posts: 88 Forumite
    Part of the Furniture 10 Posts Photogenic Combo Breaker
    Premium bonds?
  • missile
    missile Posts: 11,764 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 23 June 2020 at 3:19PM
    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:
  • robti
    robti Posts: 212 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Premium bonds?
    Took me all of my time to get her to buy some a few years back, but can try again
  • robti
    robti Posts: 212 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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.
    So I have her in that account so she just opens another of the same account with no problems ?
  • missile
    missile Posts: 11,764 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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:
  • robti
    robti Posts: 212 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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 trusts
    Yes you know her 🙂, tried a few times for the bank switch but no she has been with them for ever and won’t change, so will try opening an another account in her name
  • Robin9
    Robin9 Posts: 12,776 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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 bill
  • robti
    robti Posts: 212 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Robin9 said:
    Is the money better spent on the house/flat where she lives ?    Improved shower room perhaps ?
    Sorry lives in a council property and has a few thousand squirrelled away here and there but only like her to have a couple of hundred in cash so this is to be put somewhere out of the house
  • BobQ
    BobQ Posts: 11,181 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    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.
  • MalMonroe
    MalMonroe Posts: 5,783 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    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.
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