85 year old with £2000 free money 23 June at 11:50AM in Over 50s Money Saving 11 replies 873 views

robti

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 

testertrev

Premium bonds?

missile

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.

robti

testertrev said:

Premium bonds?

Took me all of my time to get her to buy some a few years back, but can try again

robti

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

It works for me. There may be more other options but your mother may feel comfortable sticking with a bank she knows and trusts

robti

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

Is the money better spent on the house/flat where she lives ?    Improved shower room perhaps ?

robti

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

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.

MalMonroe

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.