Where to save house sale money?

RazMan

Sounds like good advice - thanks very much

soulsaver

RazMan said:

Thanks for all the advice guys. I think that the first £50K will definitely go into Premium Bonds and then spread the remainder into various fixed term savings accounts (short and long) 
Any pointers to some good savings accounts options?

Not sure about the legal aspects, but could you consider an additional £50k in your name, for her benefit?

JGB1955

soulsaver said:

Not sure about the legal aspects, but could you consider an additional £50k in your name, for her benefit?

That sounds like theft to me. It's not in your mother's interests.  The bonds would form part of YOUR estate should you pre-decease your mother, as would any winnings.

grumiofoundation

soulsaver said:

RazMan said:

Thanks for all the advice guys. I think that the first £50K will definitely go into Premium Bonds and then spread the remainder into various fixed term savings accounts (short and long) 
Any pointers to some good savings accounts options?

Not sure about the legal aspects, but could you consider an additional £50k in your name, for her benefit?

I don't see how that would be for her benefit?

IanManc

soulsaver said:

RazMan said:

Thanks for all the advice guys. I think that the first £50K will definitely go into Premium Bonds and then spread the remainder into various fixed term savings accounts (short and long) 
Any pointers to some good savings accounts options?

Not sure about the legal aspects, but could you consider an additional £50k in your name, for her benefit?

The gov.uk website POA advice page clearly states:  "You must keep the donor’s finances separate from your own, unless you’ve already got something in both of your names like a joint bank account or you own a home together."

Lasting power of attorney: acting as an attorney: Property and financial affairs attorneys - GOV.UK (www.gov.uk)

Albermarle

RazMan said:

Thanks for all the advice guys. I think that the first £50K will definitely go into Premium Bonds and then spread the remainder into various fixed term savings accounts (short and long) 
Any pointers to some good savings accounts options?

Eskbanker already sent you a link in an earlier post.
Here is another one. Best rates are usually online only and often with relatively obscure banks .
However if they are listed in the link mentioned or in this one , they are covered for £85K compensation.
Compare The Best UK Savings Accounts | moneyfacts.co.uk

She can earn up to £1000 interest per tax year , without paying any tax , assuming she is a basic rate taxpayer on her pensions .
If the interest is likely to be more than that , you can shelter some savings from tax in a cash ISA but you can only add £20K pa