Savings for elderly relative query

skate1966

Hi
I have an elderly relative in their 80's who currently have savings with a high street bank paying a pitiful amount of interest something in the region of 0.1 %
I have my savings with one of the online savings accounts currently with Zopa however I am computer literate and have no problem transferring money and using the app.
I also keep an eye on interest rates and will move money as and when the rates change.

This elderly relative is not computer literate and does not possess a smart phone and even if they did would not be able to use it.
It is with interest that today a high street provider Santander has announced a easy access savings rate of 2.75% which is pretty much best on the market.

The problem is that although a high street provider it still requires an online presence to open the account.
Yes a family member can use their email address etc but this is a confidential matter and we do not want to be able to know how much savings this person has.
It is frustrating that the higher rates are really only available to computer savvy people.
Has anyone experienced helping a non computer savvy relative access a higher interest rate easy access saving account ?
Thanks

SpanishBlue

Does your elderly relative own and use a laptop? Many older people do and the Santander E-Saver account can be operated online by laptop.

I helped an elderly relative (almost 90) open a Marcus account recently which they maintain themselves.

I have mentioned to them today about the Santander 2.75% account but I'm not sure if that is a step too far for them even though I am happy to help them get the account up and running.

Many older people prefer the old fashioned high street banks, names they know, and as a result miss out on much better interest rates.

mebu60

I have a sort-of-aunt (80s, long time widowed, no children) who when she finally gave me access to her accounts about five years ago I was able to save her over £5k per annum by cancelling multiple unnecessary insurances, recurring donations, etc and renegotiating necessary insurances and utilities. 
She could use a laptop for emails so we set up an email address that was accessible to her, me and her niece and used that for all financial dealings. I left some cash in the local building society so that she was comfortable continuing to withdraw cash for day-to-day activities but managed the rest for much better returns. Not as actively as my own and showed her what we were doing, all the time making sure she was comfortable with it so all very safe including premium bonds.  
Sadly she is now suffering severely from dementia but by having everything online it is a lot easier for me and the niece to manage her finances. We are attorneys for her.
I note you said you do not wish to know your relative's amount of savings. Do they have a finance LPA set up? The attorney(s) may find it beneficial to start taking a more active role before it needs to be used. Ditto re a will if relatives are to be executors. 
It's difficult trying to get the balance right. The niece and I try to imagine what we'd say if we were up in front of a judge being tried for defrauding an elderly lady. Hopefully everything we've done would seem more than reasonable to the proverbial man on the Clapham omnibus.  

xylophone

How often does she need access?

https://www.ybs.co.uk/savings/product?id=YB921628B

Can be opened and managed by post/phone.

Daliah

If anything "e" doesn't work for your relative, may be one of the Branch  / postal accounts would suit her. https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?id=null&business-type=16&activity-type=null&investment-amount=15000&investment-type=1&account-types=2048&interest-paid-frequencies=null&terms=null&account-opening-methods=14&account-management-methods=14&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&joint-account-only=2&quick-links-first=false

However. Her ability to look after her own finances is unlikely to improve. She should appoint an attorney(s) for her financial and health needs as a matter of real urgency https://www.gov.uk/power-of-attorney

Albermarle

A Lasting Power of attorney ( finance and health/welfare) should be set up, whilst she is still capable of understanding what it means and signing the forms.
It maybe well never be needed, but if things go downhill and there is no LPA in place, it can get rather complicated.