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What to do with mum’s savings?

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  • Keep_pedalling
    Keep_pedalling Posts: 20,460 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Don’t be surprised if after sorting this out she starts hoarding cash again. Has she set up lasting powers of attorney? If not you might like to gentle persuade her to do this, you can keep an eye on cash withdrawals.  
  • diystarter7
    diystarter7 Posts: 5,202 Forumite
    1,000 Posts First Anniversary Name Dropper
    Hi OP
    rightly so the bank etc would want evidence of this money sources.
    So be prepared
    We often keep close to 4 k in cash its old habits, lol. Push come to shove for us,
    we have worked, we do regualry take out 250 or 500 amounts in cash
    and at times spend it all and then put the reminders to one side

    I recall years ago ching the 50's in the bank for nwer ones then 20's as they were going out of date
    We also hold usa dollars, euros and rupees, lol - old school traing

    But for mum, best in a bnak etc and tell her to spend some on hereself and the property she lives in as well

    Thanks
  • LHW99
    LHW99 Posts: 5,156 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    You may need to ensure she has some suitable ID documents. Most banks etc want these to open accounts if they can't use electronic (credit reference) checks - and sometimes even if they can. For example:

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