MIL with Natwest 40 years £300K and no interest

stoneman

Don't know if anyone can help. My MIL is 83 and been with Natwest for at least 40 years. She has over £300K in her account and a personal banker. I've asked her about her accounts and she says all she has is a Premier Reward. No ISA's, no high interest, nothing. I'm fuming over this but MIL won't take any notice of me. She says she doesn't trust these accounts. I've asked her to speak to her personal banker but says she's always out and never gets back to her. 

mebu60

Have you told her about the FSCS £85k limit on protection? 

Brie

Hmmm.  Sounds like she's made her choice and is generally happy with it.  Rightly or wrongly.  My MiL wasn't much better.  

Is she of sound mind?  And has she got a LPA in place?  And are you the attorney??  If so on the last and she's not of sound mind then you could deal with this to her benefit but sounds like she's feisty enough to fight you on it.

stoneman

mebu60 said:

Have you told her about the FSCS £85k limit on protection? 

Yes but she says she trusts Natwest. 

eskbanker

Would your other half be more persuasive with their mother perhaps?

Keep_pedalling

Sounds like a lost cause, but hopefully she won’t be so stubborn regarding LPAs and making a will.  

stoneman

Brie said:

Hmmm.  Sounds like she's made her choice and is generally happy with it.  Rightly or wrongly.  My MiL wasn't much better.  

Is she of sound mind?  And has she got a LPA in place?  And are you the attorney??  If so on the last and she's not of sound mind then you could deal with this to her benefit but sounds like she's feisty enough to fight you on it.

Oh she's of sound mind all right. I would call her more stubborn myself.

 I get your point about it being her decision.

I'm more pi@@ed with Natwest. This is how they make their money I guess. 

stoneman

eskbanker said:

Would your other half be more persuasive with their mother perhaps?

She's tried as well but then she's her mothers daughter if you get the phrase. I have a job getting her to put money away, she likes it under the bed so she can keep counting it.  

wmb194

stoneman said:

Don't know if anyone can help. My MIL is 83 and been with Natwest for at least 40 years. She has over £300K in her account and a personal banker. I've asked her about her accounts and she says all she has is a Premier Reward. No ISA's, no high interest, nothing. I'm fuming over this but MIL won't take any notice of me. She says she doesn't trust these accounts. I've asked her to speak to her personal banker but says she's always out and never gets back to her. 

You cannot blame NatWest (or any other bank) as it won't tell you what to do with your money. If you leave it in a current account earning nothing then that's your choice. If you're opted in to marketing Banks/BSs will sometimes suggest savings and investments accounts but you can only lead a horse to water. Over the years I've met a few people who left their life savings in their current accounts and I couldn't persuade them to do anything more sensible either.

boingy

stoneman said:

Don't know if anyone can help. My MIL is 83 and been with Natwest for at least 40 years. She has over £300K in her account and a personal banker. I've asked her about her accounts and she says all she has is a Premier Reward. No ISA's, no high interest, nothing. I'm fuming over this but MIL won't take any notice of me. She says she doesn't trust these accounts. I've asked her to speak to her personal banker but says she's always out and never gets back to her. 

Don't be too angry with her. It's her money and her choice and, along with many other customers, she is subsidising all those headline savings rates that many of us chase!

Another way to look at it is that she's 83 and has enough money. She values simplicity over everything else. Be happy that she's happy.

eskbanker

mebu60 said:

Have you told her about the FSCS £85k limit on protection? 

I imagine that her NatWest balance probably would have been higher than the FSCS limit in 2008 but she'll have been emboldened (knowingly or otherwise) by the government's intervention then!