MIL with Natwest 40 years £300K and no interest

stoneman
stoneman Posts: 4,517
Photogenic Name Dropper First Anniversary Combo Breaker
Forumite
edited 14 November 2023 at 5:48PM in Budgeting & bank accounts
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. 
The common law of business balance prohibits paying a little and getting a lot. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.
«1

Comments

  • mebu60
    mebu60 Posts: 805
    First Post First Anniversary Name Dropper
    Forumite
    Have you told her about the FSCS £85k limit on protection? 
  • Brie
    Brie Posts: 9,281
    Photogenic First Post Name Dropper First Anniversary
    Forumite
    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.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • stoneman
    stoneman Posts: 4,517
    Photogenic Name Dropper First Anniversary Combo Breaker
    Forumite
    mebu60 said:
    Have you told her about the FSCS £85k limit on protection? 
    Yes but she says she trusts Natwest.  :s
    The common law of business balance prohibits paying a little and getting a lot. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.
  • eskbanker
    eskbanker Posts: 29,880
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    Would your other half be more persuasive with their mother perhaps?
  • Sounds like a lost cause, but hopefully she won’t be so stubborn regarding LPAs and making a will.  
  • stoneman
    stoneman Posts: 4,517
    Photogenic Name Dropper First Anniversary Combo Breaker
    Forumite
    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. 
    The common law of business balance prohibits paying a little and getting a lot. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.
  • stoneman
    stoneman Posts: 4,517
    Photogenic Name Dropper First Anniversary Combo Breaker
    Forumite
    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.  
    The common law of business balance prohibits paying a little and getting a lot. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.
  • eskbanker
    eskbanker Posts: 29,880
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    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!
Meet your Ambassadors

Categories

  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards