MIL with Natwest 40 years £300K and no interest

stoneman

boingy said:

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.

Very well put. I will leave it at that, thanks.

xylophone

https://forums.moneysavingexpert.com/discussion/comment/80397953/#Comment_80397953

At least it was only a five figure sum!

Rob5342

If she is quite happy throwing away £17,000 a year in interest then I don't think anything will change her mind.

artyboy

Well that helps explain where my net £16/month in rewards is being paid from. And of course how they can afford my £5k sitting at 6.17%. 

OP, lest you think I'm being too glib, I too have an awfully intransigent elder relative - the specific problem is different (in that I am going to end up with a nightmare of estate administration due to dozens and dozens of accounts, no will, and eccentric overseas family) but what I have learnt is that taken together 'old' and 'damn stubborn' are a lost cause to fight...

Even so, have you tried something as simple as "do you know you lost £30,000 last year because of inflation?"

xylophone

Would she consider an account with NS&I?

Rates not brilliant but better than nothing!

[Deleted User]

Having experience of those types of clients - in banking and in family - the best you can probably wrangle is getting the best Natwest products for her.

E.G. Their fixed rate ISA wasn't too bad when I looked at sister RBS recently

Bigwheels1111

My Dad is the same as such.
He will only deal with high street banks.
Getting half the interest he could.
I’ve shown him my accounts and the interest rates and the yearly payments of interest.
He still will not move any money.
So I gave up.