Investing for a parent in full time care

I have recently sold my Mums houseto pay for her long term care, and I am looking to invest the proceeds.
Can anyone suggest a Bank/Building society used to dealing with 3rd party(?) investment.
We do have an LPA in place, but don't have any photo ID.

thanks for any suggestions.


  • Investing is probable the wrong term to use here as we are really talking about short term savings.

    I would split it into various term savings accounts plus an instant access to cover the coming 12 months expenses. 

    So a lump sum in an instant access account, another in a 1 year fix, another in a 2 year fix ext. Make sure however that you don’t have over £85k with a single institution. 

    You may have to go into a branch to open these armed with the original LPA and proof of identity. Hopefully things like a council tax bill will be accepted but it might be a good idea to get a passport for ongoing proof of identity. 
  • xylophone
    xylophone Posts: 43,804
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    edited 31 December 2023 at 1:57PM
    We do have an LPA in place, but don't have any photo ID.

    You will need to register the LPA with the financial institutions that you choose.

    In your position, I would get photo ID - Passport?

    Initially, you might hold the money in NS&I - the Direct account might do while you consider your options.

    Presumably you have already contacted your mother's existing financial providers?

    List of savings accounts here

    With regard to investing (as opposed to saving), this would be possible but if the sum is large and you have no experience in

     this area, you could consult an adviser

    You would tick "confirmed independent" and "long term care" when the menu comes up.

  • MCT56
    MCT56 Posts: 16
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    Assuming you have more than £85k to invest you will probably wish to spread the money amongst more than just one savings provider as that will safeguard the money. It would in my opinion be a good idea to have a range of different types of accounts, fixed rate isa for example, easy access savings accounts and current account to pay the care fees from.  When my elderly relative went into care I made an appointment and went to a Virgin Money branch and had a meeting with a staff member. They took details and copied the registered POA. Once approved I was able to manage and open all the accounts that was required. I used their app on my iPad to manage these accounts which was very convenient as I could move money between the savings account and current account in seconds. Because care fees are expensive earning a good rate of interest on some accounts is worthwhile. I chose a fixed rate isa to maximise the interest as you can still get access for a penalty if absolutely necessary. I just chose Virgin Money as they had the range of accounts that suited my situation. No doubt there are other providers that would be just as good but I can only say what I did. Hope this helps.
  • Thanks for the advice, I will chase up on Tuesday when the financial institutions come back.
    Happy New Year  to you all
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