My grandma doesn't have a bank account and keeps all her money in cash. Now I've started helping her with her finances, I've set up a bank account in my name and pay her bills from it - she gives me the cash - and I get cashback on the bills and interest on the balance. Each month I transfer money into the account to meet the minimum monthly pay-in, then when I transfer my money back, I also take the interest and cashback too. Is this fair, or should this money go to my grandma? I'm not really sure.
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Money Moral Dilemma: Should I keep the perks from my grandma's bank account?

MSE_Kelvin
Posts: 375 MSE Staff

This week's MoneySaver who wants advice asks...
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Comments
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Simplest thing, tell Grandma and ask her if she wants the money or is she happy to let you have it.End of dilemma.Make £2025 in 2025
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NO. Its your grandma's money that's attracting the interest and cashback. The benefits and extra cash belong to her, not you. And shame on you for taking advantage of on old lady who isn't up to speed with modern methods of handling money, and even more so for it being your grandma.Sealed Pot Challenge no 035. Fashion on the Ration: 39/66 coupons spent.18
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If it were my grandmother I'd want her to benefit from any perks unless she explicitly said she didn't want them.10
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I agree with Slinky.Ask Grandma what you should do after telling her there are monetary benefits with the account.If you are lucky she will tell you to keep the benefits as a bonus for doing this for her.Bear in mind it's Grandma's money.4
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In the real world away from an MSE "Moral Dilemma" sounds like you could be complicit in money laundering.
Let's Be Careful Out There4 -
MSE_Kelvin said:This week's MoneySaver who wants advice asks...My grandma doesn't have a bank account and keeps all her money in cash. Now I've started helping her with her finances, I've set up a bank account in my name and pay her bills from it - she gives me the cash - and I get cashback on the bills and interest on the balance. Each month I transfer money into the account to meet the minimum monthly pay-in, then when I transfer my money back, I also take the interest and cashback too. Is this fair, or should this money go to my grandma? I'm not really sure.Unfortunately the MSE team can't answer Money Moral Dilemma questions as contributions are emailed in or suggested in person. They are intended to be a point of debate and discussed at face value. Remember that behind each dilemma there is a real person so, as the forum rules say, please keep it kind and keep it clean.19
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It sounds very dubious to me, where is she getting cash from if she doesn't have a bank account, and how on earth could anyone get to that age without having a bank account?
If it is true then it's an incredibly stupid arrangement, she needs her own account with power of attorney etc set up if she needs any help running it.10 -
It's your Grandma's money. However, this arrangement could create all sorts of problems should she or you die suddenly or unexpectedly. Open a bank account in your grandma's name - she will need to be present and provide documentary evidence. Then, with her consent, apply to be an attorney through a Lasting Power of Attorney for her property and financial affairs - ideally with at least one other family member also as an attorney. This will then permit you to have legal access to her bank account which you can run on her behalf. And at a time when she may be unable to manage her own financial affairs, this arrangement will enable you to manage her finances on her behalf. I know it's long winded, but it means everything is legal, open and above board.
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If you’re happy to steal your grans interest and cashback then go for it!3
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I think you should come clean with granny.2
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