Help with multiple accounts

paulstevo

Good morning,
I am attempting to simplify my mother in laws savings and accounts.
She has 60k in Yorkshire 2 yr fixed ISA at 4.3% . She has a paying in book which has shown 2 X interest returns for the previous 2 years one being £480 and 2nd year being £520 this is approx as I have only glanced over her paying in book. We did go into Yorkshire and asked what ISA she was now on this is the one I have indicated above, she was defaulted to this as no reply was sent from her(after the Yorkshire sent letter in FEB 24) advising of the previous 2 year ISA finishing. Have looked on the Yorkshire website and cannot find a 2yr fixed ISA ? presume its something that ran earlier in the year? Does she have her allowance to use this tax year or have the Yorkshire used her allowance when thy signed her onto the 2 year fixed?
She has 20k in a Lloyds classic account. which doesn't look like it pays anything?
Also has 31k in Lloyds Standard saver 1.4%
And lastly 2 X Children's Halifax ISA savers with 7k in each.
These accounts have had no deposits in last year ?
Her only request is she would like her  current account the one that all bills are paid from has minimum of 10k all the time?
Advice much appreciated .

eskbanker

In terms of the ISA, if an old one was rolled over into a new one via transfer in February 2024, then she still has her full £20K allowance available for this tax year, if she wishes to pay into another ISA.

Regarding other homes for savings, it certainly sounds like her money isn't working hard for her just now, but her appetite for shopping around for best rates with obscure providers may not match that of the sort of dedicated rate tarts seen on here!  Start here for ideas:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Bigwheels1111

An ipad could be a good start.

With biometric's, fingerprint at least.

I had mine and the wifes set for us both to be able to loggin to any of our accounts.

Set up ipad first with fingerprints, then added banks & savings app to it.

Not sure if it right or not, but worked for us.

Then start making the money work for her.

First, Lloyds regular save 6.25% on £400 a month.

I use Money facts as they update their rates more than once a day unlike MSE.

https://moneyfactscompare.co.uk/

Get spare cash into easy access acount, Chip is offering 5%.

With my ipad it takes less than 60 seconds to deposit or withdrawl any day of the year.

Chip's easy access ISA is good too. 4.84% pays 0.15% less than Bank or England rate.

Fund with Lloyds classic accounts 20K, set interest to monthly.

Watch it grow day by day in the app.

Albermarle

She has 20k in a Lloyds classic account. which doesn't look like it pays anything?
Also has 31k in Lloyds Standard saver 1.4%

Reduce the current account to £10K and then find a better home for the £41K. Maybe £20K in an ISA and the rest in a standard savings account.
1.4% is abysmal. 

eskbanker

Bigwheels1111 said:

An ipad could be a good start.

With biometric's, fingerprint at least.

I had mine and the wifes set for us both to be able to loggin to any of our accounts.

Set up ipad first with fingerprints, then added banks & savings app to it.

Not sure if it right or not, but worked for us.

Then start making the money work for her.

I'd still suggest the other way round - focus on getting the money to work for her, rather than starting from which devices might be used to manage accounts.  It's undoubtedly true that there are some decent rates only available via apps or online banking, but there's no point going down that route if OP's MIL legitimately prefers branch management.

Eyeful

1. Which Banks or Building Societies can she easily get to?
2. Does she have a landline or a mobile phone?
3. Has she used this years ISA allowance?
4. Does her current account with £10k in it pay any interest?

5. (a) Use a current account that pays her interest. 
https://moneyfactscompare.co.uk/current-accounts/high-interest-current-accounts/
    (b) If she can not get about easily or does not have a mobile, a building society that does use a landline might be a good option (suggest the Coventry BS)..
https://moneyfactscompare.co.uk/savings-accounts/
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

xylophone

Do the children have JISA accounts? If so, consider transferring the money in Halifax accounts to JISA?

The Yorkshire easy access ISA offers 4.3% - are you sure that she is not now in this account?

https://www.ybs.co.uk/savings/cash-isas

She can get a better rate.
 
https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

She still has the current tax year's ISA allowance to use.

She says she wants £10000 in current account.

Had she considered upgrading existing to the Club Lloyds account?

She could then open another standard account with Lloyds.

She would then set up  monthly SO from one to the other and then back again to ensure the £2000 credit to Club.

 

Yorkshire BS offer a standard savings account at 4.6%.

https://www.ybs.co.uk/savings/product?id=YB681889W

35har1old

Bigwheels1111 said:

An ipad could be a good start.

With biometric's, fingerprint at least.

I had mine and the wifes set for us both to be able to loggin to any of our accounts.

Set up ipad first with fingerprints, then added banks & savings app to it.

Not sure if it right or not, but worked for us.

Then start making the money work for her.

First, Lloyds regular save 6.25% on £400 a month.

I use Money facts as they update their rates more than once a day unlike MSE.

https://moneyfactscompare.co.uk/

Get spare cash into easy access acount, Chip is offering 5%.

With my ipad it takes less than 60 seconds to deposit or withdrawl any day of the year.

Chip's easy access ISA is good too. 4.84% pays 0.15% less than Bank or England rate.

Fund with Lloyds classic accounts 20K, set interest to monthly.

Watch it grow day by day in the app.

Lloyds club regular saver requires a Lloyds club current account to open and if you don't want the fee charged have to fund with £2000 it does pay interest on the first £5000.
You can upgrade instantly keeping the same sort code and account number You also have a choice of rewards
Lloyds Monthly Saver pays 5.25% on £250 per month

paulstevo

Firstly I appreciate all the advice and I have discussed some of the options with the Mother in Law
Im still a bit confused with this ISA situation. Does the 2 year fixed that that the Yorkshire has invested for her count towards the years allowance ? What is the 4.3% being applied to ? Is it the 60k or 20k of the 60k . Im getting really confused with there ISA situation. Seen a few banks offering switch money and have had a little look at the Santander Edge up account. ?This is one I have set up for my mum which give me an overview of it via online banking as im a co account holder with her. 

eskbanker

paulstevo said:

Im still a bit confused with this ISA situation. Does the 2 year fixed that that the Yorkshire has invested for her count towards the years allowance ? What is the 4.3% being applied to ? Is it the 60k or 20k of the 60k . Im getting really confused with there ISA situation.

Based on your earlier post, she has £60K in an ISA paying 4.3%, which will be applied to the whole balance - £20K is just the annual contribution allowance, and if she hasn't paid into any ISAs since 6 April 2024 then she can still deposit up to £20K now.

paulstevo

Ok I've now nearly come to what I think is the best solution . The 60k is set now for 2 years matures April 2026.
For ease and proximity of bank to Mum Im going to get her to deposit 20k in another 1 year fixed with the YBS at 3.9% (best ive seen is Virgin at 4.5%)That will then mature December 2025 and allow access if needed. That leaves approx 31k ,At this point I'm thinking of opening a Chase account and putting 6k in current and rest in the save running at 3.5% at present due to the base rate . . Im going to get her to open another ISA April 2025 again may be the YBS for ease as long as the rate isn't poor. That then leaves 11k split in the chase.