Helping my parents - Savings accounts.

ZeroSum

penners324 said:

Do they have an IFA? They should seek some advise.

It's possible to invest that money in such away as earn enough income / interest so a good chunk of the rent is covered.

If they're getting on a bit, and like a lot of older folk I know who like everything in one place, investing isn't something that is suitable for them, and a waste of money paying an IFA.

ZeroSum

Situations like this a frustrating.
Whereby older folk are voluntarily loosing hundreds if not thousands by stubbingly keeping cash in the wrong place, then will moan that they've lost a couple of hundred of quid by no longer getting winter fuel allowance that they don't need

Eco_Miser

ZeroSum said:

Situations like this a frustrating.
Whereby older folk are voluntarily loosing hundreds if not thousands by stubbingly keeping cash in the wrong place, then will moan that they've lost a couple of hundred of quid by no longer getting winter fuel allowance that they don't need

While there are undoubtedly older people who leave their money not earning interest, and undoubtedly older people who moan that they've lost a couple of hundred of quid by no longer getting winter fuel allowance, have you any evidence they are the same people?

My reaction to the loss of the winter fuel allowance was 'Oh well, it was nice while it lasted'.

ZeroSum

Eco_Miser said:

ZeroSum said:

Situations like this a frustrating.
Whereby older folk are voluntarily loosing hundreds if not thousands by stubbingly keeping cash in the wrong place, then will moan that they've lost a couple of hundred of quid by no longer getting winter fuel allowance that they don't need

While there are undoubtedly older people who leave their money not earning interest, and undoubtedly older people who moan that they've lost a couple of hundred of quid by no longer getting winter fuel allowance, have you any evidence they are the same people?

My reaction to the loss of the winter fuel allowance was 'Oh well, it was nice while it lasted'.

My parents & inlaws for two 

bompey

I have had similar with my in-laws but now they have seen sense and allow my wife to move money on-line for them and to take advantage of better rates. Previously they had large cash balances in their current accounts, and would scurry from one branch to another to move savings around, but the best rates were all on line. 

My in-laws savings were all cash of one sort or another. Large current account balances, premium bonds, but also fixed rate bonds. One thing we felt was important was that balances in their current account are at risk from fraud. If they lose their purse / wallet / cards then money can be spent or moved easily. Please get them down to a sensible balance of no more than a few £k so if the worst happens the loss is minimised. For old school folks of their generation £50k in a premium bond makes sense, as does some online savings accounts. They should be able to get 4% interest from a high street name, and could even put some into 1 year fixed rate bonds.