84 Year Old Savings

dot3893

Hi I'm looking for the best savings/ISA account for my 84 year old mother for around £4,000 please?

Robin9

I don't think age comes into it.

Does she pay tax?

Farway

https://forums.moneysavingexpert.com/discussion/6674566/84-year-old-savings

From experience with my Mum, I'd say stick with a name she knows and trusts to save her over thinking about it, is there a local Building society branch, Nationwide for instance

Admitted ly on line accounts ar often higher rates, but given the amount she has the few bob more in interest will not equal peace of mind if she does worry about such things

dcs34

My mother has POA with her mum and we've found Nationwide fairly straightforward in that respect, though both of them were pre-existing customers.

But having gone through the process of simplifying the financial affairs of an elderly woman with severe memory issues, my advice would be keep it simple and straightforward!

My priority would be:

• An institution she already has an account with, so you reduce the need for ID / in-person visits to open the account
• An institution that has a branch accessible to you and/or her in an emergency
• An institution that she's heard of so she 'trusts' it
• An institution that allows PoA, joint account management etc. to make it easier for you to (legally) keep an eye on the account and manage things with her
• An institution that provides online banking (i.e. not app-only) so you / they can print statements out on a regular basis and go through with her so she still feels involved in her own life.

Robin9

£4,000 is a good emergency sum for when the washing machine packs up - keep it reasonably handy

Newly_retired

LOL. I am not a great deal younger than the OP’s mum, but I am the one who advises my children and grandchildren on where to put their savings.

I have seven current accounts and over twenty five savings accounts.

Good advice given above, however.

ToastLady

Santander Edge Saver at 5.84% gross might be an idea, although you do have to open a current account too. https://www.santander.co.uk/personal/savings-and-investments/savings/santander-edge-saver

sparkiemalarkie

https://forums.moneysavingexpert.com/discussion/comment/82054609#Comment_82054609

It might have changed by now, but, when I had POA for my mum, with Santander, regardless of whether I used her log in details or mine ALL of our accounts combined were displayed on the screen - this didn't suit me at all
I got around this by 'hiding' her accounts on my log in and vice versa with her log in.

sx

Jami74

Don't think age is a factor. I have family members decades younger who I tried to help with savings accounts and they got themselves in such a muddle having accounts with different institutions and money in different places. For some baffling reason they couldn't cope with simple instructions like 'Just leave it alone and log in once a month to check it's still there' and there were misunderstandings around uninstalling an app versus closing an account. In the end we went with the best savings account offered by their usual bank, so main current account, credit card and savings account is all under one bank, can be seen in the same app and is easy to move money between them.