We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Savings account with card access
I wonder if anyone has any recommendations for a savings account for my elderly step-mother in law. Father in law has had to go into a home due to dementia. She has a couple of small ISAs but wants to move this so that she can have a card to access the money if she needs to pay some bigger bills as she will no longer be able to afford this with the loss of his pension income.
I am ideally therefore looking for a savings account that she can access with a card at a cash machine, but with the best interest rate possible so she still gets something off her money. Any ideas?
Comments
-
Very few options, post office is a possibility below -
Also Chase bank, but this is Smart phone only on set up and subsequent admin together with a new Chase current account, so may be a challenge for an elderly person -
1 -
Due to persistent reports of problems with Post Office savings accounts (provided by the Bank of Ireland), I wouldn't suggest them to my worst enemy.
Other options could be a current account which pays interest, such as LHV (3.75% atm). You/she could also ask Nationwide whether they have anything that suits her needs.
Do you have Power Of Attorney for your mum? She might need help managing her finances.1 -
Does it actually need to have a card for the savings? Many savings accounts/ISAs offer instant transfer to a current account so you could move the money over when needed to draw as cash - presumably not a regular occurrence? She could also use the current account to pay online as well.
Remember the saying: if it looks too good to be true it almost certainly is.2 -
Who does she bank with ?
If Santander then its current account bears interest and has a Debit card.
Never pay on an estimated bill. Always read and understand your bill1 -
Not every version of its current accounts.
2 -
Lloyds Bank's Easy Saver account has a cash card for ATMs, but you have to ask for it in a branch; they don't send the card automatically.
The interest rate is only a pittance, though.
1 -
Just get a current account and sort out saving account separately.
Does she need branch access? Is there a bank with branch near where she live?
Is she good at app only or online only bank?
If it is a bank/ BS with high street present, I would say nationwide.
2 -
If it is a bank/ BS with high street present, I would say nationwide.
Their branch based easy access account only pays 1.1 %. So unless there are large sums involved, might just be easier to leave it all in a current account.
1 -
she will no longer be able to afford this with the loss of his pension income.
Is this relevant to the circumstances?
https://www.ageuk.org.uk/siteassets/documents/factsheets/fs39-paying-for-care-in-a-care-home-if-you-have-a-partner.pdf
50% private pension and annuity disregard
If you enter a care home and have a personal or private pension, an
occupational pension, or a retirement annuity, you can choose to pass
50 per cent to your partner remaining at home, and this amount must be
disregarded in the financial assessment.Does she have on line access to the ISAs? If so, could she not simply move money from the ISAs to her current account as and when required?
0 -
Thank you - they are not married and so their finances are separate. He would pay her an amount from his pension each week as his contribution towards the bills etc. He will get to keep £30 odd of his State pension and the rest has to go towards the funding for his care home. She therefore will lose out on about £400 per month minimum and so wants to move her ISAs around so that she can access the cash easier if she needs to top up.
Just keep swimming!0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.7K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards
