trying to convince mum (79) to open ISA

hostertlady

mum has got savings in a nationwide account and she pays Tax on her interest cos she is a tax payer, ( oap and forces pension)

i have tried to convince her to open an ISA but she is 'old school' and prefers to have a book so she can see her savings!

she is turning though, especially when i tell her the interest that would go on!

IF i manage to persuade her to put it in an ISA can she transfer the whole lot over before April 5th, ( it's a 5 figure sum)

thank you xx

meester

Only £3k/year atm. Rising to £3,600/year after April 5.

[Deleted User]

hostertlady wrote: »

.... and prefers to have a book so she can see her savings!

From what I remember Nationwide give you a passbook for your ISA.

GreyPilgrim

I'm sure you can get an ISA account with a passbook can't you? Not everyone has access to a PC.

Or maybe a printout of the details stored in a ring binder somewhere would suffice?

bristolleedsfan

chr_is wrote: »

From what I remember Nationwide give you a passbook for your ISA.

Only with their poor paying ISAS.

Nationwide Give out Certificates with its Fixed Rate Accounts.

john.xs

yorkshire was giving around 5.8% and there was a passbook with that

hostertlady

Only £3k/year atm. Rising to £3,600/year after April 5}}

yes i know what she can and cant put in per tax year but what about people that transfer thousands over?? is that because they already have their money in an ISA??

jem16

hostertlady wrote: »

yes i know what she can and cant put in per tax year but what about people that transfer thousands over?? is that because they already have their money in an ISA??

Yes it is. If you have been saving into ISAs for 10 years you will have over £30k.

Mikeyorks

You might like to split the difference .. and get her to put enough into an ISA to take her below the tax threshold? If you get it underway now you can get £3k in now and a further £3.6k after 5th April ... which is a good start.

But shy away from the passbook as most have poor rates of interest .. so you're doing her no favours. But it's not far removed by getting an initial and then annual Statement .. which most easy access ISAs do? Then she can sit and read it if she gets withdrawal symptoms.

My Mum was already an ISA convert ... but prising her fingers off the Halifax Liquid Gold Savings book (0.5% at the time!) took a lot of discussion + a crowbar! She still mutters when I copy her new Websaver statement to her!

Purple_Peril

A few years ago I had an ISA with Darlington BS and that had a passbook. I've just checked their website and they are offering 5.3%

martinman3

Mikeyorks wrote: »

My Mum was already an ISA convert ... but prising her fingers off the Halifax Liquid Gold Savings book (0.5% at the time!) took a lot of discussion + a crowbar! She still mutters when I copy her new Websaver statement to her!

Yes, what is it about the Halifax Liquid Gold account ? I have a elderly relative who still has one and I haven't been able to convince them to put it in a Cash ISA yet :mad: