Mums ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
3 replies 1.4K views
joolsabeljoolsabel Forumite
3 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
My mum wants to invest £3000 in a cash isa this year and the same next year but she is leaving it to me to deal with the financial side of things as she is an OAP.

Are there any accounts (postal, telephone. internet etc) that will allow me to operate the account on my Mums behalf that offer good interest rates?

Thanks in advance

Jools

Replies

  • isasmurfisasmurf Forumite
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    As far as I know, no. An ISA is just that - an Individual Savings Account. The rules for an ISA say that the money held in the ISA must belong to the account holder.

    You could always get an application form, fill it in and get her to sign it.
  • ReaperReaper Forumite
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    As isasmurf says you can always get her to sign forms etc.

    Alternatively your Mum could fill out a Power of Attorney. Once you have this you have complete control over her finances and can sign on her behalf. If I was talking to your Mum I'd get her to think long and hard before signing it though.

    I gave one of these to my Dad when I went backpacking for a year so he could deal with anything that came up while I was away (although he never needed to use it as I could do almost everything over the internet).

    If you decide to go down this route then you can read about an Enduring Power of Attorney and find a blank form here.

    It's a bit of a sledgehammer to crack a nut, but I just thought I'd mention it as an alternative in case you expect to increasingly look after her affairs.
  • Thanks for the info guys, will have a chat with her and sort out asap. :)
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