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Savings account

arielsmelody

Registered User
Jul 16, 2015
515
My OH has LPA for his MIL and is just starting to look at sorting out her finances. She is currently getting home visits funded by the council.

She's got a few thousand pounds sitting in her current account and it seems sensible to open a savings account so she gets at least a little bit of interest on the money. He's got the LPA registered on her bank account and online banking - the easiest thing would seem to be to open a new savings account for her at the same bank through her online banking, but would there be any disadvantages he's not thought of? Would he need to register the LPA again for the savings account, or would it all be linked?
 

nitram

Registered User
Apr 6, 2011
20,894
North Manchester
He may or may not have to go through the LPA process again, some banks operate on an account basis others on a global basis.

The savings account need not be with the same bank, a selection of easy access accounts is >>>HERE<<<


Disclaimer.
I am not authorised to give advice and the accounts listed on the above link may not be the ones with best terms.
 

Kevinl

Registered User
Aug 24, 2013
4,764
Salford
To be frank interest rates are so low it's hardly worth the bother but if you do then try and find something that is tax free (I'm guessing she's not in the tax paying bracket). The government did have a pensioner bond scheme that paid 4% tax free for the over 65's but it now closed. It also depends if you're going to need to access the money regularly most have withdrawal rules.
You could buy premium bonds and cross your fingers I've done very well out of mine.
K
 

Pickles53

Registered User
Feb 25, 2014
2,474
Radcliffe on Trent
You could buy premium bonds and cross your fingers I've done very well out of mine.
K
That would be my suggestion if you won't need some of the money for at least a year. Fairly hassle-free and we are getting a better overall return than most standard savings accounts. Of course there is no guarantee, but equally somebody wins the big prizes every month.
 

nitram

Registered User
Apr 6, 2011
20,894
North Manchester
"...try and find something that is tax free (I'm guessing she's not in the tax paying bracket)..."

In that case an R85 which will typically give a better return than a cash ISA.

Remember all interest will be paid gross after next April even without an R85.
 

Kevinl

Registered User
Aug 24, 2013
4,764
Salford
That would be my suggestion if you won't need some of the money for at least a year.
You don't have to do it annually, you can run the account online and any time you want to sell you just sell online and they have the money in your bank in 8 working days. It's best if you're going to sell doing it straight after a drawer rather than just before on.
K
 

Pickles53

Registered User
Feb 25, 2014
2,474
Radcliffe on Trent
You don't have to do it annually, you can run the account online and any time you want to sell you just sell online and they have the money in your bank in 8 working days. It's best if you're going to sell doing it straight after a drawer rather than just before on.
K
Thanks for clarifying Kevini. I was really thinking about the time you hold the bonds as obviously the longer you have them the more chances you have of winning something. Over a year it's easier to compare what your return is compared to an ordinary savings account.