highest interest savings account? which one?

[beaniedog]

just checking through lists and lists of high interest savings accounts. my 75 year old mum has approx �35,000 in various banks, isa's, and shares - she is beginning to get a bit confused with all the different statements etc etc. she now wants every penny in one single HIGH interest account that she can get access to if required. must be one with a high street branch as internet banking is not 'normal'. ive been on google and askjeeves but find it a bit confusing myself. apparently the more money you have the lower the interest rate???? any advice gratefully received.

[dzug]

Well HIGH interest and HIGH Street don't go that well together - she is going to lose out, probably by a few percent, as a result of this.

I'd try a building society - particularly a local one if there is still one where she lives. Some still offer reasonable rates.

And see if you can persuade her to keep the ISAs - even if it means moving them all to the institution she decides on for her main account.

[teag1rl]

Hi beaniedog, Depending on how confused your mum gets you may want to consider talking about her giving someone power of attorney in the future. sorry, it's a horrible thing to think about especially if your mum is fit and well now but could save problems further down the line..

[WendyS]

Please try and persuade your mum not to cash in her ISA's as they are not taxed. If necessary and she has more than one, she can transfer all of them from different years to the same provider. it makes sense to keep all the remainder together but Internet banking does generally offer slightly higher rates. However, I can understand her not wanting to go that route and suggest you investigate some of the smaller building societies with whom she can withdraw money by cheque, rather than the High Street banks which generally offer poor rates.

[erimus1]

Not getting taxed on isa accounts is not a good reason to keep it - just because it is tax free does not mean that you will make more money on it - you might be better putting it into a high yeald account in a mutual society which, although not being tax free, will offer a substantially higher rate, and therefore make more money than the lower rate, tax free isa.

[4getmenot]

she would be better putting them into premium bonds