ISA / bonds / fix rate saver etc

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gazinho

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Think this has been discussed on here before but I couldn't find the thread.

Mrs Gaz's gran has had to go into a home recently she's got a few quid so is obviously being charged shitloads a week until its all gone, Mrs Gaz happened to mention this to my old dear who had an immediate panic and has transferred me and my sister a fair whack of cash each and told us to stick it in an isa or something else to not touch for a while and make interest on it, anyone got any idea of the best places about to do so at the minute?

Told Mrs Gaz I was going to spend it on cocaine hookers and waste the rest but she didnt look too happy so obviously my next thought was to ask on here
 
gazinho said:
Think this has been discussed on here before but I couldn't find the thread.

Mrs Gaz's gran has had to go into a home recently she's got a few quid so is obviously being charged shitloads a week until its all gone, Mrs Gaz happened to mention this to my old dear who had an immediate panic and has transferred me and my sister a fair whack of cash each and told us to stick it in an isa or something else to not touch for a while and make interest on it, anyone got any idea of the best places about to do so at the minute?

Told Mrs Gaz I was going to spend it on cocaine hookers and waste the rest but she didnt look too happy so obviously my next thought was to ask on here
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Upto 80k is insured. You can go for the top of the market but generally that's a small ropey bank, Metro nearly went bust this year as an example. A big bank will pay less but less chance of going bust. Building societies are good for rates and less risk than others
 
gazinho said:
Think this has been discussed on here before but I couldn't find the thread.

Mrs Gaz's gran has had to go into a home recently she's got a few quid so is obviously being charged shitloads a week until its all gone, Mrs Gaz happened to mention this to my old dear who had an immediate panic and has transferred me and my sister a fair whack of cash each and told us to stick it in an isa or something else to not touch for a while and make interest on it, anyone got any idea of the best places about to do so at the minute?

Told Mrs Gaz I was going to spend it on cocaine hookers and waste the rest but she didnt look too happy so obviously my next thought was to ask on here
Click to expand...
 
Moving the money to you to avoid care fees is unlikely to work, unless she lives for several more years before needing create. The liberal authority will see it as a deliberate attempt to avoid the fees, which it clearly is. If it gets to that stage, consider a care annuity which is basically an insurance policy where you hand over a large lump sum and they pay the fees for however long you need them. Expensive but at least there's a limit.

Ignoring that, consider Premium Bonds for ultimate security up to £50k. Money in UK banks up to £85k is covered.

If you're looking longer term (>5yrs), could look at S&S ISA which should outperform interest rates and inflation if you go for a index tracker - Vanguard Lifestyle or FTSE all world etc. There is risk, but then if the interest on an account is less than inflation you're guaranteed to lose money.
 
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Care home fees are ridiculous. They must make a fortune.

As has already been intimated, her money is likely to be lost now, sadly.
 
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If your wife's gran still has all her faculties get power of attorney sorted if not done already.
If you hide money LA can come after you. Even if you have sufficient savings You can still get a type of "grant" from LA. Went through all that stuff for few years before mother died last year so I've chucked most paperwork out. Think it was FNC
 
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I’ve no idea but I can’t imagine local authorities will just throw money at someone claiming they have none. Aren’t these means tested at all? Refuse to provide bank statements and they may refuse to contribute?

Please let someone who knows tell you.
 
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