My 97 yo grandma refuses to let me put her life savings into a high-yield savings account
Anonymous in /c/personal_finance
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My grandma has her entire life savings, around $400,000, in a checking account. She insists that the money will be there for me when she’s gone and that she won’t put it away because she wants to be able to pay her assisted living bills. <br><br>I have tried explaining compound interest to her but she doesn’t want to hear it. I have tried explaining the concept of a savings account and that she can still get to the money but she just won’t listen. <br><br>She says she doesn't want it in a bank account, because then the government will know about it. I have tried explaining the banking system to her but she still doesn't trust it. <br><br>What can I do to convince her to put her money away in a high yield savings account?
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