I have POA for my Mum in a care home. The attendance allowance suggestion above is very pertinent for dementia, the manager of the home should be able to advise you on filling the forms, and it will be worth approx Â£4280 a year.
The following is not advice, just my experience:
My mum has an ISA which I have now in monthly income funds. With 200k available you could put Â£15240 in before April 5th and Â£20000 in after April 6th. Last year my funds provided an income of 4.3%... on Â£35240 that would be around Â£1500 a year with a very slightly increasing capital. In the future event of a market correction or crash you have not risked a great proportion of your capital, leaving money for less risky uses.
Options not requiring an ISA depend on tax status and whether your Mum is exceeding her allowance.
I opened multiple TSB, BoS current accounts, transferred her Lloyds to Club under POA, which was rather a hassle to be truthful, but used to give me 5%, but now less at 2 to 3% but still better than instant access accounts around 1%. 2 x TSB and 3 x BoS +Lloyds could account for around Â£23000 if you can still open them.
Apart from the best rate you can get for cash the other options are the annuities mentioned above.
With 200k you're not in panic territory, get the best rate you can meanwhile and explore all the possibilities in depth.
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