Bank Account for OAP's

mjkmjk

I'm looking to move my parents bank account as I think that their present bank is taking advantage of their 'old fashioned' views on banks.

Can anyone please let me know of any banks that have an account specially designed for OAP's. My parents income is from a small private and a state pension only?

Thank you,

jonesMUFCforever

Do you have a Power of Attorney or third party operation on their account?
If not you have no right to intefere with your parent's banking.
The best advice I can give you is for you to make an appointment for them to see their account manager and see if they are making the best use of current and savings accounts at their present bank(including cash ISAS).
They might well have had a letter inviting them for an account review in the past which they have chosen to ignore.
Eric

margaretclare

First, let's get a couple of things out of the way.

Number one, the term OAP is itself 'old-fashioned', as well as being patronising and demeaning. Seniors, senior citizens, retirees, even simply pensioners, is preferable. There is a big campaign going on at the moment against ageism, and using a term like OAP is very ageist. People who retire at 60 or 65 can't be called old, which is different from how things were 100 years or so ago when the idea of retirement pensions first appeared. Even the Pensions Service (formerly DSS) calls this the State Retirement Pension.

(Rant over)

Number two, I agree with the poster above - you have no right to tamper with your parents' banking arrangements, assuming that they are still compos mentis and able to handle their own affairs.

However, I do agree that some people may continue in the same routine for long periods of time and not be aware that there are better products out there which may suit them better. This applies particularly now to those who resist changing from pension books (which disappear on 28th February 2005) to direct payment into an account.

Personally, I would suggest that any of the banks who work in conjunction with the Post Office would be a good suggestion. These are Alliance & Leicester (which took over the former National Girobank), cahoot, Barclays, and the Co-operative Bank. You don't need a specially-designated type of account for older people. What you do need is convenience and ease of access.

I'm 69, have state pension and annuities, and I have 2 accounts. One is with Alliance & Leicester, which I use as my personal account. I have a cheque-book and overdraft facility, as well as a Visa card (acts like a Switch). I can pay for e.g. sending parcels over the PO counter using my A&L card. I can also draw out cash, any amount I need, I don't need to cash all my pension weekly. I also have a cahoot a/c which I use for household bills. I transfer money into this and so does my husband. He has a Royal Bank of Scotland IPCA (interest-paying current account) and a RBoS credit card (he'll be 70 in 2 weeks' time). All our household bills go out by direct debit from the cahoot account. My A&L and cahoot accounts both pay me interest and have a savings account linked. I'm paying into a Friends' Provident stakeholder pension scheme and I also have a Yorkshire Building Society E-ISA.

I have found from talking to people, that there are still people out there who 'don't trust the bank' and run terrible risks taking out £100+ in notes from the post office each week and keeping money at home. I also find that some 'don't like the idea of' direct debits. Maybe it's the idea that someone can take money out of their account even on a strictly-regulated basis to pay a set amount monthly. However, they are missing out on the discounts that can be obtained from paying utilities bills by direct debit, and they are frightened by 'big bills' appearing quarterly. Living in the modern world as I do, I have no such terrors.

I think the very idea of setting up a bank account just for OAPs is very demeaning and patronising, and if such a thing existed I wouldn't go near one. That said, it would be nice to think that your parents could benefit from some of the information and facilities now available WITHOUT being patronised and being thought of as 'old-fashioned'!

Margaret

klondyke

Hear hear

Still, don't be too hard on original poster who probably means well and wants to do the best for his parents. I suggest he prints out Margaret's post for them.

deemy2004

I'm looking to move my parents bank account as I think that their present bank is taking advantage of their 'old fashioned' views on banks.  

Can anyone please let me know of any banks that have an account specially designed for OAP's.  My parents income is from a small private and a state pension only?

Thank you,

Post office girobank taken over by the Alliance & Leicester, also their Premier current a/c.

mjkmjk

Wow! It's the first time I've posted a topic so I apologise for not making my query more clear. I'll know next time.

ejones - My parents have asked me to help them sort out their accounts as they feel they are being cheated. They pool their money but they get 4 statements at the moment, all from the same bank, which confuses them. They/I would like them to receive 2 only. One for their bank and one for their credit card, which they've only recently started using.

margaretclare - My parenst are elderly and I used the term OAP's as they use the term themselves. BUT I do take the point made about it being a demeaning term to some people. SORRY, no offence meant.

Thanks for all the advice, the A&L sounds good for them and I will discuss it with them tonight. They will be grateful for your advice also.

mjkmjk.

margaretclare

Hi mjkmjk

No offence taken! Just thought I'd point it out...

Deemy - yes, the a/c I have is Alliance & Leicester Premier. It works very well. I also have a cahoot credit card but I don't really need it any more - am unlikely to use the £1000 credit on it!!! Anything I need I can get by using the A&L Visa card. I rarely use cash - had to get cash out last night when we went to a fund-raising dinner, and I got it at an ATM on the way. I can also get cash out over the PO counter if I happen to be in the PO (but I don't go there very often).

You can open the A&L a/c online, you can manage it either online, by phone, at the PO or in an A&L branch. Nice and flexible.

Best wishes

Margaret

jonesMUFCforever

Can we ask which bank are they with at the moment?
If they are elderley can you not make an appointment for them to see their manager to see what they can do?(Go with them if possible)
I think you have to be more specific than say they are being conned by their bank - why and in which way?
If it is a joint account then by law banks have to send a statement to each party UNLESS they sign a disclaimer sttating they do not want this. This can easily be changed by the bank.
It may be at their time of life, not a good idea to just up sticks and go to a new bank as this may present more problems than it solves.
To repeat my first post on this give the bank a chance to redeem itself by going to see them and if they still don't change things for the better then consider changing.
Eric

Fatboy_NSS

What's so offensive about asking for a particular bank account for "OAP"s? There are special accounts for other age groups such as students, so why not have a special version of your bank account for retired people?

klondyke

Then call them 'retired people' ::)

deemy2004

Hey stop picking on students ! ;D