Passbook savings accounts

dubs1948

Hi,

My brother wishes to open a passbook savings account. He is mentally slow and cannot cope with the internet and has trouble with plastic cards, hence the need for a passsbook account. How do I find the best interest rates for safe UK passbook accounts? Although he would not make frequent withdrawals from such an account one which incurred penalties for a withdrawal would not be suitable I suspect.

Thanks.

ses6jwg

Leeds Building Society still use passbooks.

true27

Nationwide do a passbook account and also the NS&I investment account. HTH

alanq

This question arises quite often yet I know of no comparison site that allows searches that select only passbook operated accounts. This is probably because they usually offer a relatively poor rate of interest. Many people do need passbook operated accounts even if that means lower interest rates than other types of access. They need a means to find the best interest rate for accounts of this type.

There are sites that group accounts by online / telephone / post or branch but even branch operated accounts could involve plastic cards or some other form of ID without a passbook.

Building societies and former building societies are most likely to offer passbook accounts.

The best passbook account for an individual will depend on branches in area, age, minimum investment, short term bonuses, number of withdrawals permitted etc.

By going to http://www.moneysupermarket.com/savings/ selecting Easy Access and Compare Now. (Not just reading Best Sellers)-

The top Branch Operated (with passbooks?) accounts for £1 with Gross AERs are:
Northern Rock Branch Saver Issue 3 1.9%
C&G Cheltenham Gold 1.9% inc bonus

For £1000
Santander Instant Access Saver 3 offers 2.5% (inc. Bonus) but no mention of a passbook.
"Manage your money – get instant access through the branch or telephone. In branch, you just need your account number plus two forms of ID to access the account. "

7sefton

Gone are the days when a passbook account paid more interest, I'm afraid.

Best passbook account is Northern Rock branch saver, paying 1.9%. Beware though that they have few branches, and some of the branches don't do cash transactions.

Nationwide has good branch coverage and offers passbook accounts. I also believe Halifax and Santander still do passbook accounts, but they are not actively marketed (i.e. you would have to go into a branch and ask). In all of these cases, the interest paid is dire.

rb10

As he will have to have branch access, it's surely better to look at what passbook accounts each bank or building society that your brother is able to easily access have available.

martinman3

rb10 wrote: »

As he will have to have branch access, it's surely better to look at what passbook accounts each bank or building society that your brother is able to easily access have available.

Yes, an easy way to help find all branches is to use Google Maps.
http://maps.google.co.uk/
Enter default location as your postcode then type banks or building society into search window and it displays them on the map.
Note that some may not be listed but most are.