Current account for pensioner with no internet access

My Mum has banked with Natwest forever and has realised that they pay her a pathetic amount of interst on her current account and is looking to move elsewhere with a decent rate. I have been trying to do some research but all the best buy accounts I come up with seem to require internet access and funding the account with £500 - £1000 per month. I don't know what her income is but she gets her state pension plus a very small occupational pension. She possibly also gets an income for some investments she has so I think her max funding of the account would be £500 a month. She never uses an overdraught facility so overdraught interest rates are immaterial. And she doesn't have internet access!

Any help gratefully received

Thanks

Replies

  • Bogof_BabeBogof_Babe Forumite
    10.8K Posts
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    I suggest that your mum ceases to view her current account as an interest earner, and just keeps the minimum in there, with the rest in a "proper" savings account, that drip-feeds into her current account if she needs that boosted. If her monthly income covers her outgoings, then set her finances up so that the in-going sums cover her out-going payments, with only very short intervals between, while her capital is safe elsewhere and earning a sensible rate.

    No-one should ever use a current account as an investment option. NatWest will be able to advise of various Bonds or deposit type accounts, if she doesn't want to look elsewhere for safe investments.
    :D I haven't bogged off yet, and I ain't no babe :D

  • derrickderrick Forumite
    7.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    You could open a savings account with Intelligent Finance (a branch of Halifax),this only needs to have £1. balance and at the moment pays 4.75% gross interest, once that is done you can then open a current account, and as long as your savings account remains in balance,you will recive the same interset (4.75%) on your current account balance.

    I think this account can be operated over the phone as well as online,but give them a call to find out, there might be a freephone number but I don`t know it,but the geographical number is 01306583988 and depending on who you use to make the call it could still be free
    Don`t steal - the Government doesn`t like the competition


  • vannylakevannylake Forumite
    7 Posts
    Part of the Furniture Combo Breaker
    Thanks for your replies. I will try IF. Otherwise I think A&L are the next option at 2.12%.

    She does have a deposit account and any regular payments are set up automatically but likes to have some money available in her current account during the month so even though it won't earn large sums, she may as well earn interest on it if at all possible!
  • FortyfootFortyfoot Forumite
    1.9K Posts
    Part of the Furniture 1,000 Posts
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    Hi there,


    Just read the new Which Report last night and :) SMILE :) are the only company to get the best rating in customer satisfaction. They pay 3.3% and have internet and full phone banking. No minimum funding. Tel 0870 8432265. Ask them to ring you back or give you a free phone number!

    Fortyfoot
    :cool:
  • vannylakevannylake Forumite
    7 Posts
    Part of the Furniture Combo Breaker
    I have a Smile account but discounted them as thought you had to have internet access to log in to get statements. I will phone them and see what they say.

    Cheers
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