What is the best bank account for an OAP?

EltonJohnFan

Good morning all,

I'm looking for some advice on behalf of my grandmother who currently has a Post Office Card Account, has done for many years now but it's becoming more of a hindrance to her as she gets older, not as mobile as she used to be either and dislikes the fact that she has to go to the Post Office every time she needs money. There is only one left in our area as all of the sub-Post Offices have closed down in recent years and she often gets frustrated at the length of time she has to queue. It would probably be much easier for her if she was able to just withdraw money from an ATM or pay at the checkout by Chip and PIN. She has, in fact, stated this to me numerous times and asked about what sort of account I have. I currently have a "Basic" RBS Key Account but I wouldn't' recommend RBS to her for a wide variety of reasons and so I'm hoping you could perhaps advise on which bank would be best for her? In my town we have Santander, Clydesdale, Lloyds TSB, Nationwide, Bank of Scotland, which of these (if any) would you recommend to her? I don't think she's need a "Proper" Current Account and the "Basic" Current Account would do her just fine. Will a woman in her mid-70s have any problems opening an account etc? Thank you.

rb10

Out of the banks that you have mentioned, I would not recommend RBS or Santander (big customer service issues).

Lloyds TSB's basic account only allows you to withdraw cash from LTSB ATMs so is very restricted.

Nationwide do not offer a basic account, but their full account (Flexaccount) is good.

BOS is good for both basic account (Easycash) and full account.

She could try for a full account at one of these banks. Her biggest issue is likely to be a lack of credit history if she doesn't have a current account at the moment. If she is rejected from the full account then get the Easycash from BOS. This has guaranteed acceptance unless she is bankrupt or has a history of fraud.

dzug1

If she has enough ID there should not be the slightest problem to open an account. One proof of who she is (letter from DWP with her pension details if she doesn't have a driving licence or passport) plus two proofs of address (utility bill, bank statement (the PO card account one would do) etc)

She may have more difficulty in persuading them that all she wants is a basic account rather than a 'proper' one.

You get horror stories about all those banks (and the rest of them as well). I'd go for Nationwide/BoS based on local experience but your town may vary

Oh and if she does need to go the PO occasionally for other reasons then some banks allow their cards to be used there and a few allow paying in.

EltonJohnFan

rb10 wrote: »

Out of the banks that you have mentioned, I would not recommend RBS or Santander (big customer service issues).

Lloyds TSB's basic account only allows you to withdraw cash from LTSB ATMs so is very restricted.

Nationwide do not offer a basic account, but their full account (Flexaccount) is good.

BOS is good for both basic account (Easycash) and full account.

She could try for a full account at one of these banks. Her biggest issue is likely to be a lack of credit history if she doesn't have a current account at the moment. If she is rejected from the full account then get the Easycash from BOS. This has guaranteed acceptance unless she is bankrupt or has a history of fraud.

Thank you for this great answer.

I personally don't really like RBS, have banked with them for many years now and been continually pestered about "upgrading" my account or opening investment products etc. I've heard enough about Santander to be wary of recommending them to her and I also very much doubt my grandmother would be entitled to a "full" Current Account with any bank because she literally has no credit history, doesn't trust banks (like many of her generation) and comes from a time when people kept their savings at home. As she gets older, I do feel it would be easier for her to have a bank card which would makes things more manageable and remove her the restriction of having to rely on the Post Office for access to her money. She has stated to my family numerous times that she wants the same sort of bank card as us, hopefully we can help her out.

jen245

Id recommend Bank of Scotland. I had accounts with them from a young age right up until I moved to England in 1999, and still had a current account with them until 2003 (as well as a Barclays account) I never had any problems with them, always found their customer service quite good, and when I was in financial difficulty they were very accommodating regarding paying back my o/d. I know this was quite a long time ago, and they are part of HBOS now, but I now have a Halifax account aswell.

As already suggested, it might be worth her applying for the Easycash account, basic account with a visa electron card

coolesticeking

rb10 wrote: »

Nationwide do not offer a basic account, but their full account (Flexaccount) is good.

http://www.nationwide.co.uk/current_account/managing_your_account/cash_card_account.htm

DrSyn

1.Info on "Basic Accounts" can be found on this site at:
www.moneysavingexpert.com/banking/basic-bank-accounts

2.Banks do not like to mention these accounts normaly unless asked about them. Little profit in them I expexect!

3. A list of these and other bank accounts which can be used at the Post Office counters is in the "Post Office Banking" leaflet & on their web site. Worth a look even if she is not going to use the Post Office.

4.I would recommend the Co-op Banks "Cash Minder" account.

rb10

coolesticeking wrote: »

http://www.nationwide.co.uk/current_account/managing_your_account/cash_card_account.htm

I stand corrected.

Thanks

Mikeyorks

EltonJohnFan wrote: »

It would probably be much easier for her if she was able to just withdraw money from an ATM or pay at the checkout by Chip and PIN. She has, in fact, stated this to me numerous times and asked about what sort of account I have.

In my experience - people who have managed purely in cash, such as the PO Card Account - do not make the translation to standard accounts very easily. And if she doesn't have someone riding shotgun on her, she could well finish with problems as a result of failing to manage the transition and the additional 'accounting' that goes with it.

The cumulative nature of a standard account is very different to the 'I'll take it all' that usually (from my perception of PO queues - and knowledge of a few people who solely own these accounts) goes with a PO card account.

If it's getting tedious / difficult ..... get another family member to pick up the cash. Easily arranged and likely to be less traumatic overall than teaching her 'new tricks'?

pinkdalek

DrSyn wrote: »

1.Info on "Basic Accounts" can be found on this site at:
www.moneysavingexpert.com/banking/basic-bank-accounts

2.Banks do not like to mention these accounts normaly unless asked about them. Little profit in them I expexect!

3. A list of these and other bank accounts which can be used at the Post Office counters is in the "Post Office Banking" leaflet & on their web site. Worth a look even if she is not going to use the Post Office.

4.I would recommend the Co-op Banks "Cash Minder" account.

Bank of Scotland/Halifax Easycash - visa electron debit card, post office usage for withdrawals upto £300 and deposits.

Disagree with point 2 - basic bank account customers still require other products & services e.g. insurance (life, car, home) & savings all of which are profitable to banks. Many bank customers go to their bank for advice and quotes on such products, thank you.

[Deleted User]

bank of scotland / halifax defo recommended