Best Branch Instant Access Passbook Account?

daveoc22

A relative will only have a Branch based instant access passbook account.

At the moment they have a Nationwide Champion Saver account that they use for holidays. From what I saw the balance is usually around £8000 and they seem to pay in most, but not all, months and withdraw about 5-6 times a year.

As they go on last minute holidays the Champion Saver is proving difficult as they are supposed to give 60 days notice and they never know when they're going and how much they will need, so they are ending up losing interest.

I realise there are better alternatives but they are elderly, without internet access, and insist on being able to go into a Branch with their book.

Can anyone offer any recommendations---the best buy tables don't always say if a passbook is available.

Thanks

psychic_teabag

I'd have thought the most important criteria is what institutions have branches in close proximity to where they live.

Northern rock / Virgin money offer a branch-based easy access saver at 2.85%. It looks like it comes with a passbook.

EarthBoy

If you want penalty-free instant access with a passbook then the interest rate will usually be next to nothing. Your relative could stay with Nationwide and change to the CashBuilder account, but they would only get 0.10 %.

As psychic teabag says, you need a convenient branch network if you insist on a passbook, so if there is a Northern Rock branch nearby then the problem is solved. Otherwise, you will probably have to choose between a passbook or a good interest rate.

Halifax have plenty of branches and their passbook saver account pays 0.50%, which is low but still better than most.

If the account balance never goes below £8,000 then you could always leave that sum in the Champion Saver account and open a separate account to deposit the monthly payments and pay for the holidays from this account.

psychic_teabag

The post office has an extensive "branch network", of course - they're offering 2.1% instant-access. But I don't know if they actually give out a passbook. Looks like it might be based around an ATM card instead.

psychic_teabag

Oh - one more thought - while not really a savings account, a Lloyds vantage current account pays 3% on balances of £3k to £5k. (And is it 1.5% for £1k to £3k ? Something like that.) Again, not really a passbook, but they get an "old-fashioned" cheque book ;-)

The one caveat is that you need to pay in (ie move out and in) £1k per month. That's easy online. I think some people set up standing orders to automate it. (Though maybe that works better if you have 2 or 3 such accounts.)

psychic_teabag

Ah - if you go to
http://www.money.co.uk/savings-accounts/instant-access-savings.htm
then choose advanced search and "account access", you can ask for passbook accounts in there. (Found this when googling for accounts with passbooks.)

I'm sure you're aware that many accounts have a 1-year introductory bonus. I'm sure your relative is not going to want to switch account every year. So that's another thing to watch out for. Not sure if you can use that search to filter out such accounts.

alanq

EarthBoy wrote: »

Halifax have plenty of branches and their passbook saver account pays 0.50%, which is low but still better than most.

Thanks for that. If I recall correctly, the last time I looked for a Halifax Branch alternative to Liquid Gold (0.05% Gross!!!!) for my Mum the better rate involved using a card and getting paper statements. (Everyday Saver 2.00% inc. bonus for one year).

alanq

psychic_teabag wrote: »

Ah - if you go to
http://www.money.co.uk/savings-accounts/instant-access-savings.htm
then choose advanced search and "account access", you can ask for passbook accounts in there. (Found this when googling for accounts with passbooks.)

Thanks for that. Not the easiest site to navigate but it has search facilities that I have not seen on other sites. Previously the only option that I have seen is to search for branch accounts and then look into them one by one to see if they come with a passbook.

As this topic comes up very frequently in future we will have a quick answer.

daveoc22

Thanks for all the replies and the link to money.co.uk which showed me the many passbook accounts available.

I'm afraid I forgot that they would need to be able to get to the branch easily and, looking at the list on money.co.uk, there are only 3-4 they could use.

I'm starting to think they should keep to the Nationwide Champion Saver and just accept the interest penalty when they need money out.

Again, thanks for taking the time to reply.