Best bank for a pensioner

sqwiffy

I have recently got a lasting power of attourney for my mum, and am looking at the best bank for her. She is currently with Lloyds, and the savings acount is a pittance. I wonder if santander would be better? However, she does not have a mortgage or big bills so maybe the cashback would not make up for the money cost of it?
Any Ideas?

grumbler

How long is a piece of string?

What amount and income are we talking about? If the income isn't big, are you prepared to take care of monthly transfers to meet minimum funding requirements ~£500-£1000?

Anthorn

Need more information re. income and savings and whether regular payments out of the account if any are needed, i.e. Direct Debits and Standing Orders.

joe134

sqwiffy wrote: »

I have recently got a lasting power of attourney for my mum, and am looking at the best bank for her. She is currently with Lloyds, and the savings acount is a pittance. I wonder if santander would be better? However, she does not have a mortgage or big bills so maybe the cashback would not make up for the money cost of it?
Any Ideas?

LPA's can be a double edged sword. Not all banks know , or, want to know, how they actually operate. They can be quite obstructive to the Nominee.You may find setting up a new bank A/c harder than you think. The banks can insist on all sorts of things, so best of luck.If it were me, I would keep it simple, but, as stated, it all depends on what you want, and a lot more info, which, any bank will want , and more:money:.

Zanderman

joe134 wrote: »

LPA's can be a double edged sword. Not all banks know , or, want to know, how they actually operate. They can be quite obstructive to the Nominee.You may find setting up a new bank A/c harder than you think. The banks can insist on all sorts of things, so best of luck.If it were me, I would keep it simple, but, as stated, it all depends on what you want, and a lot more info, which, any bank will want , and more:money:.

Not had direct experience of using LPA but from what I've read I agree with Joe134. If there's an existing working bank account just go with that. Opening new accounts with LPA can be difficult - and unless there is a need to earn interest it may not be worth the hassle. If it aint broke why fix it?

My old Mum, 85, still manages her own finances (though her LPA doc is signed and ready, just in case...) and, to my horror, keeps £1000s in her two non-interest-paying current accounts. She says she can't see the point of earning interest - and she won't listen to reason.

But if and when her LPA has to be used I suspect we will just keep to her system, despite it being the opposite of what we'd do, simply because it would be easiest. And I suspect using the LPA might be challenging enough without making difficulties.

Goldiegirl

I didn't have LPA for my mum, but I was appointed as Receiver by the Court of Protection.

I just used my mum's existing accounts and converted them to Receivership accounts.

It was very easy. I didn't fancy trying to open accounts with different banks, with staff that probably had never heard of the Court of Protection.

sqwiffy

So sorry to you all for not getting back on and responding to your helpful replies!

Mum gets the state pension and a small pension from when my Dad died but her income has been low enough that she gets pension credit. Mum has small outgoings, and no debt.

Although I have the LPA, and Mum does not understand finances and is happy to leave most things to me, I am still asking her consent and explaining everything to her.

She was not keen on changing banks so I have so far just opened a savings account with Lloyds where her current account is, and at least transferring some into this. :beer:

Eco_Miser

Could you upgrade her current account to Lloyds Club, if it could normally have at least £4000 in it.
Benefits: 4%AER on £4000-£5000, a monthly magazine or other bonus, access to £400 pm 4% Regular Saver, if there's more money to squirrel away.
There is a need for Direct Debits, does she already have these for council tax and utilities?
The required £1500 pm pay-in can be met by shuffling money around, it doesn't need to be new money.

System

You could upgrade her to Club Lloyds and just transfer funds to/from the savings account to ensure the £1500 credit.

Otherwise, TSB would be the obvious choice for her. You could open an account online for her and then add the POA once opened.

sqwiffy

Thank you both. Sounds perfect. I will call into the bank or phone and get an application form.