Bank Accounts for pensioners

shelbe

Hi - I'm looking to swap bank accounts for my granny. She's really not getting a good deal on her current account. I've seen loads of banks to switch to, most with a switching incentive. But, as she's a pensioner her income is low and she doesn't meet the minimum monthly deposit rate for the accounts I've seen.


I'm asking advice about the best incentivised bank account she can get on a low income.


I hope someone can help.

Mojisola

shelbe wrote: »

Hi - I'm looking to swap bank accounts for my granny. She's really not getting a good deal on her current account. I've seen loads of banks to switch to, most with a switching incentive. But, as she's a pensioner her income is low and she doesn't meet the minimum monthly deposit rate for the accounts I've seen.

You don't have to have new income to meet the minimum monthly deposit, just deposit that amount each month.

If she keeps the old account open with whatever amount is needed to top up her pension to the mmd and sets up SOs to transfer the money back and forth between the two accounts, she can meet the requirements.

xylophone

As a pensioner (on PC presumably if her income is very low) she must have a minimum income of £655 a month which is more than is required for TSB.

Tesco (she could have two current accounts) does not have a minimum monthly pay in.

Would either of these suit?

grumbler

shelbe wrote: »

She's really not getting a good deal on her current account.

Well, would it not be wise to say what exactly she isn't happy with?

Robin9

Y Ttttt

shelbe wrote: »

Hi - I'm looking to swap bank accounts for my granny. She's really not getting a good deal on her current account. I've seen loads of banks to switch to, most with a switching incentive. But, as she's a pensioner her income is low and she doesn't meet the minimum monthly deposit rate for the accounts I've seen.


I'm asking advice about the best incentivised bank account she can get on a low income.


I hope someone can help.

An extra 1, 2 or 3 % on a small balance is not a lot - even it it's £1000 that's £30 a year

Katiehound

but don't forget she could be getting £75 pa (gross) from Halifax which doesn't require a capital sum to earn interest.- presumably she has outgoings like utilities which could be paid by DD?

[Deleted User]

My initial thoughts are that the Halifax for the free £5 a month may be a good possibility. Also pays £100 for switching.

Needs a £750 a month pay in and 2 DDs going out, and for her to stay in credit, but if she's getting for example £650 a month in, you could always have a standing order each month to and from her on the same day for £100, to make up the difference in funding.

Also, you say she's a pensioner - is branch access important to her? Which branches are accessible to her? If so, that would narrow her selection. Does she need paper statements? TSB Current Plus and Nationwide FlexDirect don't post statements out, for example.

System

You need to be sure what facilities she requires such as branch access, paper statements etc as these more important than small amounts of interest.

We've setup TSB Plus for an elderly relative but we keep a monthly eye on direct debits etc (POA)

Robin9

Put your efforts into her gas and electri bills

Katiehound

Robin9 wrote: »

Put your efforts into her gas and electri bills

as well as her bank!

Remember if she has a branch and doesn't have quite the required monthly funding she could take the sum needed as cashback in the supermarket and then pay it into the bank!

She needs to be internet savvy for TSB- as paperless billing and paperless correspondence

Paul_1977

My nan used to use a passbook and that was it.