Bank Accounts for pensioners

grumbler

Katiehound wrote: »

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!

Anything wrong with an ATM in the branch?

Anthorn

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.

I'm a pensioner and I have a TSB Classic Plus Account. Minimum £500 monthly credit. The best incentive on this account is 5% cashback on the first £100 of contactless debit card payments and 5% interest on up to £2000 credit balance. Optional £25 fee-free planned overdraft but I was offered and accepted a £300 overdraft in addition. A good credit report helps.

Katiehound

grumbler wrote: »

Anything wrong with an ATM in the branch?

Hadn't actually thought of that.
Personally I use SOs and cycle money round (as you do!)

Anthorn

Katiehound wrote: »

Hadn't actually thought of that.
Personally I use SOs and cycle money round (as you do!)

Actually, if you get cashback in a store and pay the total contactlessly you're getting 5% cashback on it from TSB which you don't get when you take money from an ATM. Two different kinds of cashback here which could confuse some people.

Vortigern

Anthorn wrote: »

Actually, if you get cashback in a store and pay the total contactlessly you're getting 5% cashback on it from TSB which you don't get when you take money from an ATM. Two different kinds of cashback here which could confuse some people.

You can't get cashback from the till if you pay contactless.

...and our elderly subject is unlikely to be comfortable with contactless.

r2015

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

My advice, being a pensioner myself, don't bother.

Katiehound

r2015 wrote: »

My advice, being a pensioner myself, don't bother.

I suggest there are quite a few pensioners on this forum who would state quite the opposite!
Not for nothing the adage "Every penny counts" especially when put into the context of banks!!

r2015

I suggest there are quite a few pensioners on this forum who would state quite the opposite!

The OP stated that

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.

So who is going to look after the account for the few pennies she will make?
Sometimes it is not worth the hassle.

Vortigern

r2015 wrote: »

So who is going to look after the account for the few pennies she will make?

£5 a month from the Halifax could be a significant amount for a person with a low income.

Katiehound

Vortigern wrote: »

£5 a month from the Halifax could be a significant amount for a person with a low income.

and actually more than £5 because that is when tax has been deducted.
£75 pa gross as I stated before.