Are there any banks that still offer bank books?

Jlawson118

My grandad has unfortunately been hit by a recent health scare and it's got him thinking about his finances. He's banked with First Direct since they first opened and hasn't had a minute's bother with them, but he's thinking of my grandma if something was to happen to him.

They have a joint account with First Direct which pays bills and groceries, then my grandad has savings accounts with them too. My grandma on the other hand is very old fashioned when it comes to banking, she won't have a debit card, and has savings accounts with books with a building society. She did have a credit card with M&S up until her card details were stolen somehow and she was hit by a fraud attack, now refuses to use it.

With First Direct being online and telephone only, he knows my grandma would be unable to log in online as she's completely computer illiterate, and fears she would forget the passwords to phone up to deal with things.

He's enquired at HSBC where they've told him they can't offer him an account like that, there's only building societies that hold these kind of accounts. Although I think he is going to enquire at a few other banks whenever he gets the time. We both had the same thought that Yorkshire Bank might?

Any advice would be greatly appreciated

EachPenny

Jlawson118 wrote: »

He's enquired at HSBC where they've told him they can't offer him an account like that, there's only building societies that hold these kind of accounts. Although I think he is going to enquire at a few other banks whenever he gets the time. We both had the same thought that Yorkshire Bank might?

Various building societies and banks still have passbook saving accounts. Nottingham, Saffron, and Virgin Money to name a few.

I believe Nationwide still have some passbook accounts too. If so, there's a possibility that the account can be managed online as well (many BS don't allow online management of passbook accounts) which would mean your grandad could go on managing their money online, with your gran able to access the money via a branch if the need arose.

I doubt they will find a passbook account which offers current account type facilities though.

One thing I think they would be wise to do is to open a second current account (perhaps in your gran's name only) with a locally based branch providing the basic banking facilities (including a chequebook). This would enable your gran to have an account she could use if necessary. Some current accounts pay a good rate of interest, so they could look at it as a place to put some savings too.

Relying on one current account (especially online only) is risky since you are reliant on the technology not having any downtime. A lot of frequent contributors on this board have multiple current accounts for the same reason, and it seems a sensible suggestion for your grandparents.

Good luck

Robin9

I would endorse the suggestion of a completely separate account for your gran and would add one for your granddad as well. That will give flexibility for the future.

I think joint accounts require both parties to be fully able to operate the account - in case of say a stroke preventing this then the account should not be used. In practise I think this is ignored.

Has anyone taken out Power of Attorney for either or both ?

xylophone

then the account should not be used

Not so - either of the parties could operate the account and on death of either, the survivor would advise the death to the bank but could continue to operate the account.

It might be as well to switch the joint FD account to a bank with a branch close to where your grandparents live so that your grandmother would not be reliant on internet access.

Nationwide offer joint and sole current accounts and I would imagine that the instant access saver (miniscule interest rate) would offer a passbook.

I imagine that a switching the joint FD current account to a joint HSBC current account would be possible and your grandmother would have access to the branch if she required assistance.

She would also have a cheque book and paying in book.

Jlawson118

EachPenny wrote: »

Various building societies and banks still have passbook saving accounts. Nottingham, Saffron, and Virgin Money to name a few.

I believe Nationwide still have some passbook accounts too. If so, there's a possibility that the account can be managed online as well (many BS don't allow online management of passbook accounts) which would mean your grandad could go on managing their money online, with your gran able to access the money via a branch if the need arose.

I doubt they will find a passbook account which offers current account type facilities though.

One thing I think they would be wise to do is to open a second current account (perhaps in your gran's name only) with a locally based branch providing the basic banking facilities (including a chequebook). This would enable your gran to have an account she could use if necessary. Some current accounts pay a good rate of interest, so they could look at it as a place to put some savings too.

Relying on one current account (especially online only) is risky since you are reliant on the technology not having any downtime. A lot of frequent contributors on this board have multiple current accounts for the same reason, and it seems a sensible suggestion for your grandparents.

Good luck

I'll definitely mention these to him! I'm not 100% sure what he wants although he has been saying he'd want a simple cheque account as well as a passbook

Jlawson118

xylophone wrote: »

Not so - either of the parties could operate the account and on death of either, the survivor would advise the death to the bank but could continue to operate the account.

It might be as well to switch the joint FD account to a bank with a branch close to where your grandparents live so that your grandmother would not be reliant on internet access.

Nationwide offer joint and sole current accounts and I would imagine that the instant access saver (miniscule interest rate) would offer a passbook.

I imagine that a switching the joint FD current account to a joint HSBC current account would be possible and your grandmother would have access to the branch if she required assistance.

She would also have a cheque book and paying in book.

I'll mention these, I can imagine that if she had the relevant ID then even without a card HSBC could assist her, I'll mention that. Nationwide also seems to be a favourite on MSE I've realised over the past few months so I'll inform him about that too

Jlawson118

Robin9 wrote: »

I would endorse the suggestion of a completely separate account for your gran and would add one for your granddad as well. That will give flexibility for the future.

I think joint accounts require both parties to be fully able to operate the account - in case of say a stroke preventing this then the account should not be used. In practise I think this is ignored.

Has anyone taken out Power of Attorney for either or both ?

When it comes to legal things, I'm not too sure how they're dealing with things. I know they have wills and things set up but where things go I'm unsure.

However, recently my grandma wanted me to have access to her building society book in case something happened to her (my grandparents are both pessimistic) and therefore I became a joint owner of her account. That allows me to go in and withdraw if ever I wanted to, even though I wouldn't without consent and my grandma keeps hold of the book anyway. Even when she tells me to take something out of it for myself, I still don't :rotfl:

So yeah I'm not 100% on how everything would work out

alanq

xylophone wrote: »

Not so - either of the parties could operate the account and on death of either,

On death yes but not where one of the account holders lacks mental capacity.

7sefton

Going back to the OP's question, Coventry Building Society offer a money management account that is essentially a very basic current account that can be run with a cash card or passbook. There's also the option to operate it online or by phone. Terrible interest rate, but might be a price you're willing to pay for the account format.

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/everyday_money/moneymanager.html

Yorkshire Building Society also used to do a similar passbook based account called Cash Transactor... check if they still do ybs.co.uk

xylophone

On death yes but not where one of the account holders lacks mental capacity

https://www.bba.org.uk/wp-content/uploads/2014/01/BBA_Guidance_for_Consumers_booklet.pdf


Dealing with a joint bank account

A joint account allows two people to use an account
either separately or together. Depending on the terms and
conditions of the joint account, another person may be
given access to a joint account on behalf of one of the
account holders.
If one joint account holders loses mental capacity, banks
and building societies can decide whether or not to
temporarily restrict the use of the account to essential
transactions only (for example, living expenses and
medical or residential-care bills) until a deputy has been
appointed or a power of attorney registered.
If a person has a joint account with someone who is losing
mental capacity, they should talk to their bank or building
society.
Attorneys acting on behalf of a joint
account holder
If one joint account holder loses capacity to operate their
account and a registered enduring or lasting power of
attorney is in place, then the bank will allow the attorney
and the account holder (with capacity) to operate the
account independently of each other, unless the account
holder (with capacity) objects. In such cases the bank will
then usually only allow the account to continue to operate
on a ‘both-to-sign’ basis.
Although the joint account holder with capacity will
have been notified when the power of attorney was first
registered with the bank, it is best practice for the bank
to re-notify the customer at the point when the power of
attorney is activated.

Dealing with a joint bank account
A joint account allows two people to use an account
either separately or together. Depending on the terms and
conditions of the joint account, another person may be
given access to a joint account on behalf of one of the
account holders.
If one joint account holders loses mental capacity, banks
and building societies can decide whether or not to
temporarily restrict the use of the account to essential
transactions only (for example, living expenses and
medical or residential-care bills) until a deputy has been
appointed or a power of attorney registered.
If a person has a joint account with someone who is losing
mental capacity, they should talk to their bank or building
society.
Attorneys acting on behalf of a joint
account holder
If one joint account holder loses capacity to operate their
account and a registered enduring or lasting power of
attorney is in place, then the bank will allow the attorney
and the account holder (with capacity) to operate the
account independently of each other, unless the account
holder (with capacity) objects. In such cases the bank will
then usually only allow the account to continue to operate
on a ‘both-to-sign’ basis.
Although the joint account holder with capacity will
have been notified when the power of attorney was first
registered with the bank, it is best practice for the bank
to re-notify the customer at the point when the power of
attorney is activated.
This is not a legal document or code of practice. It is
for guidance only.




The grandparents could grant PoA to each other now while they have capacity which should solve any problem of this nature.

EarthBoy

7sefton wrote: »

Yorkshire Building Society also used to do a similar passbook based account called Cash Transactor... check if they still do ybs.co.uk

Yorkshire Building Society discontinued that account last year, or the year before. It was replaced by a cash card account which allows you to use ATMs, but there's no option for standing orders, direct debits etc.