Trying to convince parents to switch bank accounts

bluehydrangeas

My mum and dad have current accounts that pay no interest. I have been trying to convince my mum (who calls most of the shots) that switching accounts would be a good idea. Unfortunately my mum is a luddite and refuses to countenance the idea of switching. She is convinced that her money will get stolen if she uses online banking. Is there anything I could do to persuade her that online and mobile banking is safe?

[Deleted User]

I would just leave them to carry on in their chosen way. Not everyone has the inclination to chase interest and bonuses. From experience, it is highly unlikely that you will ever persuade your mother that online banking is safe. I would let her be.

firefox1956

Deleted_User wrote: »

I would just leave them to carry on in their chosen way. Not everyone has the inclination to chase interest and bonuses. From experience, it is highly unlikely that you will ever persuade your mother that online banking is safe. I would let her be.

I am in the same position as the OP..........
I have also decided to let thngs be.
HTH

trailingspouse

*Waves* Same over here.

My father was a bank manager before he retired, and very savvy with money in his day. He's 81 now, and has no truck with internet banking, paying online for anything, or using contactless.

He's not averse to a bit of switching, but it was a wrench when he moved his current account from Lloyds (where he'd worked) to Santander. I doubt if he'll be switching again.

It's hard when our parents, who used to know 'what's best', no longer do - but I think they still know what's best for them, and we need to respect that. It might not be best for maximising their interest, but it's best as regards what they feel able to cope with.

POPPYOSCAR

Money is not everything.

Peace of mind is worth so much more.

They are happy with things as they are so let them get on with it.

libra10

I use online banking myself, but can understand your parents' concerns.


With all the stories in the media of people being scammed, ID theft, etc they probably feel safer doing banking the old-fashioned way.

The_MoneySavingKid

trailingspouse wrote: »

*Waves* Same over here.

My father was a bank manager before he retired, and very savvy with money in his day. He's 81 now, and has no truck with internet banking, paying online for anything, or using contactless.

He's not averse to a bit of switching, but it was a wrench when he moved his current account from Lloyds (where he'd worked) to Santander. I doubt if he'll be switching again.

It's hard when our parents, who used to know 'what's best', no longer do - but I think they still know what's best for them, and we need to respect that. It might not be best for maximising their interest, but it's best as regards what they feel able to cope with.

I have to say, why switch any account that is their main account?
Just set it up a donor account so it doesn't end up inconveniencing them, and is easily managed by yourself on their behalf.

trailingspouse

Why switch any account that is their main account? Because Santander were offering them 3% and Lloyds were offering next to nothing.

Set up a donor account so it doesn't end up inconveniencing them? They handle their own finances, it's not up to me. And besides, for someone who doesn't do online banking, I think a donor account would be quite difficult to manage.

At this stage I wouldn't dream of managing their money for them. They are totally capable of making their own financial decisions - if those decisions aren't the same as I would make, or you would make, that doesn't mean they're wrong, for them.

Zanderman

Agree with others who say not worth trying to persuade them. If they're happy with their current banking and wary or even distrustful of switching and online banking then don't bother trying. Earning interest might seem a worthy aim but not if it causes them hassle. (And a simple savings account - Bham Midshires or Tesco, both 1.3% soon I think - might be easier to sell to them).

My old Mum wouldn't hear of any of this either - but, perversely, she trusts complete strangers who ring her up out of the blue. So she probably would get scammed quite quickly if she banked online!

Also she has very little grasp of how to use the web or a mobile - no concept of menus and links - so it would be virtually impossible for her to do online stuff anyway.

teddysmum

Tesco's online saver is 1.3%.


Though he is quite able to manage money, my husband has resisted leaving our Co-op bank of some 45 years. However, he's quite happy with the multiple account roundabout, provided that I sort it out. He does make internet payments for goods and services, though.

The_MoneySavingKid

trailingspouse wrote: »

Why switch any account that is their main account? Because Santander were offering them 3% and Lloyds were offering next to nothing.

Set up a donor account so it doesn't end up inconveniencing them? They handle their own finances, it's not up to me. And besides, for someone who doesn't do online banking, I think a donor account would be quite difficult to manage.

At this stage I wouldn't dream of managing their money for them. They are totally capable of making their own financial decisions - if those decisions aren't the same as I would make, or you would make, that doesn't mean they're wrong, for them.

I never said start managing their estate.