Online banking that does not allow transfers, only statements?

syncline

I'd love to have a current account that offers online statements (and more-or-less real-time transaction and balance data, ideally), but I'd also love to NOT have the ability to transfer money online, for security reasons. The same applies to all other online actions that might cost/lose me a lot of money.

Do any banks operating in the UK offer this? Especially those that seem to have a better than average security and customer service record, of course.

To try to address some possible questions/responses up front: I'm aware that other forms of banking are not without risk, and that if somebody gained unauthorized access to just online statements, that would also likely entail other risks. My day job is in IT, so I claim I'm not a know-nothing technophobe. Finally, note that it would not address my reason for wanting this to use a regular online banking account and only use the online statements (unless there are extra offline authentication steps required to upgrade the account to be able to make transfers).

JuicyJesus

As far as I know, no banks fully prohibit online transfers.

Realistically a bank with a decent 2FA option should be fine so long as you don't play silly !!!!!!s with the token (e.g. card, PIN and card reader or Secure Key token.)

gt94sss2

I haven't used it but Santander offer a option called 'View Only' access which they describe as:

For your security, you can change online access to your accounts to view-only mode. This means you will be unable to perform transactions on any of your accounts online, but you will still be able to view your balances and transactions.

If you change your mind later, and want to regain access to Online Banking, contact the Online Banking helpdesk

However, as JuicyJesus says there are banks with 2 factor authorisation such as HSBC which only allow new payees to be created if you use the Secure Key token.

Finally, I should say that in the event of unauthorized access/fraud then the bank is responsible for financial losses not you.

18cc

You could consider a bank like Starling. This does offer real-time transactions (use your debit card and it appears instantaneously) and of course balance and transaction viewing.


You can make payments of course but since it is a mobile phone app-only bank and uses face and voice ID you might consider it much less likely to be hacked than 'normal' online banking.

newatc

HSBC allow that type of account for businesses by setting maximum for transfers (which can be set to zero) but I don't know if their personal accounts have the same facility.

Hydro1

Virgin Money has a fairly basic current account offering only very limited online services, but it may suit your needs:
https://uk.virginmoney.com/virgin/current-account/essential-current-account.jsp

paragon909

TSB savings accounts only allow transfer to current accounts, They don't allow payments to external accounts.

Maybe try them?

syncline

gt94sss2 wrote: »

I haven't used it but Santander offer a option called 'View Only' access which they describe as:

Interesting and bang on the question, thank you!

I do immediately wonder what the procedure for turning that form of protection off again is, since if that is poor my effort would be fruitless. Has anybody reading tried turning this Santander "View Only" feature on and off?

Also, I recall that Santander has previously ended up at the bottom of Which?'s IT security ranking (I have too few posts to link yet, sorry).

It's a market for lemons!

However, as JuicyJesus says there are banks with 2 factor authorisation such as HSBC which only allow new payees to be created if you use the Secure Key token.

2FA is not what I'm enquiring about in this thread, but...

Ah, so is this like CPUs that only allow code to read memory from their own address space? Realistically, we can rely on that.

For those not in the geek world, that was cheap irony from me, referring to the recent Spectre / Meltdown exploit news (I expect these will at least cost every reader of this thread money indirectly, and quite likely cause information you care about to be leaked). Of course you are correct that there does appear to be some real security value in at least some 2FA, although I'm genuinely far from sure about even that: on occasion 2FA has made things worse in the past, and I have no reason to think that will never happen again in future.

Finally, I should say that in the event of unauthorized access/fraud then the bank is responsible for financial losses not you.

I've noticed in the past that financial institutions do have a go at pinning the blame on customers and expending some effort not to refund money taken fraudulently - including in cases where only technology was to blame, and the banks were the only ones in a position to fix the problems. In part I can understand their point of view, as SOME of their customers are bound to be fraudsters - but I'd very much prefer not to have to deal with that system!

syncline

Hydro1 wrote: »

Virgin Money has a fairly basic current account offering only very limited online services, but it may suit your needs:

Thanks for this

Even having looked at the table of features that says when you have to phone / use the net / go to a "Store" (why not a "Branch"?), I don't think I have the knowledge and experience to be able to assess confidently from that what I might end up missing / regretting if I opened that "Basic" account.

Can anybody help me with that?

syncline

paragon909 wrote: »

TSB savings accounts only allow transfer to current accounts, They don't allow payments to external accounts.

Maybe try them?

Unfortunately I do want to make faster payments transfers to various people/institutions, just not via the bank's website.

syncline

syncline wrote: »

Thanks for this

Even having looked at the table of features that says when you have to phone / use the net / go to a "Store" (why not a "Branch"?), I don't think I have the knowledge and experience to be able to assess confidently from that what I might end up missing / regretting if I opened that "Basic" account.

Can anybody help me with that?

Perhaps to help clarify what I want:

• I want to use an account as a "standard" current account,
• including making direct debit, standing order and faster payments via phone banking,
• and downloading statements listing transactions in machine readable form,
• but with no facility to transfer money or set up direct debits or standing orders (etc.) online.

I wish I was able to write down precisely what I should mean by "standard", but I think I lack the knowledge: that's what I'm now hoping for help with.