Best bank account for pensioner

Anthorn

colsten wrote: »

Nonsense, really.

I am "over a certain age" and I have a Metro account.
I know others in their late 60s and early 70s who have a Metro account.
I don't ask strangers their age, but in my local Metro shop, there are always customers of all ages, including very senior looking ones.

This isn't to say that everybody who applies for a Metro account will get accepted. Just like anybody can get rejected by any other bank, for a variety of reasons.

Metro isn't my main account but I would unreservedly recommend it to anyone who is interested in Metro. You are the only person I have seen, or heard of, who bears a grudge against Metro.

I don't want to be bogged down by this off-topic aside. It's sufficient for me to say that your experience of Metro Bank is not my experience. If you want to discuss this further go to the Metro Bank thread. Back to the topic.

Vortigern

clareski wrote: »

Was thinking of m&s as she has their credit card, and transferring £1000 from their joint account and back again. Would also need to set up another dd. I know she would love the gift card!

Good idea. M&S also have a good regular saver. The DDs required to qualify for the regular saver do not need to be monthly; annual will do.

Anthorn

In terms of savings the Virgin Money regular savings account might be preferable with a fixed 2.25% AER. But that rate only lasts for a year and then reverts to a different account. There is no DD requirement and no set amount that needs to be regularly saved. Virgin Money also offers a current account which is a basic account and according to their blurb available to everyone.

glennevis

Quote "Alternatively, she could consider TSB Classic Plus, which pays 3% on £1500 and requires no DDs, but it would not be until the third year of holding the account that she beat the return from Nationwide."


When comparing returns you have to take into account that, with the OPs stated running balance of over £3000, interest is not paid on your total balance. So for the example given it is only in year six that the total interest received on the TSB account exceeds that from the Nationwide.

colsten

Anthorn wrote: »

In terms of savings the Virgin Money regular savings account might be preferable with a fixed 2.25% AER. But that rate only lasts for a year and then reverts to a different account. There is no DD requirement and no set amount that needs to be regularly saved. Virgin Money also offers a current account which is a basic account and according to their blurb available to everyone.

It would take 12 months to put £3,000 into a Virgin Regular Saver, by which time it will almost have matured, and the money will be transferred to an account paying a lot less interest. The OP would still need to find another account or two for the remaining £2,000, and a feeder account from which to make the deposits into the VRS. The VRS also doesn't come with a cheque book and debit card the OP has specified as a requirement.

There are several better Regular Savings accounts in the market - Nationwide, HSBC, Virgin, M&S, KRBS, Club Lloyds all offer higher interest rates. Although some of them don't allow withdrawals during the 12-months term or have penalties for withdrawals.

ValiantSon

agrinnall wrote: »

Ah, it was him was it? I'd seen the thread before but it was so unlikely to actually be age discrimination that I didn't bother to keep up with it.

Oh no, you've started him off here now!

Anthorn wrote: »

Compare Metro Bank's rejection with my previous post in this very thread. The fact remains that Metro Bank is highly likely to reject applications from those who are over a certain age and/or who are pensioners

This isn't a fact. It is your opinion. The two are not the same thing.

Anthorn wrote: »

so based on my own personal experience I am not going to recommend Metro Bank to pensioners. Very simple really.

You weren't asked for your opinion of Metro Bank. The question was who would be good, not who would be bad. Your response, therefore, was part of your vindictive campaign against a company who are (as far as anyone can objectively know) operating legitimately. Your recommendation of the other banks was entirely valid, but your comment about Metro Bank was not.

ValiantSon

glennevis wrote: »

Quote "Alternatively, she could consider TSB Classic Plus, which pays 3% on £1500 and requires no DDs, but it would not be until the third year of holding the account that she beat the return from Nationwide."


When comparing returns you have to take into account that, with the OPs stated running balance of over £3000, interest is not paid on your total balance. So for the example given it is only in year six that the total interest received on the TSB account exceeds that from the Nationwide.

How do you work that out?

5% AER on £2500 (the maximum) for one year = £122.25. For every year after that it is 1% gross and so = £25. With TSB paying 3% AER on £1500 (the maximum) each year = £44.44 (but if you keep the account for over a year then that interest compounds and so should be considered as a gross figure of 3%). Therefore, by the fourth year, the return on Nationwide would be £172.25, and from TSB would be £180. TSB wins after the third year.

agrinnall

ValiantSon wrote: »

Oh no, you've started him off here now!

Yes, sorry about that, hopefully he has killed it off himself now in this thread.