Savings account with Debit card ??

judexx

Does anyone know of a savings account that can be operated online that has a Debit card (rather than just a cash card) with it. I need to set up something for an elderly relative (for whom I have Power of Attorney) so that they feel they have some financial independence but losses are limited in case of the card being lost/them writing down the PIN/any sort of financial scam etc. The only options that I have found are Basic bank accounts.

Many thanks

EarthBoy

The only savings account with a debit card that I am aware of is the Instant Savings Account from Yorkshire Bank and Clydesdale Bank:

https://secure.ybonline.co.uk/personal/savings/everyday-instant-access-accounts/instant-savings-account/

https://secure.cbonline.co.uk/personal/savings/everyday-instant-access-accounts/instant-savings-account/

colsten

Why is a basic account not suitable? These accounts generally have no overdrafts so you can control how much can be drawn from the account.

Another option could be the Tesco Clubcard Pay card which also doesn't provide an overdraft. Although I am not 100% certain they wouldn't allow the account to go overdrawn.

Yet another option could be the Starling Connected card, or any of the Prepaid cards. The latter have no FSCS protection but if there is never much money on the card, the risk of losing all the money on it might be acceptable.

All these cards are contactless (the YB/CB ones don't appear to be though this may not matter)

RazMan

I am thinking of doing something similar very soon - Elderly Mum is selling up and downsizing, wants me to get PoA and look after things for her. It occurred to me that a joint Starling account would be the best bet which doesn't incur any charges. This could be used as her 'spending' card and is not limited but you get to see instantly exactly what she is buying and can lock her card if she gets a bit too er... enthusiastic. The rest of her cash can be put into any number of savings accounts (at a pitiful interest) but you are limited to £170,000 for a joint account. The savings accounts can be drawn down (with some notice) as required and can top up the 'spending card' .

judexx

EarthBoy said:

The only savings account with a debit card that I am aware of is the Instant Savings Account from Yorkshire Bank and Clydesdale Bank:

https://secure.ybonline.co.uk/personal/savings/everyday-instant-access-accounts/instant-savings-account/

https://secure.cbonline.co.uk/personal/savings/everyday-instant-access-accounts/instant-savings-account/

Many thanks - will have a look at those

Albermarle

RazMan said:

I am thinking of doing something similar very soon - Elderly Mum is selling up and downsizing, wants me to get PoA and look after things for her. It occurred to me that a joint Starling account would be the best bet which doesn't incur any charges. This could be used as her 'spending' card and is not limited but you get to see instantly exactly what she is buying and can lock her card if she gets a bit too er... enthusiastic. The rest of her cash can be put into any number of savings accounts (at a pitiful interest) but you are limited to £170,000 for a joint account. The savings accounts can be drawn down (with some notice) as required and can top up the 'spending card' .

Premium bonds can be a good alternative to savings accounts. £50K max per person. Current average return 0.8/0.9%.
Easy ( but not literally instant )access.

judexx

colsten said:

Why is a basic account not suitable? These accounts generally have no overdrafts so you can control how much can be drawn from the account.

Another option could be the Tesco Clubcard Pay card which also doesn't provide an overdraft. Although I am not 100% certain they wouldn't allow the account to go overdrawn.

Yet another option could be the Starling Connected card, or any of the Prepaid cards. The latter have no FSCS protection but if there is never much money on the card, the risk of losing all the money on it might be acceptable.

All these cards are contactless (the YB/CB ones don't appear to be though this may not matter)

It seems generally that more documentation is needed to open a bank account than a savings account, meaning a search to find suitable proof of id etc plus they often seem to imply that depending on your income they may open a regular bank account rather than a basic one.

Thanks for the other suggestions - I'll have a look at them tomorrow