Best online bank accounts for person in very early stages of dementia

PrincessEssex

Hi, 

I am hoping to pick the shared hive mind for the best online bank account for my father.

He is an intelligent man living on his own, but is starting to find the modern world a bit too much.

He currently has a Halifax account but is finding it increasingly difficult to enter the correct password (even though it appears to be saved??) and the letters from his memorable information.

He would not be able to cope with a mobile app, and has difficulty with understanding how to read any texts he has been sent.

I would be able to visit in person to set up the account, although it is a 3 hour round trip so does require a bit of planning on my part.

So can anybody recommend a fairly simple but secure bank account that I can help him move to - for example, I think Nationwide used to (maybe still does?) use a card machine as part of the way to gain access - which may be easier for him.

Thanks

PRAISETHESUN

All banks are "secure" as you put it. They all require some form of 2FA for most operations, but how they implement it is up to the bank in question. Some allow codes by SMS, some by card reader as you describe, but a lot are moving towards verification in app. Personally if he is already struggling then I wouldn't want to make a bad situation worse by changing banks, especially without input from your father.

You need to start making plans for how to deal with the situation before he deteriorates much further though. If he still has capacity then strictly speaking you can't do much for him, unless he himself sets up a third party mandate on his account to allow you to operate it on his behalf. But longer term you'll want to get a power of attorney set up if there isn't already one in place, so you can step in as/when required down the line. You do need to do this before he loses capacity, so sooner rather than later.

p00hsticks

PrincessEssex said:

So can anybody recommend a fairly simple but secure bank account that I can help him move to - for example, I think Nationwide used to (maybe still does?) use a card machine as part of the way to gain access - which may be easier for him.

You say he struggles to read texts - is that because he is visually impaired ?. 

The way the Nationwide card reader works is that you put a card in the reader, key in your card PIN and then have to enter the eight digit number displayed on the reader onto the computer. I don't think for most it would be easier than getting a passcode sent to your phone (another alternative Nationwide offer). 

Top priority if not done already is for him to get Power of Attorney (tow types - Finance & Property and Health & Welfare) set up while he still has capacity. With that in place you can get access to his online accounts and help him manage them 

In banking terms, 'fairly simple' and 'secure' rarely if ever go together, and banks are continually adding extra layers of security. 

PrincessEssex

Hi,

Thanks for this - lots of good points.

Fortunately he is still at the stage where he would be happy (and willing ) to change to another bank if we could find one that would be easier for him to access. 

(On a broader note, I can see this becoming more and more of a problem for many people in the future who can not actually get to their bank, either due to physical difficulties or the fact that they no longer have a local branch,  but struggle with online / mobile banking)

So I / we would like to know about the 'access arrangements' for other banks if possible.

onomatopoeia99

PrincessEssex said:

So can anybody recommend a fairly simple but secure bank account that I can help him move to - for example, I think Nationwide used to (maybe still does?) use a card machine as part of the way to gain access - which may be easier for him.

Extra security, for example by adding an addition authentication factor e.g. entering a number sent by SMS or using a card reader, always makes the login process less simple, there's no getting away from that.  I work in information security (not banking) and the amount of time we and others spend trying to make things as straightforward and unambiguous for end users as we can you would not believe.

My mother has a Nationwide account that needs the card reader to set up new payees.  She's mid 80s, doesn't have dementia and uses her computer and ipad a lot, but I had to sit next to her (2h each way, so it had to wait until I was visiting) as she went through the steps:

Screen says something like "insert the card into the reader"

Her "So do I insert the card in the reader?"

Me : "Yes, you need to insert the card in the reader" 

Her "they make it so difficult"


You and your father may wish to look at LPAs now if you haven't already.

born_again

If they are living on their own. Then while not secure normal advice. I would suggest that they record the details somewhere like a book.
Or they provide you with the details & when stuck you can prompt them.

At some point they will need someone to have PofA, which is easier to get before they get to bad. So suggest that you get that started now, rather than later. Even though you are not close distance wise.

Rob5342

I'd have thought that a card reader would be just as confusing, if not more so. What about setting up an app on a tablet with face ID, then it would just work.

What does he want to do with it? With Monzo you can just enter your email address and get a link to a limited log in that just shows you the transactions but doesn't let you transfer any money.

p00hsticks

The easiest (least secure?) one I've come across is Santander - all they ask for is a ten digit Personal ID, which you can tick a box to ask to be remembered for following visits if you are on a personal laptop, and a five digit security number, which you key in in its entirety - no having to select particular digits etc....

eskbanker

p00hsticks said:

The easiest (least secure?) one I've come across is Santander - all they ask for is a ten digit Personal ID, which you can tick a box to ask to be remembered for following visits if you are on a personal laptop, and a five digit security number, which you key in in its entirety - no having to select particular digits etc....

As you say, static passcode-based authentication is the least secure, so it's only a matter of time before they close that loophole, and it surprises me that they haven't already - whenever I log on to Santander via online banking, it involves two-factor authentication via SMS.

friolento

In addition to previous recommendations, I think it is essential that his chosen bank are informed of his impairment.

EarthBoy

I'd recommend First Direct.  He can do all his banking over the phone and he won't have to bother with apps, text messages, or card readers.