Current Account for Widowed Pensioner

margaretclare

missile wrote: »

Rather than looking for the highest interest rate accounts, I would search out a local Bank / Building Society branch where the staff are helpful and considerate to the older customers. Unfortunately (in my experience) most are not.

RBS current account comes with cheque book and can be linked to an instant savings account, so that when the balance goes above (say £100) excess is auto transferred to saver and vice versa when balance goes below zero. However, savings rate is not very good.

I think she may be able to manage far better than you think. At 86, my dear mum manages her current, ISAs and savings accounts at the Nationwide with no problem.

I would agree with the above.

DH gets very good service from his RBS branch, although most of his banking his done online. I find the local Co-operative Bank very good, although most of my banking is done online too. 'Helpful and considerate' - well, we don't really need help or consideration. Friendly, polite and efficient are what we need.

I think mostly it's a question of finding a branch which is convenient to where this lady lives, go in and ask them about their different accounts, gather up some leaflets and take them away to read quietly and decide on.

Margaret

Razoo

margaretclare wrote: »

I think what this lady is looking for is what might be called 'old-fashioned banking'. There are many banks offering current accounts where you can still get this face-to-face service, and all offer a cheque-book plus D/Ds and standing orders. The difficulty is that these do NOT offer a savings facility as well. It's either/or. A&L may be the best bet.

Yes, traditional banking is what she would prefer, but she also needs to maximise her income. Pragmaticality has to take precedence.

I might have to disregard A&L now because the convenience of using the local village Post Office is under threat. The PO has (allegedly) been earmarked for closure.

FWIW I don't think it's worth setting up online facilities that she doesn't want and won't use - that will commit you to a lot, and may possibly reduce her feeling of independence.

She has no objections to using an online service, she simply doesn't wish to own a computer. The problem is (as this lady freely admits) she will not be able to drive for much longer, partly due to deteriorating eyesight and partly due to the ever-escalating cost of owning and running a car.

It will be much easier for me to spend a few minutes online with her one evening setting up direct debits or standing orders, etc., than losing precious hours on a Saturday morning driving her into town to stand in a bank queue.

Why shouldn't she be mentally adroit, age or no age?<snip>

Unfortunately I'm not qualified to answer that , but I'm sure there are lots of reasons, some genetic, some medical, some fate and some self-inflicted. Not everyone is fortunate enough to retain their mental agility into old age.

My mother is of a similar age and has Alzheimer's disease that has rendered her non compos mentis. I shall be very pleased if my nut and bolts are still fully tightened when I'm 83 - if I get there...

Razoo

Razoo

margaretclare wrote: »

'Helpful and considerate' - well, we don't really need help or consideration. Friendly, polite and efficient are what we need.

English-speaking and competent head my list, but then I've had experience of inept call-centres on distant planets!

I think mostly it's a question of finding a branch which is convenient to where this lady lives, go in and ask them about their different accounts, gather up some leaflets and take them away to read quietly and decide on.

There's the rub. When you live so far out of town, no bank branch is really convenient. I think a combination of phone, post and internet banking might be best, but the jury is still out for now.

However, I am busy gathering leaflets and information (hence my original post to this forum), so that a well-reasoned decision can be made soon. Thanks to you all for your input.

Razoo

sloughflint

If you've discounted A&L then you might be best looking for a decent savings account ( that allows phone access) separate to the current account.

I can recommend Kaupthing Edge ( 6.5%) but I see Abbey do one for the same rate but that included a one year bonus of 1% but allows branch access.
http://www.moneysupermarket.com/savings/SavingsResults.asp

Razoo

sloughflint wrote: »

If you've discounted A&L then you might be best looking for a decent savings account ( that allows phone access) separate to the current account.

I can recommend Kaupthing Edge ( 6.5%) but I see Abbey do one for the same rate but that included a one year bonus of 1% but allows branch access.[/quote]

You must have read my mind. I've just been looking at Kaupthing Edge (and ICICI and Icesave). The lady does have a sum of money that should go into a high interest account. She would like monthly interest paid directly into her (new) current account to top-up her pension.

Razoo

sloughflint

Icesave is good too and have just raised rates on their easy access account.Normally internet access but I believe they can do phone too.
Three days to transfer.

So a current account with a poorer instant access savings account and bulk in high interest savings account seems the way to go.

Tell her about Icesave being part of the passport scheme though. That might put her off.

The passport scheme
There is one exception called the 'passport scheme' which allows some European banks to have some of the compensation covered by their home country and the rest by the FSCS. Banks from outside the European Economic Area cannot take part in this and have to have the full FSCS compensation.

• Home country compensation. The first amount would need to be claimed from that bank's home country's own compensation scheme.
• UK Top up. Any amount not covered is topped up to £35,000 by the UK scheme. E.g. if the overseas scheme covered £20,000 the UK scheme would cover the remaining £15,000.
  This does mean in the unlikely event if a European bank covered by the passport system went bust, you would have to try and claim some compensation from a foreign country. One of the most high profile banks in this position is Icesave; read Martin's full blog about Icesave safety.

http://www.moneysavingexpert.com/savings/safe-savings

Razoo

sloughflint wrote: »

Icesave is good too and have just raised rates on their easy access account. Normally internet access but I believe they can do phone too.

I hope they're good, I've just put my cash ISA with them

So a current account with a poorer instant access savings account and bulk in high interest savings account seems the way to go.

Yes, that does seem favourite in the circumstances. Probably Halifax (because I have the direct telephone number for the local branch) for the current accout with a linked Websaver, and the main hoard with Kaupthing Edge.

Tell her about Icesave being part of the passport scheme though. That might put her off.

I did wonder about the passport scheme when I was placing my ISA. Does it warrant concern? I read up on it and concluded it wasn't much of an issue.

Razoo

sloughflint

It didn't concern me but it does concern some which is why I thought I should mention it.

Farway

The passport scheme re Icesave did concern me, and may concern OP as it is the ladies life savings I believe

For this reason I opted for Kaupthing at 6.5% instant access

sloughflint

Farway wrote: »

The passport scheme re Icesave did concern me, and may concern OP as it is the ladies life savings I believe

For this reason I opted for Kaupthing at 6.5% instant access

There is no right or wrong answer here Farway. It all depends on people's attitudes which is why I wanted OP's neighbour to be aware that Icesave use the Passport scheme.

My attitude is that I want my money spread between high paying accounts and Icesave is one of them. My concern is more the time without my money in the event of needing compensation so spread is my main motivator.