The ever-increasing bother of bank asccounts

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Nuuk
Nuuk Posts: 43 Forumite
in Budgeting & bank accounts
I've just received an email from Santander. Basically, to use my on-line account in future, I will have to have a mobile phone. But why should I be made to have one? My Barclaycard PIN Sentry works perfectly well for Barclays.



Anyway, my question is, do I stay with Santander (123 account) or move? And if so, where, as (with only a state pension) I can only deposit £634 each month?.


I am tempted to forego all the 'extras, and open a simple account with Lloyds, the last bank left open where I live.
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  • 18cc
    18cc Posts: 2,120 Forumite
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    I think the first question is do you have a smartphone and are you willing to do your banking via the smartphone app which will be a lot simpler than logging onto a desktop particularly if you don't use banking a lot

    it does require you have a smartphone of course
  • sal_III
    sal_III Posts: 1,953 Forumite
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    edited 16 July 2019 at 1:32PM
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    There is a legal requirement for banks to implement multi factor authentication for online banking. Some like Barclays offer it via dedicated device, others like Santander don't.

    You need to decide whether the bother of changing banks and losing the 123 account benefits outweighs the £20 on off + £5 each month for a mobile phone.

    You don't need a smartphone and app, Santander liek most other banks will offer OTP via text message, so dumb phone is enough.
  • 18cc
    18cc Posts: 2,120 Forumite
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    Can I also refer you to this thread

    https://forums.moneysavingexpert.com/showthread.php?t=6021774
  • Browntoa
    Browntoa Posts: 49,300 Forumite
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    edited 16 July 2019 at 1:35PM
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    You simply need a basic phone , on payg, to receive texts.

    From once I've experienced it only happens the first time you use a retailer the bank then authorises all subsequent transactions with them
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  • Tammykitty
    Tammykitty Posts: 1,005 Forumite
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    It's a complete pain.


    I have 5 different bank accounts - don't want to download 5 different phone apps - and my house has a very poor mobile signal - so OTP by text isn't always possible.


    How are the elderly meant to have online banking or online shopping as there is still a significant portion don't have mobile phones - and some of them do use the internet.


    I personally don't like having banking apps on my phone - I don't consider it safe to be carrying all my bank details in my pocket - I will probably keep an old basic smartphone in the house for banking apps.
  • DigForVictory
    DigForVictory Posts: 11,906 Forumite
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    Increased security legislation is coming in which most banks are managing through their mobile apps. Before sweeping off in a huff, use you senior years to chivy Santander into displaying what it has on offer for those who *cannot* use a mobile - the partially sighted & blind for a start?

    It's currently focused on online buying - if you don't shop online, it shouldn't be that big a deal, but do not let a bank dictate terms when your age & the assorted privileges & protections that go with it should be helping you.

    This article is a rough guide to what & why things are changing, this time.
  • Nuuk
    Nuuk Posts: 43 Forumite
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    18cc wrote: »
    Can I also refer you to this thread

    https://forums.moneysavingexpert.com/showthread.php?t=6021774


    Thanks 18CC. Looks like I will have little choice but to use a phone. I can't quite see why a land-line won't suffice though.
  • Nuuk
    Nuuk Posts: 43 Forumite
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    Browntoa wrote: »
    You simply need a basic phone , on payg, to receive texts.

    From once I've experienced it only happens the first time you use a retailer the bank then authorises all subsequent transactions with them


    Thanks Brwntoa. From what I received this morning, this will be for all on-line banking, ie checking a statement etc.
  • Nuuk
    Nuuk Posts: 43 Forumite
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    DigForVictory wrote: »
    Increased security legislation is coming in which most banks are managing through their mobile apps. Before sweeping off in a huff, use you senior years to chivy Santander into displaying what it has on offer for those who *cannot* use a mobile - the partially sighted & blind for a start?

    It's currently focused on online buying - if you don't shop online, it shouldn't be that big a deal, but do not let a bank dictate terms when your age & the assorted privileges & protections that go with it should be helping you.

    This article is a rough guide to what & why things are changing, this time.


    I'm much too close to Nirvana to go off in any huff, but I will see what else Santander can offer. :D
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    With its 'trusted device' arrangement, BOS (and maybe the other Lloyd's banks), is by far the best prospect if you're looking for a new bank account. In effect, if I understand it correctly, nothing will change, since your PC is the trusted device.
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