Is it that difficult to open PoA challenger bank/savings accounts online?
Kernel_Sanders
Posts: 3,617 Forumite
We have £170,000 of our mother's money to invest and are happy to tie it up for a year. We have all the available current accounts and regular savers already filled, so are looking for 2 x £85,000 accounts (preferably with monthly interest so as not to go over the compensation maximum).
However my brother reports:
Trying to set up new accounts under PoA with the newer, internet banks, is difficult - Atom do not do PoA, for example. And the process takes so long that, by the time it's done, the account has disappeared.
Is this true? If so, how difficult would it be with established outfits like the Birmingham Midshires?
However my brother reports:
Trying to set up new accounts under PoA with the newer, internet banks, is difficult - Atom do not do PoA, for example. And the process takes so long that, by the time it's done, the account has disappeared.
Is this true? If so, how difficult would it be with established outfits like the Birmingham Midshires?
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Comments
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why not ask the banks you are considerig wheher thy accept POAs and what the process is?
Or be sneaky: open the accounts in your mother's name (as opposed to POA) and manage it online in her name.......0 -
open the accounts in your mother's name
PoA accounts are opened in the name of the donor - it is just that the PoA manages them.0 -
Relative who has PoA for his relative says that BM are fine with PoA.0
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why not ask the banks you are considerig wheher thy accept POAs and what the process is?
Or be sneaky: open the accounts in your mother's name (as opposed to POA) and manage it online in her name.......
Without registering the PoA with the bank you are likely to be, or be seen to be, operating outside the bank's Ts & Cs. This is not a good thing to do, especially within the formal environment of a PoA where you need to follow the rules and be seen to do so,0 -
I'm asking for people's experiences, not how good the banks think themselves to be. I'm seeking suggestions for other bank/BSs too.why not ask the banks you are considering whether they accept POAs and what the process is?
.......
In the case of Santander, her account appears to have had its name switched to mine, at least in the transactions list where it states '£x transferred to (my name)' when it has in fact gone to her (sole) account.PoA accounts are opened in the name of the donor - it is just that the PoA manages them.0 -
In the case of Santander, her account appears to have had its name switched to mine, at least in the transactions list where it states '£x transferred to (my name)' when it has in fact gone to her (sole) account.
Relative's donor has Santander 123 in donor's own name but the account is visible to relative on his own web link.0 -
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What do you mean by donor,
The donor is the person who grants the Power of Attorney.
https://www.gov.uk/power-of-attorney
My relative's relative is the donor of the PoA.
My relative acts as attorney (or agent) for the donor.0 -
Keep it simple stick the lot in NS&I.0
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