Choosing accounts when you have power of attorney

hen34

Wonder if anybody can help with a bit of a family argument going on.

My dad and my aunt both have power of attorney for their mother. My aunt has taken charge of the money and has just put it all into various HSBC accounts. She says that it is difficult to open accounts in other places when you hold power of attorney. We are worried that she is not getting the best interest rates, and also that all the money is in one place, mainly in 6 month bonds. I know HSBC is big, but is it a good idea to lock it in in today's economic climate?

Many thanks

Hen34

RuthLong_2

hen34 wrote: »

Wonder if anybody can help with a bit of a family argument going on.

My dad and my aunt both have power of attorney for their mother. My aunt has taken charge of the money and has just put it all into various HSBC accounts. She says that it is difficult to open accounts in other places when you hold power of attorney. We are worried that she is not getting the best interest rates, and also that all the money is in one place, mainly in 6 month bonds. I know HSBC is big, but is it a good idea to lock it in in today's economic climate?

Many thanks

Hen34

It can be tricky to open accounts under POA but it shouldn't be necessary to hold all the money in one account. I managed to open accounts with Lloyds TSB, Sainsbury's, Alliance and Leicester and 'ahem' Icesave with my dad's POA

Biggles

It can be time-consuming, and ID can be problematical, but I've been turned down by hardly any banks/building societies. I have opened accounts with LTSB, Kent Reliance BS, NS&I, Northern Rock, Whiteaway Laidlaw, Nottingham BS, Anglo Irish Bank, Yorkshire BS and, oops, IceSave.

You don't say how much is involved but, if it's over £50,000, it's a *very* bad idea to have it all with one bank, irrespective of the interest rate, though HSBC are hardly famous for good savings rates.