Best new account for Probate?

nausea

I need to open a Personal Representatives account for my late mothers estate. Initially there will only be money coming out (bills) followed by maybe 5-10k going in. The accounts will be analysed by Inland Revenue.

I already have an Alliance & Leicester Current account and we have a Nationwide Mortgage & an account for bills etc but no savings.

Can anyone suggest a suitable account for this! Not too high overdraft but some reward for being in credit would be nice.

datostar

I'm in pretty much the same position with my late father's estate at the moment. His main account was with Barclays, as is mine. They've told me I can apply for an Executor's Account on Grant of Probate. I'll probably need to do so as payments could be in his name or to 'Executor' or 'Personal Representative' of ...' which would cause problems trying to pay them into any other kind of account. It looks as if a life insurance policy is going to pay out in my name and they've asked me for my bank details for a direct payment in. I'm not entirely happy about that because it means I can't keep everything entirely separate but I can live with it. I should think any possible overdraft facility will depend on your own credit-worthiness and as they're current accounts interest earned is probably out of the question. Another thing to watch is that these accounts might be regarded as 'business' accounts which means charges apply.

I should start with A&L because they will already know you or possibly your late mother's bank, who at least will have an idea of the funds available. It's not likely that a new bank would be interested because these tend to be short-term accounts with little or no profit for them.

Mikeyorks

nausea wrote: »

Can anyone suggest a suitable account for this!

Not easy to come by, I'm afraid.

Your best chance (in fact your only chance) is with a Bank that your Mum was associated with ........ or one that you are associated with.

Lots of earlier threads on here / Savings forum outlining the difficulties - and which appear to have become more marked over the last 18 months.

datostar

Update

A number of organisations that originally told me that Probate would be necessary before release of assets have now decided to cough up and several thou is now sitting in my little used Co-op Current Account. This is not my main account and only has about £80 of my own in it. This will therefore be the 'Executor's Account', already fully enabled for internet access, direct transfers etc. Now that Barclays fully realise at last that I'm not in the least interested in using ITC even they are offering release of funds on signed indemnity. Well it won't be forthcoming from me . Thanks in part to their initial obstructive attitude I've had to apply for probate anyway and I certainly won't be going cap in hand 'applying' to them for an Executor's Account. Not all in the Barclays Garden is rosy yet, though. They are still are withholding up to date statements. I know that there have been cheque payments in since the date of decease because I paid them in myself and I suspect there have been STO/DD payments also which I will have to recover.
Estate funds are now not entangled with my own finances and I'll refrain from using the Co-op account for other than estate purposes until everything is settled.
Obviously there's the potential problem that if anything happens to me in the meantime the estate assets become part of my own estate. Not an insuperable problem. Of course, I could have given Power of Attorney to ITC (£250 setting up fee) as executor and let them take a few thousand out of the assets and avoid these problems (like hell!!)