Power of attorney and best savings interest rates

yorkcov

Hello
I have power of attorney over my mothers affairs. She has money in a national savings fixed term bond which is due to mature soon and their current offerings are very poor.
Has anyone got any experience of getting a half decent rate from anywhere that can handle p of a. Obviously internet based accounts are out. I'm looking for both instant access and fixed term.
Also there used to be something that offered the average of the best 5 interest rates. Has it gone away? Can't find any mention of it!

Regards

Alan

innovate

It's Investec that offers best 5 (and 10) rates: http://www.investec.co.uk/products-and-services/banking-services/personal-savings-accounts.html

Though you wil just get the best 5/10 of a dreadful set of rates. You can do a lot better with a number of current accounts.

Why are Internet based accounts out?

alanq

As innovate says don't rule out online accounts. Some financial institutions are willing to provide online accounts under POA. (e.g. Natwest though its rates currently are poor).

yorkcov

Thanks Innovate. I can't see how to do an internet one. It would need to be in her name and they would send the details to her. I doubt if any have the wherewithal to handle me as power of attorney, me handling the account and using my address. If anyone has achieved it I would love to know. Thanks for details of Investec.

Alan

yorkcov

Thanks Alanq.
I suppose I meant internet only accounts, which tend to have higher rates. Her main account is with Natwest and she still has a small and dwindling savings account with them, both of which I operate online however as you say their rate is very low.

Regards

Alan

yorkcov

innovate wrote: »

It's Investec that offers best 5 (and 10) rates: http://www.investec.co.uk/products-and-services/banking-services/personal-savings-accounts.html

Though you wil just get the best 5/10 of a dreadful set of rates. You can do a lot better with a number of current accounts.

Why are Internet based accounts out?

Just checked investec and they are no longer offering those accounts!

Regards

Alan

innovate

yorkcov wrote: »

I can't see how to do an internet one. It would need to be in her name and they would send the details to her

The whole point about a POA is that you can manage someone else's affairs, incl their financial ones, on their behalf. You are entitled / expected to open their mail, and you are expected to make reasonable efforts to get the best returns for their assets. Having their money linger in a savings account is far from the best return.

May be consult with Age Concern about your rights (and duties)? http://www.ageuk.org.uk/money-matters/legal-issues/powers-of-attorney/

innovate

yorkcov wrote: »

Just checked investec and they are no longer offering those accounts!

Regards

Alan

Could be a godsend for you / your mum!

yorkcov

innovate wrote: »

The whole point about a POA is that you can manage someone else's affairs, incl their financial ones, on their behalf. You are entitled / expected to open their mail, and you are expected to make reasonable efforts to get the best returns for their assets. Having their money linger in a savings account is far from the best return.

May be consult with Age Concern about your rights (and duties)? http://www.ageuk.org.uk/money-matters/legal-issues/powers-of-attorney/

I've looked into powers and duties etc. quite carefully including reading the Age Uk leaflets and been operating things OK for about 4 years.
The limiting factor is that any account has to be in her name, which immediately creates problems with internet only accounts.
I accept that I have a responsibility to get the best return but also at an acceptable risk which for me rules out anything other than savings accounts - unless you know different?

Regards

Alan

Biggles

yorkcov wrote: »

The limiting factor is that any account has to be in her name, which immediately creates problems with internet only accounts.

It must be in her own name, but that isn't a limiting factor in any way.

There are no problems with internet accounts, I ran many while I was operating a PoA for my mother four/five years ago. There were only a couple of banks that couldn't hack it, I'd hope there were even fewer now.

All correspondence (snail and email) is with the Attorney. The only thing you have to ensure is that your mother is registered on the electoral roll, as they will need that for the ID (you may be reliant on a care home to do that, but they are used to it).

sparkyspark

I have POA at the moment for my mother-in-law and have had no difficulty applying for accounts online, in branch or over the phone.
Currently she has 3 Lloyds Classic Vantages, 4 Santander Accounts, 1 Coventry Account, Birmingham Mid Bond, Britannia Account and tomorrow she will have 3 TSB Classic Enhancement Accounts as well as other smaller accounts.
With regard to the name on the accounts, they must all be in your mothers name as applicant, but all you need do when you open them is to stipulate your home address as the point for all correspondences to be sent. All you need is the actual POA document and usually two ID showing her name and address e.g. council tax bill, recent household bill, pension credit letter and the list goes on, and of course you can manage most accounts online as well.
To open an account in branch sometimes both attorneys (joint in our case) need to be present and sometimes one of us can open an account, it varies with institutions.