Opening Bank Account as Lasting Power of Attorney

bemused14_2

My son had an accident 2 years ago and I have Lasting Power of Attorney for him.

I want to open a bank account that will initially be a savings account but hopefully when his recovery is complete can be changed to a current account. He is still in rehab so it is difficult for him to come with me to the bank.

Could I please have some advice on which bank would be best for me to open an account

innovate

How old is your son? Assuming he is an adult: is he on the electoral Roll? What does his credit file look like? The latter is only relevant if you want to open a current account.

You should be able to open a savings account for him online if he is on the electoral roll, or if he is a minor. I don't know of any savings account that can be 'upgraded' to a current account BUT there are many current accounts that pay a lot better interest than savings accounts. Thus you would probably do better if you could open a current account. Current accounts can be opened online if the applicant is over 18, is on the ER and has a decent credit record.

bemused14_2

My son is 21 - he was living with his dad at the time of his accident so I assume that he is on the ER but will check.

Helpful advice thank you

jonesMUFCforever

At 21 I assume he has a bank account already - if so it might be easier to open the account with that bank for id purposes.

Biggles

jonesMUFCforever wrote: »

At 21 I assume he has a bank account already - if so it might be easier to open the account with that bank for id purposes.

If he has an account, all you have to do is tell the bank that you will manage it under the PoA.

Vortigern

I've registered LPOAs with 3 banks recently.
You will need to make an appointment to visit a branch. Insist that you want to see somebody experienced in handling POAs.
You will need to take proofs of ID/address for yourself and for your son. You will need to take the original POA but don't leave it with them. They will make a copy.
You will not need to take your son to the bank, although the bank may ask you to. (Just tell them it's not possible - that's why you have a POA.)

I opened a Santander 123 current account using POA for an elderly couple who had no previous dealing with Santander. For some reason Santander do not issue debit cards on POA accounts, but they do allow online banking by the attorney.

I also registered the POA on their existing Halifax Reward current account. Halifax will issue debit cards and chequebooks to attorneys. They also gave me online access.

I don't know of any savings account which could convert to a current account. You'd get better suggestions if you could say how much you have to deposit and for how long.