Opening new sole bank account for proceeds of probate house sale Help needed please

gingercordial

Simply ask First Direct to open you a new current account in your sole name. As an existing customer this will be quick, maybe a day or two. You can have more than one account with them and this does not have to be a joint account.

That said, this wouldn't be a good idea if you and your husband share a logon to First Direct (ie same username/password). If that's the case, choose another bank.

buglawton

john1002 wrote: »

Why a current account and not a savings account? It will be easier to open a savings account than current especially if you want to earn some interest , if you need a new current account due to marriage issues then Santander is an idea but as all current accounts, require direct debits and regular income that's as well as credit checking and scoring you, you may find it difficult to open one, we don't have enough information in your post whether that is likely to happen, also as your married your husbands details will also be taken into account as I would suspect you are financially linked if you have any joint credit products.

You need to try and get this sorted ASAP as your husband could take/transfer money once it hits account. You can set a savings account up online in minutes.

John

Apart from giving an existing current account as a reference, I found it possible to get a Tesco current account (remembering to tick the 'no I don't want to switch ' box) with no fuss at all and the process was entirely online. No onerous questionnaire. Catch is lack of branches, but if you are near a megastore you can get counter service there at the customer services desk.

agrinnall

Placitasgirl wrote: »

The OP stated in post #5 that she's the Executor and Sole Beneficiary.

Ah, yes, missed that one. Although it's still not entirely clear in which role the account is required (and in my view one account can't be used for both purposes).

jonesMUFCforever

Why not just open a sole account with First Direct?

Yvonnet

I tried to phone them and open a sole account but I made mistake of explaining to them that I was opening it to transfer the funds of the property sale. I think I over complicated it and they thought I needed an Executor account.

I just want to open a sole account, provide the conveyancing solicitor with the account details, have funds transferred into it and then have the freedom to either move some of the funds for the children and some to live off. Simple but feels really complicated.

Metro bank was suggested to me by a friend - a basic bank account. Would that work? Thanks.

mt99

Ok I would definitely not open the second account at the same bank as where you hold your joint account particularly if you are having marriage difficulties the risk is too high remember you are jointly and severally liable for any debts on that account

I would choose a completely separate bank and open an account there - there are lots to choose from but I have heard good reports from TSB and Nationwide

john1002

Agrinall my advice over the DD was due to the large sum of money and the need to maximise interest, i.e. Santander, your post clears up what I was trying to refer too.

Thanks
John