Account with son

Cuckooclock

I am disabled & recently widowed, can I open a bank account with my son. He gets money out for me,
I would like my housekeeping & expenses to transfer on pension day to another account. Then he would be able to take out what I need & give me the cash is this possible?

xylophone

If you are on means tested benefits, (or might require them) it would not be advisable to do this.

You might open another bank account in your own name, set up a SO to the new account from your existing account for whatever amount you want your son to take out for you and set up a third party mandate in his favour on the new account.


https://www.moneyadviceservice.org.uk/en/articles/getting-informal-help-to-manage-your-money

Zanderman

Yes, you should be able to open a joint account with your son. But bear in mind that joint accounts instantly link the credit history of both parties. This can mean that if one of you has a poor credit rating and the other a good one, the good one gets reduced. This might affect applications for other accounts and loans, credit acrds or even mortgage in the future.

If you just want him to get you cash there are simpler ways. The most basic is to trust him with your pin number (though this does break the banks t&c) and ask him to just get you the money from your own account. Or simply transfer money online to him (if you bank online) or write him a cheque (if cheques are still your thing) to him and get him to take the cash from his own account. That's what my old mum does and it works just fine.

If you need another account anyway just open one in your own name, which is easiest to do with your own bank - giving you two current accounts in the same place.

Keep_pedalling

Better to appoint you son as a lasting power of attorney. This has the advantage that he can also act for you should for any reason you become incapable of making your own decisions.

Zanderman

Keep_pedalling wrote: »

Better to appoint you son as a lasting power of attorney. This has the advantage that he can also act for you should for any reason you become incapable of making your own decisions.

That might be a good idea long term (and a good thing to get written up and registered), but can complicate things unnecessarily for now - as all the OP seems to need at present is for her son to get her cash now and then. An LPA is not needed to achieve that.

Keep_pedalling

Zanderman wrote: »

That might be a good idea long term (and a good thing to get written up and registered), but can complicate things unnecessarily for now - as all the OP seems to need at present is for her son to get her cash now and then. An LPA is not needed to achieve that.

True it will take a little time to set up, but it is better not to put off these things as none of us know when we might be struck down by illness or accident.

Zanderman

Keep_pedalling wrote: »

True it will take a little time to set up, but it is better not to put off these things as none of us know when we might be struck down by illness or accident.

The OP has said they are disabled. All they asking for is a system for their son to get them cash.

Suggesting an LPA to solve this is rather over the top. As I said in my reply an LPA is good long-term advice - but that advice applies to us all. It's not addressing what the specifics of what the OP asks. Those specifics (getting cash) can be easily solved in many other vastly simpler ways.

Keep_pedalling

Zanderman wrote: »

The OP has said they are disabled. All they asking for is a system for their son to get them cash.

Suggesting an LPA to solve this is rather over the top. As I said in my reply an LPA is good long-term advice - but that advice applies to us all. It's not addressing what the specifics of what the OP asks. Those specifics (getting cash) can be easily solved in many other vastly simpler ways.

An LPA, along with a will, is something most adults should have in place regardless of the state of their health, which is why I suggested it. By all means put a temp solution in place, but in the long term it is the way to go. We have had ours in place for a good few years now, and although current not needed it is good to know that if either of us becomes incapacitated tomorrow all our financial affairs can still be managed by the other or by our children.

If I had not persuaded my mother to set one up as well we would be in a right pickle trying to manage her affairs now that she has had to go into care.

Dobbibill

OP you can also phone the bank and ask them to transfer money to your son if you don't do internet banking.

That gives you total control of your own finances, saves opening a new account and prevents the need to divulge your PIN.

Biggles

For the reasons mentioned, a joint account might not be the best idea.

The simplest would be to ask the bank for your son to be a signatory on your account, so he could draw out cash (and, preferably, have his own debit card) but didn't have ownership of the account.

datlex

OP clearly you are able to use a PC. There is no reason that you could not use internet banking to make a transfer to your son's account when you want money withdrawing. If you are comfortable using a banking app it is very easy on those.