Single account joint access

lr1277

Hi

I am asking this on behalf of an aunt of mine. She is getting on so would like to open an account where somebody else also has access and can pay some bills.
The problem is with a joint account, both people each own half the money, which is not what my aunt wants.

On some other threads I think I saw the concept of a single account with multiple access (sometimes if the 2nd person also had an account with that bank). I searched the forum but cannot find any details.

So can you help with a single account which allows named people to access it?

Many thanks

LR

boo_star

lr1277 wrote: »

Hi

I am asking this on behalf of an aunt of mine. She is getting on so would like to open an account where somebody else also has access and can pay some bills.
The problem is with a joint account, both people each own half the money, which is not what my aunt wants.

On some other threads I think I saw the concept of a single account with multiple access (sometimes if the 2nd person also had an account with that bank). I searched the forum but cannot find any details.

So can you help with a single account which allows named people to access it?

Many thanks

LR

Ask the bank if they can give you a third party mandate.

This will give you access without the account being "joint"

I'd add that a joint account doesn't mean half the money is owned by each account holder. Either account holder can withdraw the lot if they want, which may be possible by someone with a third party mandate depending on the restrictions the bank chooses to apply.

xylophone

https://supportcentre.natwest.com/Searchable/913241532/What-can-I-do-as-a-third-party-on-an-account.htm

boo_star

xylophone wrote: »

https://supportcentre.natwest.com/Searchable/913241532/What-can-I-do-as-a-third-party-on-an-account.htm

That's only for Natwest. Nationwide have restrictions on cash withdrawals and transfers.

As I said, it depends on what restrictions the bank chooses to apply. As far as the OPs aunt is concerned though, she should really assume the OP will be able to do everything she can.

Savvy_Sue

Perhaps the aunt should be looking into Power of Attorney?

Keep_pedalling

Savvy_Sue wrote: »

Perhaps the aunt should be looking into Power of Attorney?

That is definitely what she should do.

lr1277

Thanks for the help. I will pass on your answers to my aunt.

Tom99

[FONT=Verdana, sans-serif]If you are happy to be financially linked then a joint acct is the easiest way to go.[/FONT]
[FONT=Verdana, sans-serif]As said, it does not mean you own 50%, it can still be 100% your aunts.[/FONT]
[FONT=Verdana, sans-serif]In terms of you making off with her money the other options would allow that anyway so that is no reason to reject a joint acct.[/FONT]

boo_star

Keep_pedalling wrote: »

That is definitely what she should do.

I'd argue for the purposes of "paying a few bills" a POA is far too broad and means that she effectively loses control of her accounts.

It doesn't appear that she's incapable of managing her own affairs yet so it's probably a bit much, at least currently.

Zanderman

boo_star wrote: »

I'd argue for the purposes of "paying a few bills" a POA is far too broad and means that she effectively loses control of her accounts.

It doesn't appear that she's incapable of managing her own affairs yet so it's probably a bit much, at least currently.

PoA doesn't have to mean losing control. The 'donor' (in this case the aunt), if she still has 'capacity', can continue to operate the account(s). But PoA gives the attorney(s) that power too.

So PoA doesn't have to 'give power away' unless the donor is considered incapable of operating accounts. It can, in effect, be shared power. Which is what a joint account would be too.

if the aunt trusts the OP she has nothing to lose with PoA and potentially a lot to gain as PoA gives wider access to her affairs which, judging by her request for help with her account and bill-paying, she needs.,

msallen

boo_star wrote: »

It doesn't appear that she's incapable of managing her own affairs yet so it's probably a bit much, at least currently.

But that's the point. A POA can only be set up whilst the donor still "has all their faculties". If its left too long it can't be done.

A POA is absolutely the best option here.