best savings for 3rd party access

lisyloo

Im asking if anyone has experience of 3rd party access.
I am deputy for my MIL and have a court order.
She is going to come into a 6 figure sum through the sale of property.
This is going to be spent quite quickly on nursing home fees.


I am not that bothered about interest rates, but I would like an account I can manage on-line because my job will not allow me a lot of telephone access.


Marcus only allow telephone access for 3rd parties.


So does anyone have experience of good savings accounts for 3rd parties? Good being easy to set up and operate on-line rather than top rates.

Keep_pedalling

I would consider a NS&I income bond. Although it gives you on line management, you would have to apply by post because you are applying as her deputy.

lisyloo

Thanks. I'ts more than £85K, so would need to split, but had forgotten about HM treasury, which doesn't have that requirement.

colsten

I thought all current accounts offer 3rd party access? Certainly Lloyds, Santander, HSBC and Nationwide do. Although they are not obliged to offer it to all applicants, they should all have the required capabilities in their systems and processes.

xylophone

Relative manages a number of accounts on line for his PoA donor, including NS&I.

Shedman

For an easy access account with reasonable interest rate (currently 1.5%) I found Cynergy Bank, formerly Bank of Cyprus, pretty straightforward to open using POA for MiL. Most online banks require you to call them and get the necessary application form sent to you, but Cynergy allows for a POA application online, although you do still have to send ID, proof of address and certified copy of PoA or similar by post afterwards.

Main problem with opening accounts for as POA for elderly people, particularly if like my MiL they are now in care home, is being able to produce the required ID and proof af address docs for them as they may not have passports or driving licences, utility bills or bank statements with current address, etc.

For longer term savings, eg 90 day notice account and 1 year fixes, we used Secure Trust and Wyelands Bank. Again reasonably straightforward but do need to call them for the necessary application form to be sent first.

lisyloo

colsten wrote: »

I thought all current accounts offer 3rd party access? Certainly Lloyds, Santander, HSBC and Nationwide do. Although they are not obliged to offer it to all applicants, they should all have the required capabilities in their systems and processes.

Maybe I got unlucky with the first one I tried.
https://www.marcus.co.uk/content/dam/mosaic/savings/pdf/Marcus_ThirdParty_Access_Instruction.pdf


Note this is for savings not current account.
The current account is fine with Barclays.


From an ease of use POV I like the idea of NSI as I can keep that in one place due to HM treasury backing rather than splittng it for FCSC.


The interest differences are not that huge when you think of it in terms of nursing care weeks (£825 per week).



Will discuss with family.

lisyloo

Main problem with opening accounts for as POA for elderly people, particularly if like my MiL they are now in care home, is being able to produce the required ID and proof af address docs for them

Past experience is that MIL has an electronic footprint and they generally don't ask for that (unless it's different now she's lost capacity).
But yes no proof of address at the nursing home that I can think of.

Vortigern

As noted by Shedman - proofs of name and address can be a problem and different banks have different rules.

Paragon looks promising, although I haven't yet tried to open an account there with LPA.

lisyloo

Thanks all.
I think I’m going to try nsandi initially because at least the money is safe and I don’t have to worry about splitting it.
Then I can worry about better rates at my leisure.