Joint Executor Bank Account set up

tone1962

Hi , could anyone please offer some advice. My partner and her Brother are both executors of her recently passed away Uncles will. While applying for probate we have been advised to set up a joint executors account to handle his estate. It seems that there are no banks that offer the service especially during this troubled time. My question is does anyone know of a bank that we can deal with or is there an alternative solution ? We did contemplate setting a one off account in one of there names however this may be complicated should that person unexpectedly passes away ? Any ideas I would be grateful to hear. Many thanks. Tony.

xylophone

There are certainly banks which offer an exor account (sole or joint) but in my experience it is a requirement to attend at the bank in person.
https://supportcentre.natwest.com/Searchable/913244482/What-is-an-executor-account.htm
 An exor account may not be regarded as "a critical banking need".

Savvy_Sue

Are they within reach of each other / a suitable bank? Worth asking that bank if anything is possible. 

If not, then do they each have accounts at the same bank? If they do, then it may be possible for one of them to set the account up and the other have their details verified remotely, as it were. 

And if not, can one of them get to a bank where they don't have an account but the other one does, to open an account and have the other verified remotely? 

Going to have to make some phone calls. Another possibility might be for one to open the account in sole name and ask for other to be added later? 

TonieW

Hi

Is it possible to have an executor joint bank account in UK if one of the named executors is not a UK resident ?

Keep_pedalling

Unlikely, I would think it would be better for that executor to reserve their powers and let the UK based one apply on their own.

polar_pig

I've recently opened executor accounts with Cater Allen (Owned by Santander):

https://www.caterallen.co.uk/accounts/specialist-banking/solutions-for-executors-and-personal-representatives

They offer:

1. current account with cheque book, paying in book and debit card and a small amount of interest,

2.  35 day notice savings account with 4.5% AER interest rate

3. a fixed term account

I 've opened the first two and can use online banking for access, transfers to savings account, making payments etc.
You can pay in by BACS or CHAPS. Paying cheques in is by free post only, no branches, no scanning cheques. You can have up to 4 account holders. However, I am sole account holder.

Despite what they advise, mine took two weeks to set up. You have to download the application form, fill it in and send it in the post (I used tracked), provide certified copies of ID and probate documents (I used the Post Office certification service). They send the certified docs back.

https://www.postoffice.co.uk/identity/document-certification

Application process and paying cheques in process are not particularly slick, but it gives a reasonable interest rate, you can have multiple account holders. If executors live far apart, it might overcome the need for multiple account holders to be present in a branch at the same time to open an account. I think you can set it up with either single or multiple signature authority for cheques. You'd have to check if you can have multiple debit cards.
 

Keep_pedalling

You don’t actually need a specific executor account, it does need to be an account used for estate money only. Few banks actually offer them.

ProbateNewbie

Halifax said they could offer me an Executor account but also said it wasn't required & I could just set up a separate current account, which is what I did.

polar_pig

In my case I wanted total clarity that I'd not distributed the cash in the estate to myself, so decided to open an executor account in the name of "Exec of deceased". Legally it is not necessary and could have opened one in my name, but decided it was worth the extra effort to ensure that no one could "misinterpret" the situation.