Power of Attorney Question New Account

ads52

Hi

I'm power of Attorney for my mother that has dementia.. She has 350k in her bank account with Santander.  I'm hoping to open 2 single bank account with 85k in each in her name but i will be able to access her account or A joint account with 170k in, thus protecting her assets in case of the bank failing..

However I seem to be hitting a brick wall and don't seem to be able to open account for her.. I can open an account in my name and transfer money into that but I don't want to do this!!

Has anyone else had this problem and how can I resolve it!!

HobgoblinBT

Has it been registered?
https://www.nhs.uk/conditions/dementia/legal-issues/

Zanderman

How are you going about this?  You'll need to register the PoA with each bank, and the PoA procedures may differ from bank to bank.  Most banks should be able to put you through, on the phone, or by appointment, in branch, to someone trained in PoA management.  Most bank staff don't understand PoA procedures - and many don't know that they don't know.

If you don't go through those procedures the banks won't recognise your ability to open accounts in the 'donor's' name.  And so you'll be stuck.  

Don't be fobbed off with bank staff telling you you can use your own account - that would be wrong and outside the terms of the PoA as it would, in effect, be giving your mother's money to you (if it's in your account it's yours, not hers).

Having said all that when I had PoA for my mother and had a dedicated log-in for her, arranged via someone who understood PoA, online at NatWest it was fine for everyday management BUT the NatWest online system wouldn't let me open a savings account in her name, only in mine, which was nonsensical in the circumstances. That was only a minor inconvenience and I just moved on and never used the savings account, but if it had been crucial I'd have had to go to branch or ring up their PoA people again. 
  

colsten

Try  West Brom and other Building Societies. Also Paragon bank, and may be Monzo and Starling..

xylophone

The PoA is registered with the OPG?

Have you registered the PoA with Santander?

You then need to approach the institution (s) where you wish to open accounts for your mother and ask about their procedures for opening accounts as PoA.

Had you thought of opening a Direct Saver and Income Bonds accounts for your mother with NS&I?  As much as is required can safely be held there.

For example, you might choose to place say  £340,000 in Income Bonds and have the monthly interest paid to the Direct Saver.

This can then be moved to the bank account with Santander if required to pay care fees etc.

https://www.nsandi.com/our-products

https://www.nsandi.com/how-do-i-manage-accounts-other-people

colsten

Oh yes, of course, how could I forget NS&I!!!

They definitely allow you to open an account with a POA, too. Problem solved!

ads52

Yep so POA is fully registered with OPG.. She originaly banked with Santander and I have a joint account there which was easy  as she previously banked with them. I now want to open a new account/accounts ideally jointly just to ensure her money is safe!  

Vortigern

You don't want a joint account, the money is your mother's and must remain in an account in her name alone. (Cash in a joint account is jointly owned) 

Santander will allow you to operate her account once the PoA has been registered with them. You'll need to make an appointment for a branch visit.  Her account should then be visible alongside yours in online banking.

NS&I is the safest place for most of her money. The PoA application is postal and is handled quite quickly. (I've opened one recently)  You'll need a certified copy of the PoA. Start by opening a Direct Saver. You can open it with £1. Once this is opened and you have online access, you can apply online for the Income Bond. 

xylophone

 I now want to open a new account/accounts ideally jointly just to ensure her money is safe!  

You do not open joint accounts.

By doing so, you would in effect be gifting your mother's money to yourself which is not correct behaviour for an Attorney.

You open accounts in the sole name of your mother as her Attorney.

See my post above.

PRAISETHESUN

It wasn't clear from your OP so ignore this if it's what you intended to do. You need to keep in mind that if you're trying to spread around the money into £85k chunks to get FSCS protection then they need to be with different banks, not just 2 accounts with the same bank. The easiest way IMO would be NS&I, which guarantee deposits of any amount - and can be operated by POA as outlined above.

florenceabel

My sister and I have Lasting Power of Attorney for our mother. We registered with the bank when she was diagnosed with Alzheimer's Dementia. A relative has taken mother into the bank with a letter signed by mum and the bank have removed us from the account. without any consultation , is this normal practice. We now have no idea what is happening to her money .