Executor Bank Account

Treetops66

I have one with Natwest, I also have a current account with them. The problem is that I can't view the account online so I've asked for weekly statements to check that debtors have paid into the account. I'm still waiting...

p00hsticks

Treetops66 said:

I have one with Natwest, I also have a current account with them. The problem is that I can't view the account online so I've asked for weekly statements to check that debtors have paid into the account. I'm still waiting...

That's odd - I've just set one up the way they suggested (open an ordinary account in my own name online first and then completed a form which I took into a local branch to alter the account name to 'executors of.....) and the account showed up online alongside my other accounts with them within 48 hours of me first setting ot up.

https://supportcentre.natwest.com/Searchable/913244482/What-is-an-executor-account.htm

It was quite straightforward in the end, although I wasn't given a cheque book and can't see at present how to request one. The one annoying thing was that I took the completed executor mandate form into the branch alosgside the requested ID mentioned in the above link, alng with a copy of the probate grant, only to be told that they also needed to have sight of a copy of the will, so had to go back home to get that ...

YorksNick

My late mother banked with Nationwide who no longer offer Executor accounts. I bank with Starling who don't offer anything. 
Initially I was advised that Lloyds would help but because they then told me because I wasn't a Lloyds customer they couldn't. (I do hold a Halifax credit card, and they're part of the Lloyds group, but it has to be a Lloyds-branded account.
In the end I went with HSBC - and even though I don't currently hold any accounts with HSBC group (have done previously) there was no problem at all - the staff in the (Huddersfield) branch were superb and the account gives me a choice of Internet or Mobile banking plus there was an option of a debit card and chequebook (which I declined).

Hope this is useful to others negotiating this...

p00hsticks

YorksNick said:

My late mother banked with Nationwide who no longer offer Executor accounts. I bank with Starling who don't offer anything. 
Initially I was advised that Lloyds would help but because they then told me because I wasn't a Lloyds customer they couldn't. (I do hold a Halifax credit card, and they're part of the Lloyds group, but it has to be a Lloyds-branded account.
In the end I went with HSBC - and even though I don't currently hold any accounts with HSBC group (have done previously) there was no problem at all - the staff in the (Huddersfield) branch were superb and the account gives me a choice of Internet or Mobile banking plus there was an option of a debit card and chequebook (which I declined).

Hope this is useful to others negotiating this...

That's interesting - I had the reverse experience. I went into HSBC to ask about opening one and was immediately asked if I was an HSBC customer - I explained I wasn't directly but did bank with First Direct (which is part of HSBC). There then followed a long discussion between several branch staff to see if this counted. As they couldn't agree, either on whether a First Direct account could be considered as 'banking with HSBC' and if this was a condition of opening an exeutors account at all, they said they would have to escalate it, took my details and said they would be in touch. I never heard anything further from them....

Pennylane

I was told by Barclays that I did not need to open an executor account.  That was at the start of this year.  

YorksNick

Pennylane said:

I was told by Barclays that I did not need to open an executor account.  That was at the start of this year.  

I think you could use your own bank account but I wanted something separate. I want to be able to show bank statements to the beneficiaries of the estate and I certainly don't want to show them my personal bank statements.

Certainly everyone that owes money to the estate has just asked for a sort code and account number and there has been no other stipulations.

YorksNick

YorksNick said:

My late mother banked with Nationwide who no longer offer Executor accounts. I bank with Starling who don't offer anything. 
Initially I was advised that Lloyds would help but because they then told me because I wasn't a Lloyds customer they couldn't. (I do hold a Halifax credit card, and they're part of the Lloyds group, but it has to be a Lloyds-branded account.
In the end I went with HSBC - and even though I don't currently hold any accounts with HSBC group (have done previously) there was no problem at all - the staff in the (Huddersfield) branch were superb and the account gives me a choice of Internet or Mobile banking plus there was an option of a debit card and chequebook (which I declined).

Hope this is useful to others negotiating this...

Update: When I applied for the HSBC account they told me they would do a soft credit search for validation purposes only.

However a hard credit search has now appeared on my Equifax credit report which I think is wrong as there was no credit application as part of the account application. It's not a major issue for me (it should be taken off in 6 months) but it may be for others. 

getmore4less

Who is named on the grant?

Solicitor should follow their instructions.