Need a current account and savings account that can't spend much in a day

Falesh

As molerat says the issue is very time limited, it is also very rare and unlikely to happen again. However since there is a possibility that it does we want to be as prudent as possible. Longer term options depends on his treatment, so far we haven't had much help, but that's another story. Right now he wants to live as normally as possible, so having an account he can manage, but has some safeguards, is the ideal solution if it is possible.

It would be great if there was a savings account that really did lock up your money for up to 7 days. That way he could stick all but £200 into it when he gets paid and then just keep £200 in his current acount, taking it from the savings, with the delay, when needed.

elsien

Falesh said:

He has a mental health issue that very rarely means he loses control of his actions. Once he emptied his account when in that state and the money was lost. Because of that he would like a limit on how much can be taken out as a form of protection. This is unlikly to happen again, but if it does £200 would be all that is lost, which is a sum that hurts a lot, but doesn't set him back to square one. He would like a spending limit high enough that he can still do things like christmas shopping without getting capped out too easily.

"Rich people - they all have their quirks..." He, nor I, are anywhere near rich. His usual weekly spend is extremely low. He's trying to save up for driving lessons and then a second hand starter car.

I think the point was that he could splurge £200 day after day, if so inclined so the end result would be the same. 

I can’t think of any savings accounts where you can’t take money out at all  - normally there’s a get out where you access the money but lose interest. I did hold a post office book once for someone at their request to stop them spending the money but they then just went in, reported it lost and got a new one so that didn’t work either. 

In answer to Seashell’s LPA point, aside from not being old enough, on the OPs posts so far there’s little evidence that the nephew can’t manage his finances on a regular basis. He may have the occasional blowout but removing his ability to generally manage his own finances seems an overreaction. 

Brie

It's my understanding that a number of accounts also have a weekly limit as well as a daily one.  So perhaps he can spend £200 a day but then there may be a £500 a week limit as well. 

The alternative might be one of those debit cards targeted at children where the parent can monitor them.  Sorry - i have no links available but I'm sure someone else will be able to provide something.

General_Grant

Falesh said:

As molerat says the issue is very time limited, it is also very rare and unlikely to happen again. However since there is a possibility that it does we want to be as prudent as possible. Longer term options depends on his treatment, so far we haven't had much help, but that's another story. Right now he wants to live as normally as possible, so having an account he can manage, but has some safeguards, is the ideal solution if it is possible.

It would be great if there was a savings account that really did lock up your money for up to 7 days. That way he could stick all but £200 into it when he gets paid and then just keep £200 in his current acount, taking it from the savings, with the delay, when needed.

There used to be.  I had one.  It might have been with National & Provincial Building Society.

However I haven't seen a 7-day notice account for a long time.  But it could be worth looking for one. 

An alternative would be a Post Office online saver.  You can make withdrawals to your nominated linked current account with an external provider.  In my experience, withdrawals do take more than a day to arrive in my bank account.  

A_Lert

Did you exhaust all options for recovering the money from the previous incident? Since he's a minor he can void most contracts at will.

As for in future, a lasting power of attorney may be the best way to go. The attorney could manage his savings leaving just what's needed for everyday expenses in his current account.

Since this is a mental illness, the situation where he is abusive and harassing towards the attorney(s) in an attempt to get to his money must be considered. He should not live with the attorney or he will inevitably pressure them into doing what he wants. I was in a similar situation (though with no LPA) where someone mentally ill who I lived with forced me into helping them spend large amounts of their money.

born_again

Falesh said:

He has a mental health issue that very rarely means he loses control of his actions. Once he emptied his account when in that state and the money was lost. Because of that he would like a limit on how much can be taken out as a form of protection. This is unlikly to happen again, but if it does £200 would be all that is lost, which is a sum that hurts a lot, but doesn't set him back to square one. He would like a spending limit high enough that he can still do things like christmas shopping without getting capped out too easily.

"Rich people - they all have their quirks..." He, nor I, are anywhere near rich. His usual weekly spend is extremely low. He's trying to save up for driving lessons and then a second hand starter car.

Best bet in that case is to talk to various banks. They all will have teams that deal with vulnerable people. In some cases they can put extra limits in place to help.
So visit some branches, explain the situation & they should be able to advise what they can do. DO NOT just simply look online.

Daliah

Falesh said:

It would be great if there was a savings account that really did lock up your money for up to 7 days. That way he could stick all but £200 into it when he gets paid and then just keep £200 in his current acount, taking it from the savings, with the delay, when needed.

There is such an account. NS&I Direct Saver. Everything you deposit in there by Debit Card (not by bank transfer) takes an entire 7 calendar days to clear. Until it is cleared, you cannot withdraw your money. Although after the 7 days, you can withdraw the lot.

Daliah

General_Grant said:

However I haven't seen a 7-day notice account for a long time.  But it could be worth looking for one. 

RCI do a 14 day Notice account. For adults only, however.

pokora

May I suggest Starling or Monzo using pots to keep money aside. You could setup to your income to go automatically into pots and feeding the account when you need to use the money.