Opening savings account with Power Of Attorney

BillK

My Mother has Alzheimer's and has recently moved into a care home. We have recently sold her house and she has the proceeds in her bank account. I have financial POA and need to split the money into a number of separate bank accounts so that any monies held are not more than £85000 for FSA protection and also get a better interest rate.

Can anyone please advise the correct way of opening the new accounts as I've Googled it and read that Attorneys can only manage accounts, not open them.
Any help or advice would be greatly appreciated.  

Keep_pedalling

Attorneys can certainly open accounts for a donor.

https://www.westbrom.co.uk/faqs/general-faqs/power-of-attorney/how-do-i-open-a-new-savings-account-under-a-power-of-attorney

Daliah

Different providers have different policies but there are a range of them whete you can open accounts under POA. Just check each of the ones you are interested in. I happen to know YBS will allow it

talexuser

I opened many accounts for my mother in the same situation. It all depends on the organisation, generally speaking the Building socs were helpful and knew what they were talking about with POA. Lloyds bank (where she had her main account) was a nightmare. So it is a bit random but you just persevere.

BillK

So do I open the accounts in my Mother's name and then send in my POA document for me to be able to operate them?

Daliah

BillK said:

So do I open the accounts in my Mother's name and then send in my POA document for me to be able to operate them?

No, you should follow the guidance/procedures given on the respective provider's website.

xylophone

You should contact the savings provider and explain that you have PoA for your mother and wish to open accounts in her name and operate them on her behalf as her Attorney.

You will find it helpful to get your solicitor to certify copies of the PoA - my relative who held PoA for his relative found  that providers were usually willing to accept these (which was handy when several accounts needed to be opened).

Shedman

Some that have decent interest rates and allow PoA applications (or did when we last used or contacted them) include OakNorth Bank, Cynergy Bank, Charter Savings Bank, Aldermore Bank and Hodge Bank.  It usually requires you to contact their customer services team and explain that you want to open an account using POA.  

They will then normally send/email an appropriate application form and you are likely to have to submit some or all of these documents or similar:  

1) certified copy of PoA ( some insist its a copy certified by a solicitor, but most accept one certified by other approved bodies such as Post Office certification service)

2) Form of ID and proof of address for the donor (your mother) e.g. passport, driving licence, utility bill (or letter from care home if that is now their address).  This of course can prove the tricky bit as elderly people often no longer have passports or driving licences.  If that's the case for your mum then mention it when you speak to the bank and see what alternatives they will accept

3) similarly ID and proof of address for the attorney.

Mothman

Have just opened a Marcus savings account for my elderly Mum. I opened the account in her name and then immediately telephoned to request the POA form. I have an Enduring Power of Attorney and so had to send a solicitor certified copy of the POA. I'm still waiting to hear back from them but I'm not expecting any problems and I have found their telephone support to be very helpful.

Mothman

talexuser said:

I opened many accounts for my mother in the same situation. It all depends on the organisation, generally speaking the Building socs were helpful and knew what they were talking about with POA. Lloyds bank (where she had her main account) was a nightmare. So it is a bit random but you just persevere.

Strange, my Mum banks with Lloyds and I found it very easy to do the POA with them. They have a dedicated team that handles this and I was able to upload the POA document online via a special link they sent me.  I did already have a Lloyds sign in from the days when I had a current account with them so perhaps this made it easier for them to verify my identity.

soulsaver

AIUI the donor can certify copies of the POA while they still have capacity - you don't have to pay a solicitor/post office.