Best account to hold estate money?

Hi. Currently an executor of an estate and will hopefully (fingers crossed) be getting some money from the deceased's bank accounts. Which is the best bank account at the moment to hold the money before distributing to beneficiaries? Looking for a current account I think which pays more than 0% interest. 

Replies

  • Savvy_SueSavvy_Sue Forumite
    45.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    You may not be able to find an interest paying account which can be opened as an executor's account. If you're just opening another personal account then I suggest looking at https://www.moneysavingexpert.com/banking/ on the main site. It's going to partly depend on how much you're expecting to pass through the account, but some of the interest paying accounts only pay out if regular amounts go out each month; others want two DDs set up; and some want both. 

    If you want to be able to make transfers by internet banking, that adds another level of complexity. 

    You may find you need to open both a current and a savings account, although eg Virgin pays more interest on its current account than on its linked saver ... 


    Signature removed for peace of mind
  • msb1234msb1234 Forumite
    327 Posts
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Forumite
    I initially opened another account with the bank where my current account is held - just a basic savings account. Then I had to open an executor account as one insurance company would only pay out to either a solicitor client account or an executor account! 
Sign In or Register to comment.
Latest MSE News and Guides

Did you know there's an MSE app?

It's free & available on iOS & Android

MSE App

Regifting: good idea or not?

Add your two cents to the discussion

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools