Creating an account for dad with dementia

Scottienan

I have a dad with dementia living in a care home and a mum in sheltered accomodation. We have recently sold their house and now wish to invest the money so that we can maximize the time we can pay for both parents' care. We are very mindful of the rules regarding deprivation of assets and have no wish to hide the money but at the same time would prefer to establish separate accounts to prove, should we need to, that we are ensuring that dad has received his fair share of the money. I have lasting power of attorney but am finding it difficult to take out an account in dad's name. Any ideas?

MEM62

What difficulties are you facing?  

Shedman

Unfortunately it is getting harder to find banks that will open an account using an LPA (if that is your issue), especially ones that pay a decent rate of interest.   You will almost certainly have to contact their customer service team rather than being able to apply online as most require a particular form to be completed.  Suggestions as to banks to try are OakNorth Bank, Charter Savings Bank, Cynergy Bank, Hodge Bank and Aldermore Bank.  You could also try National Savings and Investments (NSI) and go for Premium Bonds, Direct Investment account or maybe one the new Fixed bonds they've just launched.

By the way have you registered the LPAs on the digital service that might make things a bit easier as banks can access proof of the LPA with an access code you can provide them rather than having to send in certified copies.  

https://publicguardian.blog.gov.uk/2020/07/17/weve-launched-the-new-use-a-lasting-power-of-attorney-service/

https://www.gov.uk/use-lasting-power-of-attorney

talexuser

Agree with above, I found Lloyds to be hopeless for LPA (existing account for my Mum), Yorkshire and Coventry Building Socs much better. It is pot luck, phone around and find somewhere helpful.

bunnygo

I've found Saga helpful with this - neither party needs to be a previous customer to open an attorney account. However if you are talking investments, that might be a different issue. Do you have any investments of your own so you could try those platforms?

I am managing investments under a power of attorney but they were there already, if that makes sense.

eskbanker

Scottienan said:

I have a dad with dementia living in a care home and a mum in sheltered accomodation. We have recently sold their house and now wish to invest the money so that we can maximize the time we can pay for both parents' care. We are very mindful of the rules regarding deprivation of assets and have no wish to hide the money but at the same time would prefer to establish separate accounts to prove, should we need to, that we are ensuring that dad has received his fair share of the money. I have lasting power of attorney but am finding it difficult to take out an account in dad's name. Any ideas?

Do you literally mean 'invest', as opposed to 'save'?  The former would generally be considered a long term activity, so even if there's enough of a pot to fund many years of care fees, a decent chunk of it should be kept in cash deposit form.

Is your mother still able to manage her finances or are you acting for both of them?

xylophone

My relative had no problem with setting up accounts for his donor.

https://www.kentreliance.co.uk/power-of-attorney

https://www.ybs.co.uk/help/registering-power-of-attorney

https://www.coventrybuildingsociety.co.uk/member/help/member-support/power-of-attorney.html

https://www.nsandi.com/help/manage-money-for-others/manage-saving-for-adult

Vortigern

I've used postal applications for Paragon and NS&I - without difficulty.

I've opened Santander and Halifax accounts in branch - appointments necessary.

I've then operated all the above via online banking