Best bank account for vulnerable elders?

ConcernedRellie

Fair point!

Band7

Lloyds third party access: https://www.lloydsbank.com/help-guidance/supportandwellbeing/someone-to-manage-your-affairs.html


Realistically, unless your FIL/MIL cooperate, you cannot stop them from spending their money in any whichever way they like, even if you consider it frivolous.

ConcernedRellie

Frivolous is fine, it’s their money, in fact we‘ve encouraged them to be more frivolous, as long as that’s what they want! But the problem is that FIL realises after the event that he has made a mistake and it’s ruining his self-confidence and distressing both of them. Hence the‘intervention’. 

ConcernedRellie

Thank you all for your thoughts, this has been very useful.

Brie

fyi -POAs can be done yourself quite cheaply.  I think it's about £80 each so that would be £320 for the 2 for each of the inlaws.  

But as stated TPA can be quicker and are free.  Not a substitute but an intermediate step.

ConcernedRellie

Worth knowing, thank you.

sheramber

BT call guardian screens calls. 

You set numbers  that will be put straight through- known contacts.

others are advised that call guardian is being used and to announce who they are.

You are then advised who is calling and have the option to accept or not.

Cols callers do not respond to the request to announce who they are so the call does not proceed.

ConcernedRellie

Thank you- we set up Call Guardian for them some years ago, thinking it would solve the problem. They keep turning it off! We can try again to persuade them that it’s a good idea. I think it’s important for their self-esteem to believe that they have to be accessible 24/7 [sigh].

emperormessia

Look into Barclays they have the free and paid option