NS&I Saver account with additional name added?

AnnieBard

It was suggested to me today that it’s possible to open an NS&I Saver account in one person’s name and add the additional name of someone who has no claim to the money but can administer the account. This was suggested as an alternative to two people opening a joint NS&I Saver account where both have an equal entitlement to the money. I’d be grateful if someone could explain how adding an additional name works please.

eskbanker

If the person with the money wants someone else to administer it then this would generally entail power of attorney or similar, details at https://www.nsandi.com/help/manage-money-for-others/manage-saving-for-adult

AnnieBard

eskbanker said:

If the person with the money wants someone else to administer it then this would generally entail power of attorney or similar, details at https://www.nsandi.com/help/manage-money-for-others/manage-saving-for-adult

Thank you. I asked about this but was told that was not the same as adding an additional admin name. I’ll happily admit to being very confused by the whole conversation.

eskbanker

AnnieBard said:

eskbanker said:

If the person with the money wants someone else to administer it then this would generally entail power of attorney or similar, details at https://www.nsandi.com/help/manage-money-for-others/manage-saving-for-adult

Thank you. I asked about this but was told that was not the same as adding an additional admin name. I’ll happily admit to being very confused by the whole conversation.

Was the confusing conversation with someone at NS&I or friend/family, and, either way round, could they substantiate their suggestion with a link to published documentation?

If someone wants another person to administer their money, what are the circumstances that differentiate this from situations where power of attorney (or similar) is suitable?

AnnieBard

eskbanker said:

AnnieBard said:

eskbanker said:

If the person with the money wants someone else to administer it then this would generally entail power of attorney or similar, details at https://www.nsandi.com/help/manage-money-for-others/manage-saving-for-adult

Thank you. I asked about this but was told that was not the same as adding an additional admin name. I’ll happily admit to being very confused by the whole conversation.

Was the confusing conversation with someone at NS&I or friend/family, and, either way round, could they substantiate their suggestion with a link to published documentation?

If someone wants another person to administer their money, what are the circumstances that differentiate this from situations where power of attorney (or similar) is suitable?

Actually it was a conversation with a solicitor, hence the confusion.

TheBanker

To be fair some banks/building societies allow you to register a third party mandate which allows someone else to manage your account. Similar to a PoA but without the legal status, it's just an instruction from the account holder to the bank. E.g. https://www.santander.co.uk/personal/support/supported-banking/third-party-access

NS&I, based on the information in the link, don't offer this type of arrangement. But I can see why a third party might think they do.

Albermarle

Similar to a PoA but without the legal status

One big difference is that this third party mandate only applies to the specific bank in question, where a PoA gives the authority to deal with many different institutions.

Normally the third party mandate requires a branch visit by both parties, but some can be arranged over the phone, again with both parties present.