Best bank for Executors' account?

kipsterno1

Thanks to @p00hsticks for jogging my memory.  

When researching what I needed to do to administer the estare I read a post on here were a solicitor had insisted that the proceeds of the house sale had to be paid into an executors account. Just in case I faced the same issue having the option of the account I was using being easily converted made sense. 

TonyMMM

I recently used an executor account at Barclays - worked well, and had on-line access to make payments in/out.

Did need a couple of visits to a branch to get things set up though ( and could only be opened once I had probate granted).

wilkko73

p00hsticks said:

I opened a Nat West one. As I bank with them already and use online banking the initial process is very easy, as the first step is just to open another ordinary current account with them - you can do it online in a few minutes. 
What is an executor account? (natwest.com)

I imagine I could theoretically have just renamed and used this account, but by that stage I was already using a separate personal account of mine with a different bank that I already had cleared down to handle the estate expenses. 

To officially turn it into an executor account you then have to go into a branch with the relevant paper work - from my recollection, they wanted to see a copy of the will, grant of probate or similar and my ID. The account was set up for only me - I could have added the other executor but it would have involved more hoops as they weren't NatWest customers and so would have needed to go through a lot if ID processes, and they were happy for me to handle the banking side of things. You get online banking (the account shows alongside your personal ones) and a debit card, which I don't believe all executor accounts offer.

I only really needed it to get the proceeds of a house sale - as I wasn't a residual beneficiary on the estate, I was concerned that a solicitor would want the proceeds to go into an executor account  rather than a personal one of mine. 

Hi when you opened a new account online was it easy,will they open one even if the account doesn't have any income being paid in like your original current account and no direct debits either?

Savvy_Sue

wilkko73 said:

Hi when you opened a new account online was it easy,will they open one even if the account doesn't have any income being paid in like your original current account and no direct debits either?

They might ask what income is going to go in, but as long as you're avoiding any which charge a fee unless you pay in £x per month and have DDs going out, I can't see it would be a problem. All accounts have to be opened with a nil balance, even if money is switched in PDQ afterwards - the new account details have to be known even if you're using the Switching service, don't they?