Best ISA's for opening as POA?

Shylock

Any recent positive experiences out there of opening Cash ISA's as Power of Attorney to invest on behalf of Donor?  I went through the proces about a year ago and it was quite painful.  Some of the companies offering the best rates, usually online or app based, did not entertain POA accounts and others had long-winded laborious processes that involve getting certified copies, putting stamps on envelopes and waiting for the postman rather than using the excellent on-line third party LPA sharing service that the government/Court of Protection have made available.

I need to go through the process again so I'm really eager to hear of any positive experiences and which would be the best providers to talk to.

Keep_pedalling

Are you sure cash ISAs are the best option? Interest in not ISA accounts is usually higher so negates any tax advantages provided by an ISA. 

If the donors other income is below £17,570 you can also take advantage of the savings starting rate. 

https://www.gov.uk/apply-tax-free-interest-on-savings

Shylock

Keep_pedalling said:

Are you sure cash ISAs are the best option? Interest in not ISA accounts is usually higher so negates any tax advantages provided by an ISA. 

If the donors other income is below £17,570 you can also take advantage of the savings starting rate. 

https://www.gov.uk/apply-tax-free-interest-on-savings

Fair point, and I shouldn't have specified just ISA's as my question holds for non ISA accounts too.  For instance SmartSave are currently offering the best 1 year fixed savings account at 5.28%... but "We don't currently accept applications under a power of attorney. We're sorry for any inconvenience this may cause".  Same with the Raisin Savings Platform.  I'm waiting to hear from HL and Flagstone as I can't find the answer on their web-sites.

It's bordering on discrimination that potential investors with diseases such as dementia etc.. are excluded from these products because they need assistance in applying for and managing their accounts.

masonic

You'd think the concierge services would be perfect for this sort of thing given the extra hurdles elsewhere. Registering would be a one time thing.

Shylock

masonic said:

You'd think the concierge services would be perfect for this sort of thing given the extra hurdles elsewhere. Registering would be a one time thing.

My thoughts exactly.  I'll update the thread when I hear back from HL Active Savings and Flagstone.

iwish22

I recently had need to invest house sale funds on my Mum's. I used Insignis, the required investment amount is relatively low but there is an annual charge. I was willing to pay this for the convenience of only having to share the LPA once and being easily able to pay monies into multiple accounts

Albermarle

Shylock said:

masonic said:

You'd think the concierge services would be perfect for this sort of thing given the extra hurdles elsewhere. Registering would be a one time thing.

My thoughts exactly.  I'll update the thread when I hear back from HL Active Savings and Flagstone.

These online savings providers with good interest rates are low cost operations, which is probably part of the problem you are encountering.
You may to go to someone larger with branches. Nationwide, Coventry, Leeds, Skipton  building societies ?
Normally the high  st banks have poor interest rates but not in every case, so could be another possibility.

gt94sss2

Have you seen https://www.moneysavingexpert.com/banking/best-banks-for-power-of-attorney/ ?

Peggy1234

Hi - the link above seems to just take me to the latest newsletter. I’d love to see the article on best banks for POA.  I am having real difficulties trying to move existing accounts, including Cash ISA to a better interest rate as no one with a decent rate takes POA!
Can anyone help please?
Thank you.

eskbanker

Peggy1234 said:

Hi - the link above seems to just take me to the latest newsletter.

Just tried it and it takes me to the right page, entitled "Best banks if you have Power of Attorney", what's the title of the page you visited?

Maitrida

The only platform I found to put my mother's savings in ang get a higher interest rate than her high street bank and be in her name (important) was Insignis. They have a range of banks and savings options (though no ISAs as far as I can see). However they have charges.