Any Savings accts Power of Attorney £85k+

BlackCate274

Hi all, 
So many Savings accts don't allow me to manage my dads savings with Power of Attorney. I sold his house for his nursing care and want to protect the remaining 200k in high interest accts (3 accts up to 85K). 
I found Monument (don't allow), Vanquis (allow but want so much proof of his residence in nursing home e.g. council tax, but he doesn't pay it there AND all original PoA docs with each pg certified). 
Anyone have any ideas to circumnavigate this hell? It's already been a year long pain with his ill health and selling his home. I'm not trying to cheat banks, I just want to protect his money for his care. 

Warslet

I understand how you feel in finding savings accounts to deposit your dad’s savings. I have POA for my mother-in-law and use the following: Kent Reliance, NS&I, Coventry, Shawbrook, Nationwide and have used Gatehouse Bank.  I had to send certified copies of the POA but not all pages were certified and this didn’t present a problem. They accepted a letter from the Care Home confirming residency. Once the accounts were opened I invested in 1 or 2 year bonds/instant access accounts. I tended to stay with the same savings institutions once opened as had the relationship as POA and to go through the opening process with a new one was not worth the minimal interest rate difference. 

Maybe a call to those you choose re residency and POA certification, I found most very helpful.
i hope it all works out for you. 

xylophone

Have you tried Leeds BS and Paragon?

https://www.leedsbuildingsociety.co.uk/savings/power-of-attorney/

https://www.paragonbank.co.uk/personal/personal-documents

nigreeves99

I have managed to open savings accounts on a power of attorney basis with Alicia,Coventry, Nationwide, Hodge, Close bros, Ford money,Lloyds,Santander. It’s a laborious process checking the terms and documents required. Some take the online POA access code which is helpful. Good luck.

Hal17

I agree with the good advice given above. When I did this for my Dad, the easiest bank to start with was the Halifax as he already banked with them. So that was a good starting point, might be worth checking.

You could also put £50K into Premium Bonds in your Dads name and NS&I allow POA.

BlackCate274

Warslet said:

I understand how you feel in finding savings accounts to deposit your dad’s savings. I have POA for my mother-in-law and use the following: Kent Reliance, NS&I, Coventry, Shawbrook, Nationwide and have used Gatehouse Bank.  I had to send certified copies of the POA but not all pages were certified and this didn’t present a problem. They accepted a letter from the Care Home confirming residency. Once the accounts were opened I invested in 1 or 2 year bonds/instant access accounts. I tended to stay with the same savings institutions once opened as had the relationship as POA and to go through the opening process with a new one was not worth the minimal interest rate difference. 

Maybe a call to those you choose re residency and POA certification, I found most very helpful.
i hope it all works out for you. 

Thanks for this info. I was thinking of creating in my own name, and just transferring interest into his account Nationwide acct, via mine, but thought that might cause some potential laundering issues, even though I'd move it straight away. I've also looked at Kent Reliance and some others too, hadn't thought of the Bonds though so I'll check that. Thank you again. 

Shedman

Couple of others that we used for MiL that I don't think are mentioned above were OakNorth Bank and Cynergy Bank.  I also think Yorkshire BS allow PoA applications