Which bank is best for an Executor account with 3 names on the account

Trickydickie27

Hello
I have tried to open an executor account for myself, father and sister with Halifax. Halifax only allow 2 names on the account. 
Which bank permit 3 people names on the account (we need this to execute sale of property) and are helpful and make the process simple?
Thanks in advance for your advice.

SiliconChip

You really don't need it for the sale of a property, all you need is to provide a letter to the conveyancing solicitor to confirm that you all agree that the proceeds should be paid to whatever account you use, absolving them of any resposibility if the money isn't handled correctly after that. I know because it's what I did when my sister and I were executors for my mum and the house sale proceeds were paid into an account in my sole name that I used for all the estate financial transactions. 

poseidon1

The primary challenge facing executors trying to set up estate administration bank accounts is the unrelenting closure of branches by all the mainstream banks except Nationwide.

The few banks that still accommodate the set up of dedicated executors accounts invariably insist on the physical attendance of all executors at the branch to effect appropriate due diligence AML processes.

Depending on your location in the UK, you may not have a single bank branch operating in your town or village. 

Assuming your particular  bank is conveniently located nearby, they may not be keen to establish a dedicated executors account , leaving many executors having to set up secondary personal  accounts to handle estate banking matters. 

Finally with the inexorable push towards digital banking, many banks appear to be unable to accommodate executorship banking services via their online channels.

The following advertorial purports to list mainstream banks offering executor's accounts, but clearly considerably out of date in listing Yorkshire and Clydesdale banks -

https://www.dospay.co.uk/articles/which-banks-offer-executor-accounts-in-the-uk#:~:text=While high-street banks remain,and more accountable estate settlements.

Incidentally I have never heard of Dospay, so posting this article is in no way an endorsement of their services.

frediblogs

I have just closed an executor account at the Halifax, the branch handed the matter to a specialist team, when asked for a bank transfer they said it's not possible!! Even though it is not a small amount, where I want to put the money only accepts bank transfers.

Can this be true that a bank transfer cannot be made?

WindfallWendy

My experience of Executor accounts is that they are a bit pointless and the only benefit (I think) is that the bank know to expected large transfers out (so in theory they shouldn't be restricted to daily maximum transfers). Even then, my husband had real problems getting his bank to recognise the Executor account he set up.

I set one up with NatWest (because I didn't have a NatWest account and it seemed cleaner to do that at the time and I happened to be outside a NatWest bank when the thought occured to me). I ended up not using it and forgot about it and two years later, they won't let me open my own personal account without seeing the Probate certificate and closing the un-uswd executor account.

I would recommend (if you haven't sorted it out already, which you probably have) just one of you having a separate account and making sure they see account details. You are all legally bound to operate appropriately and can take tasks on individually as long as you all agree (I think).

Not looking forward to when my husband ends up in a 4-way Executor situation, for his Uncle to be honest. I hope you have managed to make it work effectively.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81974693#Comment_81974693

I was wondering what the point was in having an Executor account, when you could just set up a new personal current account much more easily, and your experience seems to confirm that.

Maybe an Executor account is needed when there is more than one Executor?

@poseidon1

, leaving many executors having to set up secondary personal  accounts to handle estate banking matters. 

If there were multiple executors, could just one of them set up a new personal account to handle the estate, as long as the others agreed of course?