Special Bank Accounts - Probate

Garf1234

Hi,
Can any one advise if there is a comparison for which Banks offer probate accounts & what the pro's & con's are? Costs? Charges?

It seems very hard to get this info without having to call Banks and that seems a lot of time to waste to get information that should be publicly available.

We are in the process of obtaining probate (it has been granted and am now waiting on the paperwork to arrive) so I am trying to prepare ahead of time.

So if I have missed a forum or article or if you have recently been through the process of setting one up, can you point me in the correct direction for getting as much info as possible.

Thanks in advance forum people!

G

Keep_pedalling

Few banks offer an executor account these days. If there are just two executors you could open an ordinary joint account to handle the estate money.

maman

I've been an executor twice and just used an ordinary current account for handling the finances involved.

Zanderman

https://forums.moneysavingexpert.com/discussion/comment/81886160#Comment_81886160

Most high street banks offer executors accounts. The online banks might be more tricky though.

I've opened and used executors accounts at both Lloyds and HSBC in recent years.

p00hsticks

Nat West do one - you first apply for a normal account and then can get it converted to an executors account after probate. You need to go into a branch and they'll want to see (from memory) a copy of the will, grant of probate and proof of ID.

But as maman says, unless it's being insisted on for some reason or another then a separate ordinary account in the name of the executor serves the same purpose (I had to specifically set up an executor's account at the insistence of a solicitor to receive proceeds from a property sale as I wasn't a residual beneficiary - I'd been using an account in my own name to receive payments in and pay out debts up to that point. )

retiredbanker1

From my past experience banks will only open probate/executors accounts if you or the deceased are/were customers.

This might narrow down your search.

Doshwaster

https://forums.moneysavingexpert.com/discussion/comment/81886206#Comment_81886206

Sam here. I usually have a couple of dormant accounts which can be used for things like this. As long as you are a single executor and the estate is simple then there is no need for a specialist account

oldagetraveller1

When my late F in Law died, I was able to open an Executor Account with Lloyds. Being an existing account holder was a requirement.

Whether they still offer them, I don't know, because after a time they converted it to a Classic Current Account.

Because it was originally an Executor Account I was told it was not possible to set up the Classic for online access.

However, a very helpful lady at my local branch managed to do that. Of course that branch is now closing in June '26.🙄

Yorkie1

https://www.lloydsbank.com/help-guidance/support-and-wellbeing/life-events/bereavement/executor.html

The link does work, not sure why it says error.

Executor Account | Life events | Lloyds

prixon

if comparing accounts, one thing to consider (depending on the size of the estate of course) is how easily you can make large payments to beneficiaries - quite a lot of banks have quite low daily limits for faster payments. Although you could obviously organise CHAPS payments by visiting a branch, that can be quite a hassle - especially as branches are rapidly disappearing from the high street. For example, RBS has a normal daily limit of £20k but also allows up to 2 'one off higher value payments' in any 7 day period, subject to biometric registration. This way you can transfer up to £250K (!) using their app.

oldagetraveller1

"You can't use one of the deceased's accounts or add the deceased's name."

That's strange because the Executor Account I opened was "Executor to "the name of the deceased" deceased".