Executor's bank account

moon-pig_2

I need to open an executor's bank account for probate and seek recommendations for any bank or building societies that are executor friendly.

I was initially told by my local Halifax to return with the Grant of Probate and there would be no problem obtaining an account that would pay around 3%.

When I returned I was then told that they're only interested if there's a property to be sold. Well there is - but the account can't be opened until the property's sold - which is ridiculous as the deceased had bank accounts and other investments.:mad:

I then tried Nationwide who said they would contact head office and call me back...still waiting.

Northern Rock would surely bite my hand off to be offered some deposits, but there isn't one round here. I have a pile of cheques and have a duty to earn some interest on the estate - can anybody offer any recommendations.

System

When my brother & I were dealing with my mother's estate, we just opened a joint account at the bank my mother used.

jonesMUFCforever

It is normal for a bank to open an Executor account, for there to have been a banking relationship with either the deceased or the Executor.

If this does not exist most will refuse.

Biggles

I've read many anecdotes of banks refusing to open 'Executor' accounts, Jones. Are you saying they normally will, if you are already a customer?

And do they normally charge, or would such an account be free (in the same way that a personal account is 'free')?

jonesMUFCforever

Free if in credit.

Yes they should open an account if executor or deceased had an account.
Best to make an appointment with branch manager rather than rely on customer service staff.

utterbar

I recently acted as executor for a relative who had current accounts with 2 banks. I also had accounts with the same banks. One bank refused to open an executors account, the other (HSBC) was extremely helpful.

jonesMUFCforever

utterbar wrote: »

I recently acted as executor for a relative who had current accounts with 2 banks. I also had accounts with the same banks. One bank refused to open an executors account, the other (HSBC) was extremely helpful.

Are we talking 'real' banks here or ex building societies that like to play as banks?

utterbar

A mix. The 'real' bank was more helpful.

jonesMUFCforever

utterbar wrote: »

A mix. The 'real' bank was more helpful.

I thought that would be the case.

PBA

jonesMUFCforever wrote: »

There may be circumstances where an overdraft would be required such as in the case of paying inheritance tax in order to facilitate a Grant of Probate!!

Except of course that you need the probate in order to open the executors account.

Alfie_E

From personal experience, I’d say you should just get a personal bank account. An executors’ account may have the benefit of clearly labelling the money, but there’s nothing illegal about using a personal bank account. Technically, it’ll probably be in breach of the personal account’s T&Cs to have money in it that doesn’t belong to you. And, it won’t all belong to you, unless you’re the sole beneficiary. If we’re talking about many hundreds of thousands of pounds plus, it might be worth getting an executors’ account. But, the products I was offered were business accounts with very large application forms intended to be filled in by solicitors or attorneys.*

*Yes, I do mean attorneys. A professional person who helps you carry out your duty as executor is an attorney. It’s that meaning of professional helper that makes Americans use the word attorney where we have a word for people who solicit work for barristers.