Executor's bank account

Red_Ant

A word of warning about lead times on these sorts of accounts. Although my local Barclays is one of those awful branches where they avoid having any tellers, claiming they can open accounts without the need for an appointment, they still insist on a formal appointment to open one of these accounts - once you have probate. Once you are past that stage they quote a lead time of 10 working days from when the documentation reaches their central team. When I rang to chase things I was told that a problem with their Offshore Team meant that the staff normally dedicated to these accounts had been redeployed, so the lead time would be nearer 15 working days. As a result I've had to spread funds with several other banks to avoid the 75k limit which will be protected by the Executor Account status.

jonesMUFCforever

Red_Ant wrote: »

A word of warning about lead times on these sorts of accounts. Although my local Barclays is one of those awful branches where they avoid having any tellers, claiming they can open accounts without the need for an appointment, they still insist on a formal appointment to open one of these accounts - once you have probate. Once you are past that stage they quote a lead time of 10 working days from when the documentation reaches their central team. When I rang to chase things I was told that a problem with their Offshore Team meant that the staff normally dedicated to these accounts had been redeployed, so the lead time would be nearer 15 working days. As a result I've had to spread funds with several other banks to avoid the 75k limit which will be protected by the Executor Account status.

Executor accounts are not the same as personal ones so does the limit of £75k apply at all?
If it does then you could claim more than £75k as long as funds are not held for more than 6 months.

badger09

You would be covered for a 'temporary high balance' - see last bullet point re deceased's estate

http://www.fscs.org.uk/what-we-cover/eligibility-rules/compensation-limits/deposit-limits/