Joint account for 3

mrseyes

My mum is 76yrs, physically very independant. She picks up her pension money every week from the post office and keeps it in the house.

But she cannot remember where she has spent her money and is very difficult to keep a tag on where her money is going.

She has agreed for my sister to keep her money but my sister lives miles away so the money is not readly available for me to give it to my mum when needed.

I was wondering how 3 sisters can have access to this money? Will the bank let us have joint account for 3? if so which bank is the best?

Savvy_Sue

I can't say which bank is best, but a few years ago DH and I were added as signatories to someone else's account, while he went abroad for a few months. (He was letting out his house, it meant we could settle any bills that cropped up.)

So there was an account in the name of A Friend and Savvy Sue, but Mr Savvy Sue could also sign on it, even though he wasn't named as an account holder. This was with NatWest.

I would start by going to your mother's current bank, but also ask at any banks which are easy to get to!

chesky369

"my sister lives miles away so the money is not readly available for me to give it to my mum"

but can't you be the one with access, instead of your sister, since you seem to be nearer to her?

missile

Use online banking and by bending the rules, as many as you like could access the account.

Simply transfer cash to your account then withdraw from your account with your own cash card.

If you do not all trust each other it will be aproblem, however by tracking each transfer you will all be able to see how much each of you has withdrawn from mothers account.

margaretclare

From what the OP writes in post #1, Mum does not seem to have a bank account at all - she 'picks up money each week from the post office'. Everything therefore is cash-based. I am not surprised she cannot remember where it all goes to. There is still a minority of people who have never had bank accounts and who deal with cash only. Mum probably has a Post Office Card account, goes to the post office, draws out all her pension money and then has to organise it from there. Cash seems to slip through the fingers - if there is no 'paper' record i.e. bank statements then how does anyone keep track of their cash? I would find it extremely difficult!

NB: I must stop seeing things so personally on this site (smacks own wrist). I am 3 years younger than this lady. I can't imagine myself living as she does. I would be worried by having all that money in the house, for a start. I have myself seen older people going out of the post office with a wad of notes in the hand, and then they say they 'feel safer with it in their hand, they don't trust the banks'!

sloughflint

mrseyes wrote: »

My mum is 76yrs, physically very independant. She picks up her pension money every week from the post office and keeps it in the house.

But she cannot remember where she has spent her money and is very difficult to keep a tag on where her money is going.

She has agreed for my sister to keep her money but my sister lives miles away so the money is not readly available for me to give it to my mum when needed.

I was wondering how 3 sisters can have access to this money? Will the bank let us have joint account for 3? if so which bank is the best?

I would suggest the following:

• Open a LloydsTSB current account ( aside: classicplus pays 6% for a year if can pay in £1000 per month).
• Arrange for pension to be paid directly into this account
• Set up as many bills via direct debit as possible so less need for cash.
• Cash can be withdrawn from a post office if that is what she is used to doing but hopefully she wil need to carry less with her.

Maybe try this first but if she still can't quite manage and still loses money, then become signatories on the account and withdraw cash for her.

sloughflint

I suggested LTSB but there are other banks that support Post office banking if that is what she likes/is used to:
http://www.postoffice.co.uk/portal/po/jump2?catId=19400181&mediaId=19100194

margaretclare

I would strongly agree about setting up as many direct debits as possible. This ensures that essential household bills get paid. DH and I even have the monthly milk bill on D/D now, and all our D/Ds go out in the first week of every month - result, no worry, peace of mind, nothing to 'forget' because all the remembering is done for you.

But I have been taken to task by numerous older people to whom I have recommended this, and quite heatedly too. 'I prefer to deal in cash, I don't trust the banks' has been said to me more than once.

Savvy_Sue

Although it's true that paying by Direct Debit stops the need to worry about whether or not a bill has been paid, they can still cause problems, perhaps especially when someone is not completely on top of their finances. For example, when the bill arrives it may say that it's being collected by DD, BUT that can be missed and a little worry follows - especially if you're new to using them.

And then when you change suppliers, or finish paying something off, you have to remember to cancel the DD at the bank as well as with the supplier, or mistakes happen and the money continues to leave your bank account.

margaretclare's milk bill is another example - it's all fine until one month the bill looks a lot larger or smaller than usual. Why? We've had a CLASSIC of this at work: the pensions DD was a LOT smaller one month, and then this month it's much larger than it should be: several phone calls and an Excel spreadsheet later I've had an admission that THEY'VE made a mistake, but it has taken me hours to get it straight.

And my parents will pay everything by DD except their Council Tax bill - they trust the banks, but not the council!

So, if the OP's mum doesn't have a bank account, she may really struggle to make the leap to paying everything by DD UNLESS she's also ready to let someone else take charge, and put the bills to one side and promise not to worry about them or pay them until one of the daughters comes to look at them.

It's going to take some careful discussion and negotiation, I feel.

sloughflint

I see your point Savvy Sue. I get the impression that this lady is beginning to need assistance anyway so a bank account and DDs might help the mother and daughters anyway rather than daughters having a pile of biills to deal with when they visit.Just the occasional hiccup to deal with like you described.
Maybe a quick injection of assistance now setting everything up for her will reassure the mother.Many companies will accept relatives dscussing the account setup if parent is in the room and gives their authority.
I am the opposite end of the spectrum re cash. I hardly use cash other than parking meters lol.
I do cringe when I see people draw out lots of cash and walk away with the money highly visible and take a while putting the money away in a bag that can easily be snatched. I find myself having a quick look round at people nearby to see if they look dodgy.

margaretclare

I am the opposite end of the spectrum re cash. I hardly use cash other than parking meters lol.
I do cringe when I see people draw out lots of cash and walk away with the money highly visible and take a while putting the money away in a bag that can easily be snatched. I find myself having a quick look round at people nearby to see if they look dodgy.

I agree with you, sloughflint, DH and I are the same. We don't use much cash at all. I've seen people drawing money over the counter and everyone could hear the notes being counted out, then the person would walk away from the counter still with bundle of notes in hand. DH once accosted an old gent in the street outside the PO, just walking along absent-mindedly past the optician's to the fruit shop, obviously thinking what he would buy and not about the money in his hand. DH said 'Put that money away, put it away now!' 'Oh, I will, I will...' 'Do it now!' But the old bloke still didn't. There are lots of people who walk, run, skateboard or cycle along that street, and it would be the work of one moment to snatch £100 or so out of someone's hand, or grab a bag that was dangling by its straps. £100 will buy you quite a lot of cannabis!!!

Re our D/Ds, although they are set up so as to run automatically, no need to worry when we go away on holiday, have been in hospital etc, most days when we're at home we check our accounts online, and any discrepancy is easily seen and sorted out. So it doesn't matter if one month we have less or more milk than usual.