Opening a new savings account using enduring power of attorney

[Navara]

I've just had a very frustrating day trying to open a new savings bond to put some of my mother's money into so that a large amount isn't all with one bank.

Can anyone tell me if they've managed to do this successfully and with which bank. Most of the counter staff seem woefully underinformed about exactly what a registered power of attorney is, and one has sent me home with forms which are clearly incorrect as they refer to me as the account holder not my mother!

 

[Contrary Mary]

I had dealings with Barclays, Santander and Nat West. I didn't move money from one bank to another, just closed accounts paying next to no interest and opened bonds. I didn't have too much bother, although one person asked me why I hadn't made the accounts joint accounts

The knowledge of branch staff does often leave something to be desired. It might be best to make an appointment rather than going up to the counter?

 

[Carabosse]

I managed to open an isa for mum but we already bank with the one i opened it in which was the Clydesdale Bank, they have been great. I used to have a 3rd party mandate on mums account then when i got POA they couldn't have been more helpful.

 

[Navara]

Yes, the bank mum was already with (Santander) have been fine and I operate her current account no problem. I just need to find somewhere else to put half the proceeds of the sale of her property as I don't want to go over the £85k protection limit with any one organisation.

Its opening a new account with a NEW bank or building society I seem to be having trouble with. I did make an appointment at one place today but its clear no-one had a clue.

 

[rajahh]

I did it with Halifax no problem at all.

Jeannette

 

[alexp]

I've opened bonds with Northern Rock(now Virgin) and NS&I without any trouble since taking control of my aunt's finances.

I also dealt with NatWest and Nationwide, who I had no trouble with, and Barclays, who gave me no end of problems.

 

[Margaret W]

The Halifax was by far the easiest and most sympathetic in all respects. And I used Santander, RBS, Lloyds TSB, Derbyshire, Cheshire and others.

For serious transfers I had to make an appointment with the Halifax, but the young man was a trained Bereavement advisor, and he knew EVERYTHING about POAs and the rest. When my mum eventually died, I just took all the paperwork to him (including accounts with other banks) and he sorted the lot for me. And I know he did a good job cos I am an accountant. So why, you ask, did I not do it myself? Cos I was stressed like everyone else.

Love

Margaret

 

[Navara]

Thanks guys - looks like I'll be sussing out what the Halifax has to offer then

 

[Nebiroth]

I only operate my own ordinary accounts, but I have always found that the Halifax have been the most efficient and knowledgable of all of the providers I use. I would rank Natwest alongside them although I don't do so much through them. I think the Halifax only ever made one tiny mistake and they went to huge lengths to put it right and very quickly and painlessly. I do like the way they always send me written evidence of everything they do so there is a paper trail.

Of the others Nationwide aren't bad but have boobed a few times with mistakes that meant I had to put a lot of work into correcting them via the Inland Revenue - the lady I spoke to there saying "it;s a good job you kept copies of the written instructions you sent to Nationwide which they failed to carry out, without evidence of their failures you would have been in trouble yourself"

Santander were by far and away the worst. Over the years they lost the Forms R85 (the one you do to have interest paid without tax taken off) and had to write to me and confess they'd also lost the copies of the ID I had used to open a savings bond with them!

I think some of it is potluck with the branch staff, who sometime shave never encountered or heard of power of attorney.

 

[Navara]

I agree its HARD slog working with Santander but my mother always banked with them so it was easier in the beginning just to register the POA against her account there, and operating her current account with them has been ok.

It did take several phone calls before we actually managed to get statements sent to all three attorneys though, and we still only have one chequebook that we have to pass between us if we're taking our mother out individually, plus no card, so no facility to make online purchases for her.

Its time these banks got up to speed and helped us out - life's enough of a struggle as it is.