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Rate changes following Bank of England decision to raise its Bank Rate to 1.75% on 4 August 2022:
Savings: Rate increases for Windfall Bond and Tracker Savings Bond apply from 1 September. (Updated 04/08/22)
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Power of Attorney and Third Party Mandate
Allow someone to help manage your financial affairs and act on your behalf if you're no longer able to do so.
If you’d like to appoint someone to help you manage the finances you have with us, or alternatively, if you have been asked by a friend or family member to help them with their finances, there are a number of ways that this can be set up;
- Power of Attorney - Ordinary and Lasting
- Third Party Mandate
For queries relating to accounts that already have a Power of Attorney, Deputy or Third Party Mandate, please contact our Family Service Team on 03330 140144.
Power of Attorney
A Power of Attorney is a legally binding document that allows someone (the attorney) to make decisions for you or act on your behalf if you're no longer able to do so, or if you no longer want to make your own decisions.
The Power of Attorney is set up whilst you are fully capable of making your own decisions and normally only takes effect if your mental capacity changes and requires the attorney to make decisions on your behalf.
There are a number of reasons why you might need someone to make decisions for you or act on your behalf:
- If the situation was temporary; for example you were in hospital and needed help with everyday things such as paying bills
- If the situation was longer-term; for example you were diagnosed with dementia and lost the mental capacity to make your own decisions in the future.
Different types of Power of Attorney
You can limit the power you give your attorney so that they can only deal with certain assets, for example, your bank account but not your home.
For more details on PoA you can visit the age UK website.
A Lasting Power of Attorney (LPA) is a way of giving someone you trust, the legal authority to make decisions on your behalf if you lose the mental capacity to do so in the future, or if you no longer want to make decisions for yourself.
There are two types of LPA:
- LPA for financial decisions
- LPA for health and care decisions.
Putting in place a LPA offers security for you and your loved ones and lets you decide what should happen if old age, illness or injury leaves you unable to deal with your own affairs. This can also reduce the likelihood of family conflicts in the future.
Without this in place, your family and friends may find it difficult to manage your affairs and they may not know your wishes.
For more details on Lasting PoA you can visit the age UK website.
How do I set up a new Ordinary Power of Attorney?
You'll need to complete a Power of Attorney form and return it to us with an original or certified copy of the Power of Attorney documents.
If you're a new customer, we'll check your identity by making searches about you at a credit reference agency that will supply us with information. If we're unable to verify your identity by this method we'll advise you of the additional documentation required to complete the account opening process.
If you already have a savings or mortgage account with us, your signature matches our records and your name and address haven’t changed, you won't need to provide further evidence of your identity.
If you're a new customer or an existing customer opening a new account, you and the attorney will also need to complete the relevant account application.
A ‘deputy’ arrangement is very similar to a Power of Attorney, however it is not arranged prior to a situation occurring where mental capacity has diminished. It usually only happens if the person who lacks capacity to make decisions has not made a Power of Attorney but suddenly requires assistance with their finances.
A deputy is authorised by the Court of Protection to make decisions on their behalf. The process of appointing deputies through a Court of Protection can take many months, during which financial assets may be effectively frozen.
Use the deputy details form to register a Court of Protection Order. Please note you'll also need to return to us an original copy of the Court of Protection Order and identification for each Deputy.
As a Power of Attorney you will be unable to open an account online. You can operate existing accounts online. For further information please read our Online Service terms and conditions.
The Online Service allows you to pay into these accounts and make withdrawals, as long as the funds are going to the beneficiary's nominated bank account.
Third Party Mandate
A Third Party Mandate is a document that tells us we can accept withdrawal instructions relating to your account from a specific named person of your choosing (‘the Third Party’).
A Third Party Mandate is not normally a permanent instruction and needs to be renewed annually if it is still required. It is useful for circumstances where you are unable to attend your local branch due to injury or illness or you are moving away and need someone else to maintain your account for you etc.
If you're a new member, we'll check your identity by making searches about you at a credit reference agency that will supply us with information. If we're unable to verify your identity by this method we'll advise you of the additional documentation required to complete the account opening process.
If you already have account with us, your signature matches our records and your name and address haven’t changed, you won't need to provide further evidence of your identity.
Call our expert UK team
Savings - 03330 140141
Mortgages - 03330 140140
Savings - 03330 140144
Mortgages - 03330 140146