Power of Attorney Savings Accounts

Oliver Roylance-Smith

“Our savings market knowledge has proved most useful for those acting as Power of Attorney. Many savings providers don't accept such applications, while those that do are often unclear and have a complicated application process, or simply don't offer attractive rates.  We have worked hard to bring you a selection of competitive rates from instant access up to 5 years fixed. We are here to help ensure you get your savings plan up and running quickly and smoothly.”

Oliver Roylance-Smith, Head of Investment and Savings
Power of Attorney Savings Accounts - Latest Deals
ProviderAccountInterest Rate (AER)TermApply
1.15%3 YearsApply Now >
  • Interest can be paid monthly, quarterly or annually
  • Also available to charities, clubs & associations and pension
  • £10,000 minimum deposit
  • No Partial Withdrawals
0.35%Instant AccessApply Now >
  • Earn 0.35% Gross/AER (Variable)
  • No notice period or penalties for withdrawals
  • Telephone or postal account
  • Minimum deposit £1000
  • Maximum balance £5 million

Power of Attorney Guide

Where someone lacks the mental ability to make decisions on their own it may be necessary for somebody else (often a family member) to make certain decisions on their behalf - this arrangement if made is called power of attorney. Under the Mental Capacity Act of 2005 five principles were set out when assessing whether somebody lacks the capacity to make decisions on their own behalf:

 

  • A person must be assumed to have capacity to make their own decisions unless it is established that he/she lacks capacity
  • A person is not to be treated as unable to make a decision unless all practicable steps to help him/her to do so have been taken without success
  • A person is not to be treated as unable to make a decision merely becasuse he/she makes an unwise decision
  • An act done or decision made under the Act or on behalf of the person who lacks capacity must be done in his/her best interests
  • Before making a decision on someone without capacity all alternatives must be considered and the option selected should be the least restrictive of a person's rights and freedom of action.

 

Mental capacity with regard to the above is the ability of an individual to communicate and make their own decisions.

 

Different Types of Power of Attorney

 

There are different types of Power of Attorney - see below:

 

Type of Power of Attorney

Power of Attorney Features

Ordinary Power of Attorney

If you are 18 or older and have the mental capacity to make your own decisions you can arrange for someone else with authority to deal with your financial affairs. This power will come to an end if you lose the mental capacity to make decisions about your own finances.

Lasting Power of Attorney

A Lasting Power of Attorney for property and affairs (Property and Affairs LPA) can be sanctioned by you if you want someone else to look after your financial affairs even if you lose your mental capacity and ability to make financial decisions. This replaces the Enduring Power of Attorney (EPA) Act 1985. A Property and Affairs LPA has to be registered with the Office of the Public Guardian before it is legally recognized.

Lasting Power of Attorney

A Lasting Power of Attorney relating to a person's welfare (Personal Welfare LPA) can be sanctioned by you if you want someone else to look after your personal care and welfare after you lose your mental capacity and ability to make decisions. This replaces the Enduring Power of Attorney (EPA) Act 1985. A Personal Welfare LPA has to be registered with the Office of the Public Guardian before it is legally recognized.

Compare Power of Attorney Savings Accounts


If you act as POA for somebody and you are looking to set up a high interest savings account see our selection of accounts above for latest deals.