setting up bank account

[Kemish]

hi lovely people, anything l should know when setting up a bank account for my 22 year old daughter with MLD who lives at home? Thanks in advance X

[Steve__]

Hi There

Good question. I'm not an expert, and all circs are different, but that said...

I set up a joint bank account, all money technically not mine, but it lets me see everything and I can sort stuff out directly. Very useful! They also get a card and statements etc with their name on. I personally don't do online, and I think the bank can fix it so the card only does limited things.

I'd also suggest maybe a main joint account, and then maybe a separate little one, that they can have more control over with pocket money in. Saves headaches and prevents major thefts, etc

You might want to check out appointee and deputyship options. Others will explain it better than me.

Good luck, Steve

[49Twister]

Does she have capacity to understand anything about bank accounts. My son is 50 and many years ago we had a joint account where all his benefits and my money went in. We still have the joint account where just his benefits go in but I have control of that account. I opened an account in my name only for my personal use, my pension etc goes in there, I think you need separate accounts so no confusionof who'smoneyit is. I also got him a card in his name only which I transfer money weekly from the joint account which is his money for what he needs each week. The banking app is great you can transfer money between accounts and see what is in all accounts with their name on and manage accordingly. Any big spends, bills come out of joint account. It works fine, he doesn’t have capacity for money.

[DrSarahmac]

Hi. We have set up two accounts in just my daughter's name otherwise it can get a bit confusing and it's important to be able to show what is hers at any time otherwise it could affect her benefits (don't forget they will claw back money if accounts go over £6K). She has one account for benefits and small earnings from part time work. I manage that so that we're sure all her bills are paid and there's enough for unforeseen expenses. The other account is just for her day to day spending. I set up Standing orders so there is enough regularly going in for her to socialise and get out and about and with no overdraft facility. I manage the main account online (with the app) and she uses the card to spend and can see her balance on the app. We have them at two separate banks so that she only has access to the spending money and the rest is protected from opportunists!! I do have PoA but I haven't needed to exercise them as it can all be done from the app. She has obviously agreed to this arrangement. We use Halifax for the main account and Metro for the spend account. Hope this helps