opening a joint bank account

[Doodlemoll]

mother aged 89 has savings in Ulster Bank, she hasnt read all the correspondence she got from UB yet but does understand she needs to action soon. Shes very independent and says for privacy reasons she doesnt want to transfer the savings to her current account in her local bank. she is thinking she should open a joint bank account with her daughter in another town and put the savings in here. her reasoning is she found when she had a joint account with her late husband it was very easy when he died to access the account once she provided his death cert and she things the same would be the case for her daughter whenever she passes on herself. She is wondering is opening a new joint savings account best in this case and would it be straightforward.

 

[tallpaul]

I'm open to correction but I'm not sure a bank will open a joint account for parent and child?? It would seem fraught with the risk of potential elder abuse cases.

 

[Monbretia]

They will open one, parent could be sole signatory if wanted but I'm not sure it's as easy access it when parent dies as it is between spouses, different rules I think depending on amount in it, like IT8 form from Revenue needed that is not needed for spouses. Long time since I was in banking but not the same scenario I don't think!

 

[Marsha25]

I had a joint current account with my dad prior to his death 5 years ago (so things may have changed). When he died, the funds were transferred to an account in my sole name. The funds did not form part of his estate for probate and because of that I could have kept the money, despite his will stating his estate was to be split between all his kids. I have very trusting siblings! I do have a feeling there might have been a different rule for savings accounts but am open to correction.