How Do I Create A Personal Bank Account?

[suziecreamcheese]

My Mum has bequeathed me £100,000. I have only ever had a shared bank account with my titular `husband` who's had a proper partner for the last six years. He and I are `friends` and we still share a home and love of our (grown-up, independent) offspring. I'm 69.
How do I set up a new bank account in my OWN name, so that my parents' gift can be secured for me, my children, and no-one else?
Canna do on-line stuff.
I'd be most grateful for any advice. I had no idea...

[Jackdaw33]

Just pop into your local bank and ask them to create one for you.

[suziecreamcheese]

Is it really THAT simple?
(First, find a 3D bank...) Thank you, Jackdaw33.

[waterboatman]

Yes. It is that simple suzie. You will find them very helpful and it won't take very long. :o}

[jennyjoan]

well the last time my nephew wanted to join my bank he needed me to be with him as like a guarantee sort of person

[waterboatman]

That depends on age jj.

[Jackdaw33]

How old was he? In any event, just take along a couple of utility bills as proof of address, plus any other ID you may have. If you have £100k to deposit they are hardly going to show you the door.

[jennyjoan]

that's good to know boaty - he would have been about 18-20 (can't remember) so then I thought it would be difficult to get sista in who is over 70 so will she be able to open a bank account on her own then

[waterboatman]

With a cheque that size they will fall over themselves to 'be of assistance'. So yes, no problem. They may want proof of residence. A utility bill with her name and address on, passport or something. It's an easy process.

[Jackdaw33]

BTW, go for one of the big four and certainly not RBS.

[waterboatman]

I'll agreed with that Jack!

[Hopkirk]

If you are still married, you may have to have a cast iron will written to ensure your assets go where you choose and not to him.

[Peter Pedant]

I am sorry for your loss

choose the bank of er your choice
RBS has fewest complaints
( as Milton Friedman would say - "Least worse" )

they have to vet you so there is more fol-de-rol than just going in. Take identification ( something like a passport or driving licence which the clerks call List A and something ofr address - utility bill in your name - council tax demand ( List B )

a copy of the will or the solicitor letter saying you are an inheritrix would be useful.

This covers the duty of due diligence that the bank has
and also complies with money laundering regs

No escape - every bank you chose has to do it

and erm that is about it

[ radically different to what I did in 1967 - good morning I am MR Pedants youngest can I open an account please ?r

[suziecreamcheese]

Sincere thanks for your advice, everyone. You've strengthened my resolve.

[SIRandyraven]

It's a lot of money to keep in a current account with almost zero interest.
I would pop £20,000 into a Santander 123 account.
But this account expects you to make direct debits from account and pay money in each month.
Consider premium bonds if you fancy a flutter.
Max holding is £50,000.
Worse case with bonds is you will win nowt , but no different from zero interest in a bank account.
Another alternate is NSI bonds.
Worth a visit to Martin Lewis money saver web site.

Personally I have a spread of 123 account , premium bonds , NSI income bonds and some shares.

[Smowball]

I took a cheque in that was just over that amount and they were incredibly helpful - no surprise there. It's dead easy though as everyone says.

[Bazile]

Consider the possibility of your bank going under - not impossible

The compensation through the Financial Services Compensation Scheme is a maximum of £85,000 per institution

It would be wise to split the 100k , with two different banking groups

[mikey4444]

Sounds like sound advice Baz, but now that the Bank has its hands on this money, Suzie can look forward to lots of calls, offering friendly advice, I am sure !

[suziecreamcheese]

I came to right place - thank you ALL very much indeed. Lots to think about. x

[emmie]

see your local bank manager, they can give all the expert advice you are likely to need.

[Maydup]

Once you have opened the account and deposited the cheque consider two more things.

As mentioned here, £85,000 is the max covered by any bank that goes under, so go into a building society and open an ISA savings account. Move £50,000 of it over to the ISA, next year after April, open another with a third establishment and move another £40,000 over. Leave £10,000 for easy access in the bank account. That spreads the funds and secures them. Unless of course you plan on doing anything else with the money.

The second thing to do is to write a will or update your will if you already have one. Spend a little but of the money, and it will only be a little bit, on a solicitor who can ensure your own bequests are met when the time comes.

Then enjoy it and treat yourself to something lovely.