Bank and building society accounts

There are different ways someone can help you manage your account. You can ask someone to help you, such as a close friend or family member that you trust. The best way to organise this depends on your situation. It also depends on the type of bank account you have. You can choose the option that works best for you.

Third-party mandate

This is when you arrange for your bank to let someone manage your bank account. This must be a specific named person. This person will usually be able to:

• take out money in your name
• make payments in your name
• make other transactions in your name.

The bank account is still yours – it does not become a joint account.

To set up a third-party mandate, contact your bank. Your bank does not have to agree to allow a third-party mandate.

Joint account

A joint account is owned by 2 people. You can:

• change an account you have already to make it a joint account
• open a new joint account with another person.

The other person becomes the joint owner of the money in the account. You are both responsible for any overdraft on the account. An overdraft is any money you take out of your bank account after your balance reaches zero. The joint owner will be able to write cheques and make other decisions.

The joint owner will usually automatically inherit any money in the account if you die. In Scotland, any money that you put into a joint account still belongs to you when you die. It then becomes part of your estate.

To set up a joint account, contact your bank.

The post office

You can use the post office to get access to your bank. This can be helpful if you are not well enough to travel to your bank. The services they provide include:

• withdrawing money
• paying in cash and cheques
• checking your balance.

Power of attorney

Setting up a power of attorney gives someone (or more than 1 person) the power to manage your finances if you are unable to. We have more information about setting up a power of attorney in Scotland and England and Wales.

For information about different types of bank accounts, speak to your bank or visit the Money Helper website

Switching your bank account to a different bank or building society could save you money. If you switch to them, some banks and building societies may offer you:

• money
• lower overdraft fees
• a better interest rate.

The Current Account Switch Service can help make it easier to switch your account. Contact the bank or building society you want to switch to, and they will complete the switch within 7 working days. They will help make sure all your direct debits and other payments are transferred to your new account.

Websites such as Money Saving Expert and uswitch can help you find the best deals.