Executor Accounts

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Please be wary if you ever have to open an executors account.

Following the very distressing loss of my mother last year, my brother and I opened an executors account with HSBC, the bank she had used for many years.

 

Having finalised the estate administration I thought I should ensure that all the interest had been paid in to the account. When I examined the statements more closely I saw that what we had was a 0% interest account. Perhaps this is something I should have noticed before, but it never occurred to me that it would be necessary to check.

 

I went in to the branch today to query this and was told that they don't pay interest on any of their current accounts. When I asked why they had decided that was the most suitable account I was told that was generally what executors wanted and that they normally ask if executors would prefer a savings account. Neither my brother or can recall being asked this, if we had been, we would have taken that option. I had assumed that the bank would have a duty of care to provide the best service they could - I was wrong.

 

I have no idea how much interest has been lost over the past 10 months, but with something around £130k being paid in, I am sure it is considerable. I am left feeling angry, cheated and somewhat stupid.

 

Don't get caught out - check and double check that you are getting the best deal