Opening a Savings Account for Others

Opening your first savings account with a financial institution with which you have had no previous nor have existing accounts usually requires you to apply with full personal identification details. This usually requires you to apply in person with proof of address and/or your passport or another accepted photo identification. However, if you are physically or mentally unable to go into a branch, then power of attorney can be used to authorise another person to open and maintain the savings account for you. This can also be used in cases where an existing account holder requires help operating their account; a power of attorney authorisation can be created that allows another person to take over the operation of the account.

Online banking has also made it easier to open an account on behalf of someone else. Although power of attorney applications are not generally accepted online, another person can help an account applicant with their application, for example if they are partially sighted, registered blind or physically disabled. Identification documentation is usually required to complete the application and relevant paperwork may be sent for the applicant to sign and complete.

It should be noted that children's accounts can be opened by a parent, legal guardian, relative or godparent if the child in question is below the age of eighteen. Specific rules apply to Child Trust Funds however: see Child Trust Fund (CTF) for more details.