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I am trying to open an Executors' bank account but the interest rate offered is very poor. Can I open an account in my own name instead?
I am the Executor of my aunt's Will. I am trying to open an Executors' bank account and have found a few banks who will offer this type of account, but the interest rate they offer is very poor. Can I open an account in my own name which would give access to the complete range of personal bank accounts, all of which offer much higher rates? It seems sensible to me given that it still keeps the money for the Estate completely seperate from my own but means we can obtain higher interest which will benefit the Beneficeries.
No, because although you say that the money will be kept separately it will be in your name still and may have potentially punitive income tax consequences for you. Also, if you died it could form part of your Estate. If you have 'shopped around' then you can't be criticised for having to accept what's on offer.
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