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13 Mar 2025

Savers with power of attorney are being locked out of top rates

Some providers don't allow attorneys to open new accounts

Grace WitherdenSenior writer

People using power of attorney (POA) to open a savings account on behalf of someone else may struggle to access the top deals, Which? research has found.

More than eight million POAs are registered in England and Wales, granting legal authority to handle finances for those unable to do so themselves.

However, our snapshot analysis discovered that several savings providers and platforms that have offered market-leading rates in recent months don’t allow attorneys to open accounts on behalf of others. This means people seeking out the best deal face fewer options.

Here, we reveal the top providers which don't allow attorney access, and explain when you should set up a power of attorney.

'I've had a series of frustrations'

Emma (not her real name), a chartered accountant, encountered this issue while managing the finances of her 93-year-old mother, who has dementia.

To ensure her mother’s savings earn the best return, Emma regularly moves the money into more competitive accounts, but has found that this isn’t always straightforward.

‘I’ve had a series of frustrations and given up in some cases,’ she says.

Emma had been using Raisin, a savings platform where customers can open and manage accounts from different banks in one place. But in November last year, she received a notification from the platform stating that accounts must be opened and managed solely by the named account holder.

Emma lodged a formal complaint, saying she believes Raisin’s policy discriminates against disabled customers like her mother, who rely on attorneys to manage their finances.

No third-party access

Raisin, which has offered some of the top rates in the past couple of months, told Which? that its platform currently doesn’t support third-party access, including POAs, due to how it's structured.

Steven Amos, chief executive of Raisin, said: 'We understand how important it is for people to manage their loved one’s finances when they are no longer able to do so themselves, and we sympathise with the situation.

'Unlike traditional banks, our system is not designed to accommodate these processes, as customers interact directly with multiple banking partners via our platform. In these circumstances, our teams work closely with the appointed individual to ensure any invested funds are returned within the agreed timings or deposit maturity.

'We continually review our policies and processes to improve our service, and we recognise the importance of accessibility in financial management. While power of attorney access is not currently supported, we appreciate the concerns raised and will take them into consideration as we assess potential future developments.'

Find out more: savings platforms explained

The providers that restrict attorney access

Raisin’s policy is unusual among savings platforms, but isn’t unique.

We checked the policies of other platforms including Akoni, AvivaSave, Flagstone, Hargreaves Lansdown Savings, Insignis and Interactive Investor. Only Aviva Save said it didn’t allow attorneys to open a new account.

We also checked the policies of savings providers that most frequently appeared in our best rate tables for instant-access and fixed-rate accounts between December and mid-February.

The majority of these allow attorneys to open accounts (see table below) – but not all of them do.

Secure Trust Bank, which offered a top deal three times over the period we analysed, said it isn’t currently accepting POA applications for new accounts, but it hopes to soon.

Similarly, Vida Savings, which offered top deals five times over the period, also doesn’t allow attorneys to open new accounts.

Provider	Times it offered a top rate	Can attorneys open a new account?
Cahoot	6	Yes
Birmingham Bank	5	Yes
Hodge Bank	5	Yes
Oxbury Bank	5	Yes
Vida Savings	5	No
Raisin	5	No
GB Bank	4	Yes

These providers appeared in our best rate tables at least twice between 1 December 2024 and 17 February 2025

First in Which? Money magazine

This story first appeared in Which? Money magazine. Join for reviews, features and investigations, plus 1-to-1 guidance from our experts.

Why it matters

Restricted account access makes it harder for attorneys to spread savings across multiple banks This can be an important precaution, as the Financial Services Compensation Scheme (FSCS) only protects up to £85,000 per bank if a firm collapses.

It also means attorneys could miss out on interest if they can't access the top rates.

Our previous research has highlighted other barriers that attorneys can face when dealing with banks on behalf of their loved ones – including difficulties registering their powers in the first place.

The Financial Conduct Authority has said that it is reviewing banks’ treatment of customers in vulnerable circumstances, with a specific focus on bereavement and power of attorney. It plans to publish its results in the first half of this year.

Find out more: power of attorney problems revealed

When should you set up a power of attorney?

Setting up a power of attorney can give you peace of mind that someone you trust is in charge of your affairs.

If you're facing an illness, or believe your mental capacity might deteriorate in the future, it's worth thinking about whom you would like to handle your affairs.

If a POA isn’t set up before you lose mental capacity, it can lead to complications if you (or a loved one) have difficulty looking after your own finances or care arrangements.