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Special Needs Bank Account - which bank? I

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  • 19-10-2014 5:29am
    #1
    CaraMay
    Banned (with Prison Access) Posts: 4,652 ✭✭✭


    I need to open a special needs bank account but the banks I have phoned have told me they have never heard of it. The citizens advice bureau advise they are available.

    Can any know guide me what to do next?


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    #2
    Gordon
    Registered Users Posts: 35,524 ✭✭✭✭Gordon


    What's a special needs bank account? And if the CAB told you they are available, they must be able to tell you where they are available.


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    #3
    CaraMay
    Banned (with Prison Access) Posts: 4,652 ✭✭✭CaraMay


    It's a working current account for people with special needs. It was on their website.


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    #4
    Humour Me
    Registered Users Posts: 360 ✭✭Humour Me


    They wouldn't call it a special needs bank account, it's just a current account with specified restrictions on it.

    If it helps, my autistic brother has an account with bank of Ireland. Not sure of the details but he has no charges and my mother has access to withdraw funds.

    Your best bet is to make an appointment in a branch with the manager and discuss exactly what you need.


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    #5
    GerardKeating
    Registered Users Posts: 7,652 ✭✭✭GerardKeating


    CaraMay wrote: »
    It's a working current account for people with special needs. It was on their website.

    Is this the kind of account you are thinking of.


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    #6
    newman10
    Registered Users Posts: 975 ✭✭✭newman10


    CaraMay wrote: »
    I need to open a special needs bank account but the banks I have phoned have told me they have never heard of it. The citizens advice bureau advise they are available.

    Can any know guide me what to do next?

    Hi CaraMay

    I have a son who has DS and am in the process of making a Trustee Will for him and have rerered to these newsletters from time to time

    Hope thus is helpfull


    Special Needs Bank Account
    A question I have been asked so many times: Is there a Special Needs Bank Account? the answer is, Yes there is.

    When speaking to parent I find most have opened joint accounts with their children but this is only a temporary fix and will cause issues when the parent passes away as this account will have to be frozen and goes back in to the Estate.

    An even bigger issue is when the Department of Social Protection is carrying out a Means Tested assessment then all money in a joint bank account can be allocated to either party.

    Financial Wellbeing Solution
    A Special Needs Bank Account allows both....
    To read more click this link




    To find out more contact Dolores on 086 023 6995 or dolores@financialwellbeing.ie

    A big thank you to Gina Grant of Down Syndrome Donegal for organising a great workshop on 20th of September. I really enjoyed the banter and I am looking forward in meeting parents again on a one-to-one basis in October.
    Allan Cuthbert    [/I]


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    #7
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    My sister has Down Syndrome and has an account with Bank of Ireland. It's what's called a 'demand deposit account' and it has an ATM card, however I opened this account for her when I started working there about 10 years ago. I'm not sure if they still offer ATM cards on the deposit accounts. Her disability benefit is paid in there, and when she is working or doing a course, her wages get paid in there also. However, she can't set up standing orders or direct debits on the account. Both my mother and I are authorised signatories on the account.

    I agree with Humour Me, your best bet would be to go into a branch and make an appointment to see a branch manager or customer service manager. Depending on what the account will be used for, it may be a better idea for you to open a joint account with the person, that way you will have full access to the account if needs be.


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    #8
    CaraMay
    Banned (with Prison Access) Posts: 4,652 ✭✭✭CaraMay


    newman10 wrote: »
    Hi CaraMay

    I have a son who has DS and am in the process of making a Trustee Will for him and have rerered to these newsletters from time to time

    Hope thus is helpfull


    Special Needs Bank Account
    A question I have been asked so many times: Is there a Special Needs Bank Account? the answer is, Yes there is.

    When speaking to parent I find most have opened joint accounts with their children but this is only a temporary fix and will cause issues when the parent passes away as this account will have to be frozen and goes back in to the Estate.

    An even bigger issue is when the Department of Social Protection is carrying out a Means Tested assessment then all money in a joint bank account can be allocated to either party.

    Financial Wellbeing Solution
    A Special Needs Bank Account allows both....
    To read more click this link




    To find out more contact Dolores on 086 023 6995 or dolores@financialwellbeing.ie

    A big thank you to Gina Grant of Down Syndrome Donegal for organising a great workshop on 20th of September. I really enjoyed the banter and I am looking forward in meeting parents again on a one-to-one basis in October.
    Allan Cuthbert    [/I]

    Thanks Newman - that's the one


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