Occasionally, the only option to be able to buy the essentials in life is to trust someone by handing over your bank card and PIN and relying on them to keep you going. Thankfully, many people have someone they can lean on when times are hard, but unfortunately, issues do arise. During the pandemic, this trust became the only lifeline and has made banks introduce several new features to improve security.
What facilities are available to you may depend on which bank your account is with, however, there are standalone options available such as GuardianCard. Unfortunately, the well-used option of Carercard is no longer accepting applications. Bear in mind that both of these options will charge a monthly fee to process your transactions.
Halifax, Lloyds & Bank of Scotland
All of these banks offer a trusted person card for you to issue to anyone that may need to spend money on your behalf. This is a separate card linked to your current account which you can set strict weekly spending limits (£100) that can be used for shopping and also cash withdrawals (£100). There are added security benefits of not having your account details on them and also having limits to what can be accessed. Things such as setting up direct debits & purchases online are not allowed.
NatWest, Royal Bank of Scotland & Ulster Bank
These banks also offer a trusted person card which connects to your bank account. This is a separate card which will need to be ‘topped up’ by transferring money to it up to a maximum of £100 per week.
NatWest offers free at home cash deliveries, whereas RBS customers have the option of providing a ‘get cash' code, meaning someone else can withdraw up to £100 from any NatWest, Royal Bank of Scotland or Ulster Bank ATM with your permission.
Santander
If you're a Santander customer, you can set up a separate account for up to two carers or family members. They will receive an account with its own account number and banking log in which you can transfer money into up to a maximum of £1,500. You will both then receive statements and banking alerts when a purchase is made.
Starling Bank
Popular online bank Starling can issue a connected card that can be used for in-store shopping only. You can set up a dedicated ‘Space’ for the funds to come out of to keep tight reigns on spending, with the maximum at any one time being £200.
Unfortunately Barclays, Nationwide and HSBC do not currently offer similar features.
How to Apply
For all the options above, the person named on the account will need to be available to set everything up.
Lloyds, Halifax and Bank of Scotland customers can only do this by phone on 0345 300 0000. The carer does not need to be present for Halifax, Lloyds, Bank of Scotland & Ulster Bank however it is important that this is only done by the account holder.
Natwest, RBS and Ulster bank customers can call to talk through their options on 0800 051 4176, 0800 051 4177 or 0800 092 4238 respectively. This needs to be done by the account holder or someone on their behalf if they already have a Third Party mandate set up.
Santander customers will must have both the account holder and the carer present, as this option sets up a separate account. You can do this by appointment in branch and also over the phone by calling 08009 123 123.