Using an adult relative’s card or knowing their PIN does not give legal authority to move their savings. A provider may refuse instructions or restrict access. It may also treat unauthorised use as a security concern, even when your intentions are good.
To manage savings for an adult, first establish whose money it is. Then check whether they have mental capacity to decide. For another adult, arrange authority that the provider accepts before you act.
Separate your savings from another adult's
Another adult’s account remains theirs unless the provider accepts formal authority. This stays true if you pay their bills, live with them, or have helped for years.
Informal help can mean sorting post or explaining statements. It can also mean sitting with someone while they call their bank. It does not usually let you give instructions in their name.
A shared PIN, card, or online password is not a safe workaround. It can break provider terms. It can also make it hard to prove that the adult approved a payment.
The most common mistake is treating permission as legal authority. They are not the same thing.
Ownership sets the rules
An ISA always belongs to the named adult saver. Helping them does not give you a separate ISA allowance. HM Revenue & Customs sets the annual ISA subscription limit.
The limit is currently £20,000 for the 2026-27 tax year. This limit belongs to the adult named on the ISA.
Use this dividing line: If the adult understands the choice, weighs the options, and communicates a decision, they should normally decide. Help them understand the choice instead of taking over.
Start with the account list
List every provider, account type, balance, maturity date, and access method. Include NS&I, banks, building societies, and ISA providers.
This list stops you assuming that one account gives access to another. Access to a current account does not give access to Premium Bonds, an ISA, or a fixed-rate bond.
Write down where each account is held.
Choose authority by capacity and timescale
The right authority depends on mental capacity and how long help may be needed. Under the Mental Capacity Act 2005, capacity depends on the specific decision.
| Route | When it fits | Capacity needed to set up | Can it continue after capacity is lost? | Likely scope |
|---|
| Ordinary Power of Attorney | Short-term help while the adult can decide | Yes | No | Financial tasks stated in the document |
| Property and Financial Affairs LPA | Ongoing help and future planning | Yes, when signed | Yes, once registered | Accounts, property, and financial decisions, subject to limits |
| Deputyship | No LPA exists and capacity has been lost | No | Yes, under court supervision | Only powers in the Court of Protection order |
| Third Party Mandate | Limited provider-specific support | Usually yes | Usually no | Tasks and channels set by that provider |
Ordinary power ends on incapacity
An Ordinary Power of Attorney can help while the adult has capacity. It stops if they lose capacity.
Choose a Property and Financial Affairs Lasting Power of Attorney if future loss of capacity is a real concern. Think of it as arranging a spare key before an emergency.
An LPA plans for future change
A Lasting Power of Attorney names one or more attorneys. A Property and Financial Affairs LPA can cover savings and investments after registration.
The Office of the Public Guardian registers the LPA. The LPA may include instructions or preferences. Read the document instead of relying on its title.
An LPA is not a blank cheque.
Deputyship follows lost capacity
Deputyship is normally needed when an adult has lost capacity without a valid LPA. The Court of Protection appoints a deputy.
The court can require reports, security bonds, and limits on gifts or investments. A deputy can only act within the court order.
A straightforward LPA registration often takes between 8 and 12 weeks. Deputyship can take longer, so acting early matters.
Legal authority does not guarantee online access
An LPA or deputyship order lets you ask to manage an account. Each provider still has its own security process and access channels.
Mandates may block major actions
A Third Party Mandate may allow balances and routine payments. It may block withdrawals, account closure, ISA transfers, or investment instructions.
NS&I accounts, including Premium Bonds, can have separate rules for attorneys and deputies. Check the provider’s rules before you plan a transfer.
Provider systems vary widely, even where the legal authority is clear.
Providers often ask for the authority document or access code. They may also ask for proof of identity, proof of address, and account details.
Keep copies of everything you send. Record the date and the provider’s confirmation or reference number.
Provider checks may add days or weeks after LPA registration. Do not wait for an urgent bill.
Never borrow the adult's login
Do not use the adult’s online banking log-in, card, or security code as a shortcut. Ask for the channel designed for attorneys, deputies, or registered third parties.
A provider may see a new device or unusual payment as possible fraud. This can freeze access when the money is needed.
Use the provider’s approved route from the start.
Which route applies in England?
Can the adult understand and decide?
→ Yes
Short-term: mandate or Ordinary Power. Future planning: LPA.
→ No
Deputyship may be needed if no LPA exists.
Match the savings product to the adult's goal
Cash ISAs, Stocks and Shares ISAs, Premium Bonds, and savings accounts meet different needs. They differ in access, tax, certainty, and risk.
| Product | Guaranteed return | Access | Tax and protection | Usually fits |
|---|
| Easy-access savings | Interest rate may vary | Often same day to a few days | Interest may be taxable; eligible deposits usually have FSCS cover up to £85,000 per person per firm | Emergency cash |
| Cash ISA | Interest rate may vary or be fixed | Easy access or fixed term | Interest is tax-free; eligible cash deposits usually have FSCS cover | Tax-free cash savings |
| Stocks and Shares ISA | No | Selling can take days; values change | Tax wrapper, not capital protection | Longer-term money that can take risk |
| Premium Bonds | No, prizes only | Usually several working days to cash in | Tax-free prizes; backed by HM Treasury, not ordinary FSCS cover | Cash where prize uncertainty is acceptable |
Premium Bonds trade income for chance
Premium Bonds protect eligible capital when you cash them in. Prizes are not guaranteed.
Someone with a fixed care-cost deadline may prefer known interest. A prize draw is not the same as an interest rate.
Premium Bonds suit cash where prize uncertainty is acceptable. They do not suit money needed on a set date.
Fixed terms reduce flexibility
A fixed-rate bond may pay more interest. Early withdrawal can mean lost interest or no access.
It may not suit money needed for care, repairs, or housing. Check the terms before locking money away.
The key question is when the adult may need cash.
Make a simple savings plan
For your own goal, work out the monthly amount before choosing an account. Subtract savings already held from the target. Then divide the result by the months left.
Target minus savings already held, divided by months left, equals your monthly saving target. This gives you a clear monthly figure.
For another adult, do not move money just to follow a family plan. The choice must serve their needs and follow your legal authority.
⭐Selection for you
A plain-English savings and investment book can help a family compare interest, access, and risk. Use it before discussing an adult’s money. It cannot replace legal authority or provider rules.
- It explains why a prize draw differs from guaranteed interest.
- It gives families a written reference for savings-goal talks.
- It supports basic budgeting before choosing an ISA, bond, or easy-access account.
View on Amazon →This advice on legal authority is not relevant if you manage only your own money. It also does not mean that you should take over when the adult can decide and communicate without help. If you suspect fraud, financial abuse, or family conflict, contact the provider’s fraud team. You can also contact Adult Social Care, the Office of the Public Guardian, or a suitable solicitor before moving money.
FAQs
Can I manage my parent's savings without a power of attorney?
No, not just because they are your parent. They can make a Third Party Mandate if they have capacity. The mandate may limit withdrawals, transfers, and online access.
Can an attorney open an ISA for someone?
Possibly, if the LPA allows it and the ISA provider accepts attorney instructions. The ISA remains the adult’s account. It uses their £20,000 annual ISA allowance.
Are Premium Bonds protected by FSCS?
No, Premium Bonds are backed by HM Treasury through NS&I. They do not use the usual FSCS scheme. Eligible bank or building society deposits generally have cover up to £85,000 per person per authorised firm.
How much savings should an adult have?
There is no single legal amount. Accessible savings should cover likely essential costs and known commitments. For another adult, base the reserve on bills, care needs, and costs over the next 3 to 12 months.
How do I save £10,000 in two years?
Save about £417 each month before interest for 24 months. Keep money needed within two years in lower-risk cash options. Do not rely on investment growth or Premium Bond prizes.
What is the 50 30 20 budgeting rule?
It splits after-tax income into about 50% for needs, 30% for wants, and 20% for savings or debt. It may not work if rent, care fees, or debt take over 50%.
Can I use my partner's bank card with permission?
Usually no, because sharing a card or PIN can break provider terms. This applies even with permission. Ask the bank about a mandate, joint account, or attorney registration instead.
How long does an LPA take to register?
A straightforward LPA registration often takes between 8 and 12 weeks. Delays can occur. Provider checks may add days or weeks after registration.
Take the safe route before moving money
Confirm ownership and capacity before choosing authority. Keep the adult’s money separate. Record decisions and match savings to their needs.
If capacity is lost without an LPA, ask about deputyship. Do not improvise access through cards, PINs, or online log-ins.
The safe route protects both the adult and you.
Learn more
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