Executor accounts serve a clear and practical purpose: they provide a secure, separate place to hold estate funds during the administration process. These accounts ensure that incoming funds such as proceeds from the sale of property or investments can be received, while also enabling the payment of funeral expenses, debts, taxes and, eventually, distributions to beneficiaries.
From a legal standpoint, they are a tool for transparency and proper record-keeping. For solicitors and executors alike, an executor account simplifies estate administration by avoiding co-mingling of personal and estate monies. In practice, many firms handling probate rely on these accounts to demonstrate compliance and uphold their fiduciary obligations.
Although not all banks explicitly promote executor accounts, several of the UK’s major high-street institutions provide them on request. Requirements may vary, but in most cases, a Grant of Probate (or Letters of Administration) is needed before an account can be opened.
HSBC offers a dedicated executor account that allows for the clear segregation of estate funds. Executors must present the Grant of Probate and relevant ID before the account can be opened.
Barclays provides an Executor and Trustee account, typically opened at branch level. All appointed executors must usually be present during account setup, which can pose logistical challenges for non-local parties.
Lloyds allows for the creation of an Executor account either by opening a new one or converting an existing estate-related account. ID and probate documentation are required, and services may vary by branch.
NatWest and RBS offer Executor accounts once legal authority is proven. These accounts allow for incoming estate funds and outgoings such as taxes or debts, but generally must be managed in person or via post.
Though less prominently advertised, Yorkshire Bank and its affiliates are known to provide executor accounts on request. Availability may differ by region, and contacting the branch directly is often necessary.
While traditional banks offer executor accounts, legal practitioners often encounter delays and administrative hurdles. Some common limitations include:
These friction points can be particularly problematic for firms dealing with high-value or time-sensitive estates, as well as for lay executors unfamiliar with probate processes.
For legal professionals seeking efficiency, security, and control, third-party managed executor accounts provide a modern alternative. One such provider is dospay, whose Probate & Executor Accounts are specifically designed for solicitors, estate administrators, and family representatives.
dospay's accounts are safeguarded and held at the Bank of England, removing counterparty risk and offering peace of mind for high-value estates. The setup process is digital, with rapid onboarding and a secure online portal that allows for real-time monitoring and record-keeping.
Key advantages include:
For professionals handling complex or multi-party estates, the simplicity and security of dospay’s solution can materially reduce administrative overhead.
Selecting the appropriate executor account depends on several factors:
While high-street banks remain a viable option for straightforward cases, the added convenience and risk mitigation offered by third-party services may better suit firms managing diverse client portfolios.
Executor accounts are an essential instrument in effective estate administration. While several UK banks continue to offer them, they often come with operational inefficiencies that frustrate both solicitors and lay executors. Third-party managed solutions such as dospay’s Probate & Executor Accounts deliver a purpose-built, regulation-compliant alternative that streamlines the process while offering unmatched financial security. For legal professionals, embracing these modern tools could translate into faster, cleaner, and more accountable estate settlements.
dospay is a trading name of DOS & Co. Ltd, a company registered in England and Wales with company number 08294966.
DOS & Co. Ltd. is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (FRN: 833374) for the provision of payment services.
All of our GBP escrow and third-party managed accounts are segregated and safeguarded at the Bank of England.
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