Life can be unpredictable, and sometimes you or your loved ones might need a hand managing finances. Whether it's because of health changes, shifts in decision-making abilities, or just planning ahead, having a reliable person to help with your Monzo account can really lighten the load. That’s where something called a ‘third-party mandate’ comes in.
What's a third-party mandate?
A third-party mandate is a simple way to allow someone else to manage your bank account. You get to decide who this trusted person is and specify what they can do – like paying bills or checking your balance. It’s essentially giving control to someone you trust, ensuring your finances are in safe hands if you need an extra bit of help.
The key thing to remember?
The money is still yours alone. This isn't like having a joint account; it’s just about sharing some of the responsibility. This makes it easier to keep your finances running smoothly if you need a helping hand.
Exploring your options for third-party mandates
There are several third-party mandates to choose from, and it's important to find the one that best suits your situation.
General power of attorney | Lasting power of attorney | Enduring power of attorney | Deputyship court order | Informal third-party authority | |
|---|---|---|---|---|---|
I need short-term support | ✅ | ❌ | ❌ | ❌ | ❌ |
I need a hand with my spending | ✅ | ✅ | ✅ | ❌ | ❌ |
I want someone to check my account balance and transactions | ✅ | ✅ | ✅ | ❌ | ✅ |
I'm getting ready for when someone I trust might need to manage my money | ❌ | ✅ | ✅ | ❌ | ❌ |
I need to manage finances for someone with limited capacity | ❌ | ✅ | ✅ | ✅ | ❌ |
Each option has its own benefits, so it's worth exploring them all to see which one fits your needs.
Just a heads up: lasting power of attorney and deputyship court order both need to be registered with the Office of the Public Guardian (OPG) if you’re in England, Scotland or Wales.
If you’re in Northern Ireland, an enduring power of attorney must be registered with the Office of Care and Protection (OCP) before we can activate it. More on this further down.
For more advice, visit the Citizens Advice website. You can also reach out to our dedicated Life Events team with any questions.
Think about what’s best for you now and in the future. It’s a smart move to plan ahead in case your circumstances change. Keep in mind that legal documents vary across the UK, so make sure you choose an option that’s best suited to where you live.
What’s the Office of the Public Guardian (OPG)?
The Office of the Public Guardian (OPG) is a government team that helps people with decisions about their health and finances in England, Scotland and Wales. They’re also there to step in and make important choices for those who can’t decide on their own.
If you're in England and Wales, check out the Office of the Public Guardian website for more details.
For those in Scotland, head over to Public Guardian Scotland website the for more information.
What’s the Office of Care and Protection (OCP)?
The Office of Care and Protection (OCP) is a department within the High Court in Northern Ireland. They manage the affairs of people who may lack mental capacity and struggle with decision-making skills.
If you’d like more information, head over to the Office of Care and Protection website.
How to register your application
If you’re in England, Scotland or Wales and are looking to set up a lasting power of attorney or a deputyship court order, you'll need to send your application to the OPG to get it registered.
If you’re in Northern Ireland and you’re looking to set up a Enduring Power of Attorney, you'll need to send your application to the OCP to get it registered.
Application fees: These depend on where you live. In England and Wales it's £82. In Scotland it’s £96, and in Northern Ireland it’s £165.
If your annual income is under £12,000, you can get a discount if you can show proof of income. The OPG might also waive fees if they’d cause significant hardship. If you need help with the costs, call their helpline at 0300 456 0300 for more information.
Registration time: The OPG and OCP aims to complete registrations within eight to ten weeks.
Get it right the first time
Setting up a third-party mandate can be tricky. And mistakes on your application can mean you have to start over and pay the fee again, which delays approval. In 2023 and 2024, around 51,000 applications were turned down due to common mistakes like:
Using the wrong form
Signing forms in the wrong order
Missing essential information
To make things easier, you might want to get professional help. But if you’re keen to handle it yourself, check out moneysavingexpert.com for tips to ensure you get it right the first time.
Your responsibilities as a third-party mandate
Your main responsibility is to make decisions for the person who appointed you (the donor).
Here’s what you should keep in mind:
Always prioritise the donor’s best interests, making choices that reflect their wishes and instructions as closely as possible. Stick to the limits of your authority and avoid taking any actions that could create a conflict of interest.
Support the donor in making their own decisions whenever possible by offering clear information and a comfortable setting for discussions.
Consider their beliefs and past behaviour when deciding what’s best for them. It’s also wise to consult with their family, friends and carers when it makes sense.
Remember, you were chosen for this important role, so act with care and integrity.
If you've already arranged the legal documents for a third-party mandate or if you're looking for more information, our dedicated Life Events team is here to help.
Email lifeevents@monzo.com and a team member will respond to you as soon as possible.