If you manage a relative’s or friend’s money as a registered power of attorney, you’ll want to make sure that the funds entrusted to you are secure and earning competitive interest rates.

However, after the lengthy process of establishing the Power of Attorney, opening a Power of Attorney savings account might seem like a daunting prospect.

With Akoni, it’s simple.

Contribute towards the cost of care and care homes with interest earned

With the cost of care homes predicted to rise in 2025 according to social care expert William Liang, it’s important to make sure your money is working as hard as it can for you.¹

Any interest returns below 3.4% not only mean that your money is not keeping pace with inflation,² but also that you are missing out on potential earnings which could cover several weeks of nursing care.³

For example;

£100,000 in an easy-access savings account deposited into a savings product paying 1% interest would earn £1,000 in a year, provided the interest rate doesn’t change over that time period.
In a 3.5% Instant Access savings account, £100,000 would earn £3,500 p.a., subject to any variable rates.

Akoni Hub’s digital cash management platform gives you access to multiple savings accounts provided by our FSCS protected, UK-authorised banking partners – all with one application. Choose from 30+ power of attorney deposit products, including Instant Access, Notice, and Fixed-Term deposits, and view your interest earned on a daily basis via the Akoni dashboard.

There’s no minimum deposit to use the platform, and our UK-based team are a phone call away to help you at every stage, from application to deposit.

What’s the application process?

After getting in touch with us – either via our contact form, by emailing contact@akonihub.com or calling 020 3137 9388 – one of our team will send you an application form with a required document checklist.

The required documents are:

Power of attorney documentation (e.g. the LPA code).
A full and recent bank statement from the nominated bank account, which must be held with a UK clearing bank.
Identification documentation for the donor and attorney.

After we have received these, we aim to have your application processed within three business days. We may be in touch with further document requests, if necessary.

What happens when the donor dies?

If funds are still deposited via Akoni when the donor dies, the process to have funds returned to you is straightforward following notification to the Akoni team.

You will be provided with a checklist detailing the required information, and once we have received all the necessary documents as agreed by our Compliance team, the funds will be released.

If any deposits mature before the Grant of Probate is received, the funds will sit on the respective client’s account at the panel bank (with zero accrual) until we receive the relevant instructions and documents.

Ready to apply?

If you’re ready to start an application, please fill in this contact form or email contact@akonihub.com and one of the team will get back in touch shortly.

Check out our frequently asked questions for more information about the platform.

Alternatively, if you’d like to call us to go over the process in more detail or ask any questions, we can be reached at 020 3137 9388. Our lines are open from 9am to 5pm every weekday, excluding Bank Holidays.

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