Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • d0nkeyk0ng
    • By d0nkeyk0ng 17th Apr 17, 11:59 AM
    • 372Posts
    • 142Thanks
    d0nkeyk0ng
    Joint account
    • #1
    • 17th Apr 17, 11:59 AM
    Joint account 17th Apr 17 at 11:59 AM
    The wife and I have been given lots of money over the past two years we've been married. So far, we've just kept it in a safe place in the house. Realistically, we need to open a joint account of some kind and stick it in there.

    Originally, I thought of cash ISA or similar. But the idea is to use it for stuff for the house eg redoing the driveway, or spending it on new carpets etc. So I envision withdrawing more frequently.

    Would a joint bank account be a better option?
    Is there one bank that would be better than the others?
    I'm with natwest and the wife is with santander, and both have branches within walking distance of where we live.
Page 1
    • xylophone
    • By xylophone 17th Apr 17, 12:11 PM
    • 21,328 Posts
    • 12,255 Thanks
    xylophone
    • #2
    • 17th Apr 17, 12:11 PM
    • #2
    • 17th Apr 17, 12:11 PM
    You could open a joint account for your household bills and hold cash for the repairs etc in it.

    The Santander 123 could be suitable.

    There are other interest paying accounts - you can hold sole and joint accounts.

    http://www.moneysavingexpert.com/banking/compare-best-bank-accounts
    • Shakin Steve
    • By Shakin Steve 17th Apr 17, 12:11 PM
    • 746 Posts
    • 535 Thanks
    Shakin Steve
    • #3
    • 17th Apr 17, 12:11 PM
    • #3
    • 17th Apr 17, 12:11 PM
    Disregarding the best way forward with the bank account situation, are you sure it's wise to have 'lots' (a subjective term) of money knocking about the house. Aside from the security issues, you may find the banks get all inquisitive if you walk in with a wheelbarrow full of cash.
    For this reason you may be better sticking with the banks that know you, rather than trying to open a new account and depositing large amounts of cash. That's exactly what money launderers do.
    I came into this world with nothing and I've got most of it left.
    • d0nkeyk0ng
    • By d0nkeyk0ng 17th Apr 17, 5:42 PM
    • 372 Posts
    • 142 Thanks
    d0nkeyk0ng
    • #4
    • 17th Apr 17, 5:42 PM
    • #4
    • 17th Apr 17, 5:42 PM
    You could open a joint account for your household bills and hold cash for the repairs etc in it.

    The Santander 123 could be suitable.
    Originally posted by xylophone
    Currently the wife has the 123 account. Utilities, council tax, internet and phone come out of her account so she gets cashback. She also has close to the maximum deposit so she gets 3% on the savings in the account. The mortgage comes out of my account.

    Disregarding the best way forward with the bank account situation, are you sure it's wise to have 'lots' (a subjective term) of money knocking about the house. Aside from the security issues, you may find the banks get all inquisitive if you walk in with a wheelbarrow full of cash.
    For this reason you may be better sticking with the banks that know you, rather than trying to open a new account and depositing large amounts of cash. That's exactly what money launderers do.
    Originally posted by Shakin Steve
    Natwest have had no problems with me walking in with 2k in the past (total of cash gifts from wedding guests and family), so the plan was cash it in and then transfer it across. I could also divide it up and deposit it. We have probably 1500 max in cash in the house. Would prefer to have it in the bank and hence the thread.
    • teddysmum
    • By teddysmum 17th Apr 17, 6:04 PM
    • 7,503 Posts
    • 4,439 Thanks
    teddysmum
    • #5
    • 17th Apr 17, 6:04 PM
    • #5
    • 17th Apr 17, 6:04 PM
    As SS says, 'lots' is a relative term, but you mention walking in with 2000 and I had no problem paying in 3000 to a Tesco current account, via the customer service desk (in store at a quiet time).


    Nationwide Flexdirect and TSB current accounts would allow you six interest paying accounts between you with the former having a good rate on it's regular saver (which allows up to 500 per account per month), at the moment.


    The two accounts will pay interest on 12000, immediately, without regular savers being taken out.
    Last edited by teddysmum; 17-04-2017 at 6:07 PM.
    • grumbler
    • By grumbler 17th Apr 17, 6:31 PM
    • 51,387 Posts
    • 21,753 Thanks
    grumbler
    • #6
    • 17th Apr 17, 6:31 PM
    • #6
    • 17th Apr 17, 6:31 PM
    Why does it have to be joint if it's only for "house eg redoing the driveway, or spending it on new carpets etc."?
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • YorkshireBoy
    • By YorkshireBoy 17th Apr 17, 7:09 PM
    • 29,044 Posts
    • 16,840 Thanks
    YorkshireBoy
    • #7
    • 17th Apr 17, 7:09 PM
    • #7
    • 17th Apr 17, 7:09 PM
    Currently the wife has the 123 account. Utilities, council tax, internet and phone come out of her account so she gets cashback. She also has close to the maximum deposit so she gets 3% on the savings in the account.
    Originally posted by d0nkeyk0ng
    Hardly fair when the rest of us have to make do with 1.5% AER on our 123 accounts.
    • d0nkeyk0ng
    • By d0nkeyk0ng 17th Apr 17, 7:17 PM
    • 372 Posts
    • 142 Thanks
    d0nkeyk0ng
    • #8
    • 17th Apr 17, 7:17 PM
    • #8
    • 17th Apr 17, 7:17 PM
    Hardly fair when the rest of us have to make do with 1.5% AER on our 123 accounts.
    Originally posted by YorkshireBoy
    I knew they were changing things around but hadn't realised they'd dropped the interest on the lump sum to 1.5%. That's despite me finding out on here that they were going to make changes (though nothing official has been received by my wife).
    • d0nkeyk0ng
    • By d0nkeyk0ng 17th Apr 17, 7:19 PM
    • 372 Posts
    • 142 Thanks
    d0nkeyk0ng
    • #9
    • 17th Apr 17, 7:19 PM
    • #9
    • 17th Apr 17, 7:19 PM
    Why does it have to be joint if it's only for "house eg redoing the driveway, or spending it on new carpets etc."?
    Originally posted by grumbler
    The idea is that we can both access it as and when required.
    • grumbler
    • By grumbler 17th Apr 17, 7:29 PM
    • 51,387 Posts
    • 21,753 Thanks
    grumbler
    Well, joint current accounts have at least two serious disadvantages. So, it's really worth thinking whether you want it the sake of as doubtful advantages as "both can access" and two debit cards.

    It can be against T&C, but in real life it's easy to share online access and a card for a sole account.
    Last edited by grumbler; 17-04-2017 at 7:33 PM.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • teddysmum
    • By teddysmum 18th Apr 17, 4:06 PM
    • 7,503 Posts
    • 4,439 Thanks
    teddysmum

    It can be against T&C, but in real life it's easy to share online access and a card for a sole account.
    Originally posted by grumbler


    Oh, we'd never do that.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,803Posts Today

7,140Users online

Martin's Twitter