Joint savings accounts, which one pays the best rates?

shox33

Hi,

We're new to the forum.

Does anybody know and can tell us which JOINT Savings accounts are currently paying the best rates of interest? our criteria would be that we would want to withdraw fairly regularly.

Thanks for your help.

Lianne & Rod

Nomad25

Welcome to MSE, there is a lot of info on instant access savings on here, suggest you read Martin's article and go through this thread:

http://forums.moneysavingexpert.com/showthread.html?t=596724

It starts in 2007, but gets updated all the time.

Oblivion

shox33 wrote: »

Hi,

We're new to the forum.

Does anybody know and can tell us which JOINT Savings accounts are currently paying the best rates of interest? our criteria would be that we would want to withdraw fairly regularly.

Thanks for your help.

Lianne & Rod

Hi Lianne & Rod and welcome. As Nomad25 has indicated, there are resources on the MSE website already that will provide a lot of information as to best buys.

Certainly not all banks or building societies will offer Joint accounts, so you need to read their small print when considering an account.

I've really just chipped in to raise the point about tax treatment, which is something would-be joint account holders don't always consider.

If you take out a joint savings account, you will be deemed to own half the balance each. This means you will each be equally liable for income tax on any interest paid, and this may work to your disadvantage if one of you is already in the 40% tax bracket.

Just something to keep in mind.

Dave.