Current Account Suggesion - want Interest, but no regular income

NigelFNg

Hi there,

Please can someone offer a suggestion for a Current Account that would meet my needs.

I am helping out an elderly relative with their finances (they are currently experiencing problems). Part of this is setting up a joint account for Direct Debits to be paid from. I need access to this account as well as my father.

There will not be a regular monthly income into the account. There will be an initial lump sum, followed by quarterly transfers in. A number of Direct Debits will be paid from the account, and there also needs to be a facility to withdraw cash as required (pref at a Post Office).

I would like the account to earn interest too, but this appears to be a problem without regular deposits.

Please can someone help - in a nutshell:

• Joint account
• One of the parties has a bad credit rating
• Internet account management
• No regular monthly income
• Want to receive interest

Many thanks! Nigel.

Inactive

Nationwide would seem to fit the bill, except possibly on the " bad credit rating " front.

They have a linked eSavings Account with instant online transfers between it and the FlexAccount ( Current Account ) that pays fair interest.

NigelFNg

Thanks for the reply. We currently have our household accounts with Nationwide. Good as they are, we were hoping to get a separate account, with a different bank.

Any other suggestions welcome.

Many thanks, Nigel.

Mikeyorks

Bad credit rating to one side ... as I don't know the reaction ... try the Halifax High Interest account (5.12%).

You do need to fund £1k monthly .. but that is easily accomplished if the initial lump sum (and the running balance) exceeds £1k. You just set up a Websaver alongside and then SO £1k out of the current account (to the WebSaver) one day - then SO it back the next .... and that fulfils the funding criteria.

Once the current a/c is enabled for online access you will be able to set it up for your access and create the Websaver / the 2 x SOs. Then simply monitor it if that's the requirement.

I managed my Mother's accounts that way. But made sure she still received a paper statement from the online account. And that there were no bill payments etc in my favour. If she owed me anything it was paid by cheque so there was an unarguable audit trail with all monies starting and ending in the current account.

CLAPTON

If two people open a joint account then they form a financial association.

If one has a poor credit rating then the other's rating will be adversely afffected.. don't do this.

Just set up an account with internet access then with the other persons permission you can operate the a/c for them with forming any financial association

Mikeyorks

CLAPTON wrote: »

If two people open a joint account then they form a financial association.

Can't believe I missed the OP specified that .... getting myopic on Sunday nights! As you correctly say .... not necessary for the outcome specified and creates potential problems for the OP.

NigelFNg

Many thanks Clapton for pointing out the issue with the Credit Rating.

With regards to obtaining permission to manage another persons account on the Web, is this OK legally?

Thanks again,

Nigel.