Hens Savings Account

winenwhine

Having looked at what seem thousands of different savings accounts, my brain is about to explode and its also none the wiser!!!

A group of us are going on a friends hen weekend next year and we want to start saving towards it now, so we need an account that is/gives us...

1. Online savings account
2. 2 people control
3. No withdrawal penalty
4. Huge interest rates :rolleyes:

Do any of you know which would be the most appropriate for us to open

Thanks for your help

rb10

winenwhine wrote: »

1. Online savings account
2. 2 people control
3. No withdrawal penalty
4. Huge interest rates :rolleyes:

It's number two that's going to give the difficulty in finding an account.

With an account that's operated online, how can you have dual control over the money? You can't have two people logging in simultaneously to approve a transfer of money out of the account. Similarly, an account that comes with a card is out of the equation, as in that case either one of you could withdraw cash from an ATM.

The only option for dual control accounts, as far as I know, is an account that has a passbook. Here, both holders would have their signatures in the book, and either both would need to be present at the bank to make the withdrawal, or both would have had to have signed a form (for a "Third Party Withdrawal") authorising one person to withdraw the money.

The problem with this is that passbook accounts typically have very very very low interest rates. So, I think you need to reconsider your requirements, and have either (1) 2-person control over a passbook-based account, accepting that you're likely to be getting a very low interest rate, or (2) one (trustworthy!) person to operate the account for the group, where they could get a much higher rate.

Of course, there may be suitable accounts that I don't know about, but, as far as I know, this is the way it works.

winenwhine

rb10 - thanks for your input, hadnt seen any online accounts where we could have 2 holders but wasnt sure if I was looking in all the wrong places!!

Guess they're gonna have to trust me

Thanks again

marksmith99

rb10 wrote: »

It's number two that's going to give the difficulty in finding an account.

With an account that's operated online, how can you have dual control over the money? You can't have two people logging in simultaneously to approve a transfer of money out of the account.

Our online business accounts need two people to authorise payments. You don't have to log on simultaneously, once one person has authorised the payment is held until the second also authorises, so it is possible.

However, not sure similar exists for personal accounts, certainly I've not seen one.