We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Holiday fund for a joint account - pls suggest a suitable savings account

Nine_Lives
Posts: 3,031 Forumite
Looking for help for my mother. I thought i'd asked about this account before but can't find anything.
She has an account with her friend. It's a holiday account that they'll cash in within the next 3 years or so & then go on holiday together. This is the reason i'm looking to help them:
Current balance: £2820.52
They pay in a combined £30 each month.
As you can see, the interest rate is appalling.
My mother is a non tax payer whereas her friend IS a tax payer if that sways your account suggestion.
I was thinking AA for 1year at 2.80% or whatever it is (can't remember without looking), but would you suggest anything else?
She has an account with her friend. It's a holiday account that they'll cash in within the next 3 years or so & then go on holiday together. This is the reason i'm looking to help them:
Interest = 0.10% Gross Calculated daily and credited to the account on or paid in to another bank/building society current account by 31 December. Interest Warrants are only paid out of an account if their value is equal to or over a £1.00.
Bonus = 0.75% Gross A bonus is also calculated daily and will be added to the account if a monthly deposit of between £20 and £5,000 is credited to the account for 11 out of 12 months and the withdrawal terms affecting the bonus are adhered to. The bonus will be applied at the end of the 12th month.
Current balance: £2820.52
They pay in a combined £30 each month.
As you can see, the interest rate is appalling.
My mother is a non tax payer whereas her friend IS a tax payer if that sways your account suggestion.
I was thinking AA for 1year at 2.80% or whatever it is (can't remember without looking), but would you suggest anything else?
0
Comments
-
Unfortunately, The AA's Internet Extra (Issue 3) account does not accept joint accounts.AA Internet Extra (Issue 3) account is unavailable to joint account holders. If you wish to open an account that is to be operated by Power of Attorney, please call our AA Savings Team for more information.
You may need to look for a better rate elsewhere after the bonus expires in Jan 2011.
Hope this helps.
Although, of course, I am happy to help, I don't understand why you couldn't have found this for yourself from the MSE Savings page.Warning: In the kingdom of the blind, the one-eyed man is king.
0 -
Because knowing my luck i'll have missed some important fine print or whatever & not understood something right, so i wanted to check in with the experts.
I don't know whether my mothers friend would have a problem with the account just being in my mothers name or what. I'd have to ask on that one.
Thanks0 -
The West Bromwich BS Direct Bonus account 1 does accept joint accounts.
You should, anyway, check for yourself to make sure that any account that is opened meets your requirements.Warning: In the kingdom of the blind, the one-eyed man is king.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards