3 way savings accounts

Ginger_ninja_2

Hi, first timer here.

I need some advice on trying arrange a very specific savings account.

Long story, but basically I need an account than can have myself, mother and sister on it but withdrawls can be made with 2 signatories present. Not bothered about a great interest rate or anything as long as I can get this facility.

Thanks in advance.

Aegis

That's more common for business accounts. HSBC savings accounts were all automatically set up under the "any to sign" mandate, and I'm fairly sure there was little flexibility in it. I'm not sure how other banks work, as I've not been employed by them, but this would certainly have been a very difficult request when I was there.

Why do you need this? There might be an alternative solution for you that doesn't require this.

rb10

Halifax offered this facility ... until about a week ago.

Unfortunately, now that Lloyds have taken charge, they no longer allow you to do this, as Lloyds TSB can't do it.

Ginger_ninja_2

Aegis wrote: »

Why do you need this? There might be an alternative solution for you that doesn't require this.

My mother was the sole beneficiary of my father's will; however, he left instructions in the will that my sister and I make the decisions as to how to manage the money etc to make sure there's sufficient there to care for her in old age (he was wise to do this; she'll !!!! it all away if we're not careful). The bulk of the money is coming from the shares he had in his business that are slowly being bought out by the company over the next 5 years. The money must be transferred to an account in my mother's name but it can be an account where additional names are on it. My sister and I feel it's best that we get an account where my monther and one other are needed to withdraw.

This sounds like we're treating our monther badly but she's incredilby gullible and will be suckered in left right and centre. Unforutnately she's also quite stubborn and won't ask for help or advice from us, so if she's got the funds in her current account she'll end up paying through the nose for everything because she simply too trusting and has never heardof shopping around. case in point, she booked a cruise not long after my father died that cost £2000 more than if I'd booked it online for her.

alanq

I am not sure that a joint bank account is the answer. Have you thought about the income and inheritance tax implications? Also if you or your sister require means tested benefits a proportion of the money may be deemed to be yours. It sounds to me that some kind of trust is required so that your mother remains the sole beneficiary of the funds but under your control. I think that you need expert advice that I am not qualified to give.

I assume that your mother is sufficiently mentally competent that it is not time to arrange Lasting Power Of Attorney.

Ginger_ninja_2

alanq wrote: »

I assume that your mother is sufficiently mentally competent that it is not time to arrange Lasting Power Of Attorney.

The POA is already in place should we need to execute it. The benefits issue may be a factor for my sister; good heads up, thanks.