Joint Savings Account

eva1978

Hi all,

I have been searching the internet to get information on a joint savings account for my bf and I but have struggled to come across any.

We are looking for one which will need both our signatures prior to taking any money out (not trust issues, solely so neither of us are tempted to dip into it for any reason).

I have read on other posts that many advise to just taking out single savings accounts however, the reasons we want a joint one are;

a) we are hoping to emigrate to Canada in the next couple of years and want to each put aside a certain amount a month towards this

b) as we are not married, we will need as much documentation etc with joint names to prove we live as common law spouses for emigration under the skilled worker provincial nominee program

Can anyone advise of any good joint savings accounts - The idea is that whatever we put in will not be taken out until we are ready to emigrate. Initially for the next few months we will probably put in £100 per month each (as we are paying some other bits off) and then after that, we are looking to pay in around £400 per month each (£800-£1000 p/mth in total).

Thanks in advance.
Eva

psychic_teabag

Not quite what you asked for, but if you are under 35 and have never owned a house, a santander first-home account is a regular savings account giving a good rate, and doesn't allow you to dip into it, though you can still close it any time to access funds in an emergency. T&C says you need an interview before you can close it - I don't know if that means you'd both have to do the interview. Anyway, it's one possible idea, anyway. Note that many on here advise against giving money to Santander.

The max is £300 per month, so it won't take all your money. Under different circumstances, you could have had one each, but that doesn't help you. That said, you could presumably open lots of joint accounts with very low balance, just to collect the paperwork, and have one of these each for the bulk of your savings.

Another possibility is a notice account, such as the Coventry eNotice account, if it's still available. 30 days notice would discourage dipping, though I think it does allow immediate access with a penalty, so it's not quite perfect. But there may be other notice accounts which would suit. Have you looked for any postal accounts - maybe they might be setup to require dual signatures..?