Savings account requiring multiple signatories?

straightouttacompton

Does anyone know of a savings account that can be set up requiring multiple (in our case 3) signatures on the account, whereby all three signatories are required to authorise any withdrawal?

As the account will have quite a large amount of cash initially, a 'safe' institution is more important than a high interest rate. Notice period is no issue.

Have never done this before so any advice or recommendations would be great.

tagq2

Depending on the hugeness of the amount and the time and purpose for which it's going to be held, it might instead be worth having another party hold the money. Solicitors can do this for specific transactions which may take some time but note that they aren't allowed to behave like a bank.

straightouttacompton

tagq2 wrote: »

Depending on the hugeness of the amount and the time and purpose for which it's going to be held, it might instead be worth having another party hold the money. Solicitors can do this for specific transactions which may take some time...

I'd rather not have a solicitor hold the money, as there may be both small and large transactions, and it just seems like an unnecessary pain to have to go to a solicitor for every transaction, plus of course their fees throughout the whole process.

So nobody knows of a bank or building soc that might offer such a service?

Chadsman

Most accounts that can be opened as joint accounts have the option to operate them on the basis that both/all account holders need to sign for withdrawals. The exceptions usually being internet operated accounts.

ChiefGrasscutter

Sounds more like a clubs and societies type of account.
These are offered by all the major clearing banks.
They can have quite complex mandates on them if required. You know... all three to sign everything, or only 1 signature required for sums less than £x, whatever.

Snag is
1. There will almost certainly be no internet access - partially defeats the multi signature aspect.
2. They ALL pay virtually no interest! This is a subject which has been talked about in the clubs and societies world for the last 20 if not 30 years. The banks claim its due to the nature of the account and how they are run and the restrictions on the account etc.

John_Pierpoint

Nothing quite like a good old fashioned cheque book.
One of you holds the cheque book at their address and issues the cheque to the other two for their signature.
I have had similar arrangements paying reasonable interest with various building societies and minor banks, where only the occasional cheques (often over 100 pounds) are required. You cannot expect to have an interest paying "business" current account, without a massive balance in it.

I believe there are other techniques that require the entry of multiple pin type codes before money can be transferred on line, but I've not used them.

jonesMUFCforever

Why not just keep the monies seperate? Open 3 accounts and all of you keep what you think is yours.

straightouttacompton

jonesMUFCforever wrote: »

Why not just keep the monies seperate? Open 3 accounts and all of you keep what you think is yours.

Ha, good idea, but if we all could agree on what we *thought* was ours, there wouldn't any need for this sort of account in the first place

straightouttacompton

John_Pierpoint wrote: »

Nothing quite like a good old fashioned cheque book.
One of you holds the cheque book at their address and issues the cheque to the other two for their signature.

That could work well. Presumably the cheque would require two signatures? (i.e. the two not holding the cheque book)

I believe there are other techniques that require the entry of multiple pin type codes before money can be transferred on line, but I've not used them.

Hadn't heard of these myself so if anybody knows about them would be very interested.

John_Pierpoint

Tell us more about what you are trying to achieve with this de facto trust arrangement?
How much money in broad terms are we talking about?