Where to put joint savings?

chelseablue

Me and my partner are currently saving to move house.

Our savings are in a rubbish paying account at the moment so am looking to get the most interest I can.


Some months we save as much as £1,500 so would like an account that can accommodate this.


We don't mind a notice account or locking it away for a year or 2, as long as we can still add to it.


Both signatures required to withdraw money


Is there such an account? Or does anyone have any other recommendations?

Mojisola

Santander 123 - you can have a joint account and two separate single accounts if you have more than £20k.

HappyMJ

Both signatures? Is that an essential part of your requirement? There are accounts but they do not have telephone/internet banking and offer lower rates than just opening up a couple of Santander 123 accounts.

chelseablue

I have a Santander 123 account in my name already, which has £20k in (my savings from before I met my partner)


As it's a current account I presume that means that either one of us could walk to a branch and withdraw money?

chelseablue

HappyMJ wrote: »

Both signatures? Is that an essential part of your requirement? There are accounts but they do not have telephone/internet banking and offer lower rates than just opening up a couple of Santander 123 accounts.

Yes, preferably both signatures, failing that maybe internet or postal account?

xylophone

It is a little worrying that you do not appear to trust your partner not to withdraw all the money from a joint account (or that he does not trust you)?

Your partner could open a sole account with Santander.

There are then various other high interest current accounts that you could each open on a sole basis that you could gradually fill....

chelseablue

We do trust each other but have both had bad experiences in the past with our ex's, but that was joint current accounts.


So we had a chat and decided that as it's quite a large amount of money we save that for peace of mind we would like an account where not just 1 person can wander into a branch and withdraw money

bigfreddiel

You can specify that two signatures are required for all three accounts which are in your joint and single names with 123 after all you said you already do this for your own 123 account!

Cheers fj

Also specify via online banking set the option to receive interest tax free then declare it on your self assessment tax return.

chelseablue

No my 123 account just needs my signature.

I didn't know you can have a account in just one name but still have 2 signatures to operate it??