Multiple names on bank account

singhini

I have an old fashioned joint bank account at Nationwide with my brothers (i.e. it has a pass book and there are 4 of us in total).
Currently it earns something like 0.025% so I said I would look into finding a better savings account.


Problem i'm finding is you cant have a bank account in more than 2 names.


Does anyone know of an account which can be opened in 4 names and pays something like 2%+

HappyMJ

singhini wrote: »

I have an old fashioned joint bank account at Nationwide with my brothers (i.e. it has a pass book and there are 4 of us in total).
Currently it earns something like 0.025% so I said I would look into finding a better savings account.


Problem i'm finding is you cant have a bank account in more than 2 names.


Does anyone know of an account which can be opened in 4 names and pays something like 2%+

Why? If the money is all of yours to share you could open 4 sole accounts and split the money. If the money is intended to not be inherited by anyone else apart from your brothers then you could also open 6 separate joint accounts with each person and put an equal amount into each account. If any one of you were to die 3 of the accounts would revert to the remaining person as a sole account....i.e the money would not form part of their estate.

i.e 1+2, 1+3, 1+4, 2+3, 2+4 and 3+4. Let's say person 1 dies then you'll be left with 3 sole accounts held by 2, 3, 4 and 3 joint accounts held by 2+3, 2+4 and 3+4.

singhini

Ah ok I should have been clearer (but yes in principal I would agree with you).


its an account we all make a monthly £60 payment into. We then use the money to go out once a month for a few casual drinks (the idea was to keep the family together and so meet up regularly once a month). When we didn't have the account and just turned up on the day with cash unfortunately no-one bothered (with the account everyone turns up. strange how humans behave when alcohol and money are involved).


So we need an account, and one that can have everyone's name on it (partly due to no one person wanting all the money in their name due to self assessment reasons and no funny business / arguments. It wouldn't be the first time money would have caused a family rift).


The accounts got £12,000+ so it seems a shame to only earn 0.025% (and I don't want that balance to be divided back up as we use some of the money as an annual family holiday fund. nothing posh, usually a distillery in Scotland).


just after an account in 4 names that pays some half decent interest.

badger09

You'll struggle to get any bog standard instant access savings account paying anything like 2%, let alone one which allows 4 joint account holders.

Would 2 of these be any use?

http://www.nationwide.co.uk/support/support-articles/faqs/instant-access-saver-faqs#~

Have a read through the FAQs, particularly those on joint accounts and multiple accounts.