Joint savings accounts

GrandmaGotty

Why do banks not accept savings accounts in joint names? We are having to move our joint cheque account due to the Yorkshire Banks closure of current accounts and astounded that we cannot have a joint savings account to operate alongside which we have presently.
We are trying to be sensible in the event of death or incapacity so that the survivor has access to main funds yet we are only allowed to open a savings account in single names which seems antiquated in this day and age.

ceredigion

To prove a point.
http://www.santander.co.uk/uk/savings/esaver
General Terms & Conditions
page 23

ceredigion

Number 12
http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/savings-general-terms-and-conditions

ceredigion

Number 4, second bullet point
http://www.lloydsbank.com/savings/easy-saver.asp?WT.ac=SCOMEASFND1

alanq

GrandmaGotty wrote: »

We are having to move our joint cheque account due to the Yorkshire Banks closure of current accounts

Is this about Yorkshire Bank or Yorkshire Building Society's Norwich & Peterborough brand? These are entirely separate organisations.

ceredigion

Tsb e-savings

Additional information • Accounts can be opened in sole or joint names • Interest is paid gross (without taking off tax) • If you earn more interest than the Personal Savings Allowance, you may have to pay extra tax yourself • The Personal Savings Allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Additional rate taxpayers don’t receive a Personal Savings Allowance

kidmugsy

You can have the Nationwide Flexclusive saver as a joint account. In fact if you have a joint Flexaccount (current account) you might have to go out of your way to avoid having a joint saver.

ceredigion

Barclays everyday saver

You can have more than one Everyday Saver account at any given time in sole or joint names

ceredigion

Bored now
..

Keep_pedalling

GrandmaGotty wrote: »

Why do banks not accept savings accounts in joint names? We are having to move our joint cheque account due to the Yorkshire Banks closure of current accounts and astounded that we cannot have a joint savings account to operate alongside which we have presently.
We are trying to be sensible in the event of death or incapacity so that the survivor has access to main funds yet we are only allowed to open a savings account in single names which seems antiquated in this day and age.

The sensible thing to do is for both of you to set up lasting powers of attorney (LPAs)

GrandmaGotty

Thanks for the responses. It appears I have chosen the only bank that doesn't accept joint savings accounts and that is M&S a subsidiary of HSBC. I should have done some further investigation but it seems only HSBC are prepared to do the manual switch from Norwich & Peterborough and offer incentives.