Joint account

d0nkeyk0ng

The wife and I have been given lots of money over the past two years we've been married. So far, we've just kept it in a safe place in the house. Realistically, we need to open a joint account of some kind and stick it in there.

Originally, I thought of cash ISA or similar. But the idea is to use it for stuff for the house eg redoing the driveway, or spending it on new carpets etc. So I envision withdrawing more frequently.

Would a joint bank account be a better option?
Is there one bank that would be better than the others?
I'm with natwest and the wife is with santander, and both have branches within walking distance of where we live.

xylophone

You could open a joint account for your household bills and hold cash for the repairs etc in it.

The Santander 123 could be suitable.

There are other interest paying accounts - you can hold sole and joint accounts.

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Shakin_Steve

Disregarding the best way forward with the bank account situation, are you sure it's wise to have 'lots' (a subjective term) of money knocking about the house. Aside from the security issues, you may find the banks get all inquisitive if you walk in with a wheelbarrow full of cash.
For this reason you may be better sticking with the banks that know you, rather than trying to open a new account and depositing large amounts of cash. That's exactly what money launderers do.

d0nkeyk0ng

xylophone wrote: »

You could open a joint account for your household bills and hold cash for the repairs etc in it.

The Santander 123 could be suitable.

Currently the wife has the 123 account. Utilities, council tax, internet and phone come out of her account so she gets cashback. She also has close to the maximum deposit so she gets 3% on the savings in the account. The mortgage comes out of my account.

Shakin_Steve wrote: »

Disregarding the best way forward with the bank account situation, are you sure it's wise to have 'lots' (a subjective term) of money knocking about the house. Aside from the security issues, you may find the banks get all inquisitive if you walk in with a wheelbarrow full of cash.
For this reason you may be better sticking with the banks that know you, rather than trying to open a new account and depositing large amounts of cash. That's exactly what money launderers do.

Natwest have had no problems with me walking in with £2k in the past (total of cash gifts from wedding guests and family), so the plan was cash it in and then transfer it across. I could also divide it up and deposit it. We have probably £1500 max in cash in the house. Would prefer to have it in the bank and hence the thread.

teddysmum

As SS says, 'lots' is a relative term, but you mention walking in with £2000 and I had no problem paying in £3000 to a Tesco current account, via the customer service desk (in store at a quiet time).


Nationwide Flexdirect and TSB current accounts would allow you six interest paying accounts between you with the former having a good rate on it's regular saver (which allows up to £500 per account per month), at the moment.


The two accounts will pay interest on £12000, immediately, without regular savers being taken out.

grumbler

Why does it have to be joint if it's only for "house eg redoing the driveway, or spending it on new carpets etc."?

YorkshireBoy

d0nkeyk0ng wrote: »

Currently the wife has the 123 account. Utilities, council tax, internet and phone come out of her account so she gets cashback. She also has close to the maximum deposit so she gets 3% on the savings in the account.

Hardly fair when the rest of us have to make do with 1.5% AER on our 123 accounts.

d0nkeyk0ng

YorkshireBoy wrote: »

Hardly fair when the rest of us have to make do with 1.5% AER on our 123 accounts.

I knew they were changing things around but hadn't realised they'd dropped the interest on the lump sum to 1.5%. That's despite me finding out on here that they were going to make changes (though nothing official has been received by my wife).

d0nkeyk0ng

grumbler wrote: »

Why does it have to be joint if it's only for "house eg redoing the driveway, or spending it on new carpets etc."?

The idea is that we can both access it as and when required.

grumbler

Well, joint current accounts have at least two serious disadvantages. So, it's really worth thinking whether you want it the sake of as doubtful advantages as "both can access" and two debit cards.

It can be against T&C, but in real life it's easy to share online access and a card for a sole account.

teddysmum

grumbler wrote: »

It can be against T&C, but in real life it's easy to share online access and a card for a sole account.

Oh, we'd never do that.;)