4 way joint account

CappersM

Hi there,

Does anyone have any experience of setting up a 4 way bank account.  In other words, is it possible, have you done it and which banks allow it?

I am looking to set up a joint account with my husband and 2 daughters both over 18.  Each bank I have asked have either said maximum is 2 account holders or they just said its complicated!

Thanks in advance

mr_stripey

I've never heard of such an arrangement but I'd be interested in understanding why such an arrangement would be needed?

Daliah

I think Barclays and Natwest/RBS might allow more than 2, but why would you want such an arrangement? 

CappersM

Thanks.  The idea was that my husband and I would predominately use the account and add money to it but the girls have access to the account also so if they had an emergency and we were not around.  We are likely going to be spending several months of the year in Spain so thought a joint account was the easier solution.  Im assuming from the comments that thats not the best route/option?

Zanderman

CappersM said:

Thanks.  The idea was that my husband and I would predominately use the account and add money to it but the girls have access to the account also so if they had an emergency and we were not around.  We are likely going to be spending several months of the year in Spain so thought a joint account was the easier solution.  Im assuming from the comments that thats not the best route/option?

Joint accounts do come with hidden risks - getting one will create a financial association between you all - so, if one of the 4 has, say, a bad credit history, it will reflect on you all. Which might be a problem for one or more of you in future.

It's certainly an odd approach to deal with the problem you have.

p00hsticks

There's a table here that shows the maximum number for different banks joint accounts

https://www.which.co.uk/money/banking/bank-accounts/how-to-find-the-best-joint-bank-account-a08by0u6cb9p

CappersM

Thanks @p00hsticks very helpful

Sandtree

p00hsticks said:

There's a table here that shows the maximum number for different banks joint accounts

https://www.which.co.uk/money/banking/bank-accounts/how-to-find-the-best-joint-bank-account-a08by0u6cb9p

Natwest's website states they allow a maximum of 2 whereas the table states Natwest is unlimited but still a useful starting place even if it may be out of date.

jon81uk

If it just allowing your daughters an emergency spending method then adding them as additional cardholders on a credit card is probably a better method.

Rob5342

Being in Spain shouldn't make any difference, you'll still be able to access it the same way wherever you are.

Descrabled

I was working in Asia, many years ago (well 15), and I had an agreement with HSBC that my two sons could have access to the money within my current account.  This allowed either of them to withdraw cash or transfer money to their own accounts with different banks. The overdraft facility was removed so that they could not take my account into the red.

When I returned to UK, 2 years later, there was no money in the account and they'd spent all my salary, bonus, and all. They had a wonderful time and I don't begrudge them a single penny.

Talk to your bank and see what is possible. I don't recomend having a joint account with your daughters