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4 way joint account
Comments
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I agree with the posts above - there are easier ways to accomplish what you're after without creating a 4-way financial link through a joint account. Adding them as additional cardholders to your current account/credit card (ideally one separate from your main finances so you can control/limit usage as required) should accomplish what you're after, and will probably be much easier to set up.2
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Suggest that you and your OH get the joint account and then get your daughters registered as having third party authority to access it. That was they would be able to set up/change regular payments, take money out with an ATM etc. Basically everything that you do as well.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Why not simply get a joint account for your daughters and you & hubby deposit money as you see fit into there or a pre set figure?
As previously suggested if either were to become bad with money you would not be affected by this.Anything is better than nothing-check back and see
On the declutter journey since 2023 with Mrs SD. Tilly Tidy since 2023.1 -
You don't need the account to be in your name or husband's name to be able to deposit money into it.1
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Why can't you just transfer it if they need it? Are they really likely to get so desperate for money that they can't wait the day it takes to contact you?
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I’ve previously worked in a bank and have opened a similar account for parents and x2 sons. Definitely can be done.1
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Daliah said:
Why should it take a day to contact somebody in Spain?Rob5342 said:Why can't you just transfer it if they need it? Are they really likely to get so desperate for money that they can't wait the day it takes to contact you?
It's just an example, all I meant was that it might not necessarily be immediate if they were out swimming or something, but would be minimal compared to the time period someone might need money in.
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Yes, it's definitely possible. I am one of four people on an account (HSBC). It's not a new account so I don't know if anything has changed now. At the time, they opened it like a regular account and it was all very quick and easy.Pow11890 said:I’ve previously worked in a bank and have opened a similar account for parents and x2 sons. Definitely can be done.Save 12k in 2022 #26
Saving for Christmas 2022 #101 -
During the pandemic, I asked Lloyds for an additional debit card that I could give to my children to use (18+). Wasn't a problem. They're not named on the account, and it's my name on the card (initial and surname only), but in these days of contactless...
Mind you, I highly recommend checking transactions on a regular basis...2
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