Joint Savings Accounts

Wussie

In April 2017 GrandmaGotty (I think) posted a query about banks not offering joint savings accounts and the discussion petered out. I'd like to raise it again.
My wife and I have had joint savings accounts for years. We are retired and simply want a decent rate of interest to supplement our joint income. You only need to look at Martin's lists of best options to see that in the last few years it has become obvious that banks do not want to offer joint savings accounts and it has become increasingly difficult to find ones which offer good rates.
Can anyone explain why the banks are increasingly taking this stance?

NannaH

I’d like to know that too. 

I’ve just opened a YBS joint easy access savings account at 2.5%, well actually 2.25% as I put £10k in there and bizzarely the rate drops to 2% when you go over £5k.
I think we’ve earned £12 interest on £20k this year with our Natwest saver 🙄

Also opened an Investec fixed 1 year account at 3.9% but they don’t allow joint accs so it’s in DH’s name.    I’m holding off a while to see where rates go before opening one for myself, won’t be surprised to see 5% next year. 

mebu60

NannaH said:

I’d like to know that too. 

I’ve just opened a YBS joint easy access savings account at 2.5%, well actually 2.25% as I put £10k in there and bizzarely the rate drops to 2% when you go over £5k.
I think we’ve earned £12 interest on £20k this year with our Natwest saver 🙄

Also opened an Investec fixed 1 year account at 3.9% but they don’t allow joint accs so it’s in DH’s name.    I’m holding off a while to see where rates go before opening one for myself, won’t be surprised to see 5% next year. 

Two YBS Rainy Day accounts in sole names would have served you better from the interest perspective. £5k in each would have given you the full 2.5% on your £10k. 

May be possible to still do that if of interest (!) to you. Their summary says 'One account per customer'. You could call and ask.

Wussie

Forumite's comments are fine for small amounts that might be held in current accounts. My query relates mainly to fixed interest or notice accounts for significant amounts and it is very difficult to find banks which allow these in joint names.

jimjames

Wussie said:

Can anyone explain why the banks are increasingly taking this stance?

Maybe problems (as shown on these boards regularly) with money being removed by one party to an account without the other's knowledge. Far simpler to have one account operated by one person from their view I suspect as it reduces that risk.

Wussie

That may well be the case but surely it is up to us whether or not to trust our partners. It's not the responsibility of banks to make that judgement for us.

Daliah

According to Moneyfacts, here are hundreds of joint savings accounts on the market.

Instant access

Fixed term 

Notice accounts