Why are all Fixed Savings Accounts only available to single account holders and not Joint Accounts?

friolento

Leodogger said:

BooJewels said:

I just had a quick squiz at the T&C for some of the fixed term accounts I have or have had recently (and they may not be on sale at the moment), but the ones I just looked at - Charter Savings Bank, Ford Money, First Save and Skipton - all say they can be operated as joint accounts.

Are they high rate fixed accounts though?   I am currently getting just 3.7% with Santander but they do allow withdrawals and this can be operated on a joint account.

Santander even has a 5.2% easy access account, though this was a limited edition and is now closed for new applications. They also have the 7% Edge Saver, limited to £4k.

There is a host of joint easy access accounts which pay well over 3.7%, still available for new applications.

Stargunner said:

 

if you can get better rates on fixed solo accounts, why dont you just open a couple of those?

It may have to do with wanting uncomplicated access to the funds if one of the account holders passes away.

BooJewels

Leodogger said:

BooJewels said:

I just had a quick squiz at the T&C for some of the fixed term accounts I have or have had recently (and they may not be on sale at the moment), but the ones I just looked at - Charter Savings Bank, Ford Money, First Save and Skipton - all say they can be operated as joint accounts.

Are they high rate fixed accounts though?   I am currently getting just 3.7% with Santander but they do allow withdrawals and this can be operated on a joint account.

They were high when I opened them (my rates are for monthly interest, the AER would be higher) - Charter is 5.94%, Ford, I have 2 fixes with them at 5.51% and an earlier one at 5.89%, First Save I'm getting 5.98% and Skipton was a 3 year I took out in November 22 at 4.22%.  As I said, those rates aren't currently available - a lot of organisations have withdrawn fixes from sale and rates have dropped recently, but I was addressing your specific comment that 1 year fixes can't be had as joint accounts - they can.  All of those organisations are ones that allow joint fixed rate savings and are well supported around here with many posters having deposits with them.

If your Santander account allows withdrawals, it probably isn't a fixed account (and possibly variable interest) - that's the definition of a fix, the rate is fixed for the period of the term, but you can't withdraw from them - that's the trade off.  I think it's fixed ISAs where you can withdraw, but for an interest penalty - 90 days or the like.  Even in Easy Access accounts currently you can probably better 3.7%.

Leodogger

Stargunner said:

Leodogger said:

jaypers said:

I’ve always had joint Fixed accounts with Charter and Barclays. No issues. A bit like Easy Access, some provide them and some do not. 

Again never heard of Charter and Barclays.

I can’t believe thst you have not heard of Barclays.

if you can get better rates on fixed solo accounts, why dont you just open a couple of those?

Of course I have heard of Barclays but not Charter and Barclays, or are they separate banks ?   Can't open solo accounts, hubby has never done any of the banking and has never used a computer !

Leodogger

friolento said:

Leodogger said:

BooJewels said:

I just had a quick squiz at the T&C for some of the fixed term accounts I have or have had recently (and they may not be on sale at the moment), but the ones I just looked at - Charter Savings Bank, Ford Money, First Save and Skipton - all say they can be operated as joint accounts.

Are they high rate fixed accounts though?   I am currently getting just 3.7% with Santander but they do allow withdrawals and this can be operated on a joint account.

Santander even has a 5.2% easy access account, though this was a limited edition and is now closed for new applications. They also have the 7% Edge Saver, limited to £4k.

There is a host of joint easy access accounts which pay well over 3.7%, still available for new applications.

Stargunner said:

 

if you can get better rates on fixed solo accounts, why dont you just open a couple of those?

It may have to do with wanting uncomplicated access to the funds if one of the account holders passes away.

Yes we are both in our 70's so it is easier for the family if anything happens to us, although we do still need to organise a power of attorney for them to access it.

I understood that the 7% Edge Saver is for solo accounts also because I am sure I questioned this with Santander themselves.

Albermarle

Leodogger said:

Stargunner said:

Leodogger said:

jaypers said:

I’ve always had joint Fixed accounts with Charter and Barclays. No issues. A bit like Easy Access, some provide them and some do not. 

Again never heard of Charter and Barclays.

I can’t believe thst you have not heard of Barclays.

if you can get better rates on fixed solo accounts, why dont you just open a couple of those?

Of course I have heard of Barclays but not Charter and Barclays, or are they separate banks ?   Can't open solo accounts, hubby has never done any of the banking and has never used a computer !

Separate .
The fact you have not heard of most of the smaller banks is normal for the general public. But those in the know use them more than the big banks because normally the rates are better.

Leodogger

BooJewels said:

Leodogger said:

BooJewels said:

I just had a quick squiz at the T&C for some of the fixed term accounts I have or have had recently (and they may not be on sale at the moment), but the ones I just looked at - Charter Savings Bank, Ford Money, First Save and Skipton - all say they can be operated as joint accounts.

Are they high rate fixed accounts though?   I am currently getting just 3.7% with Santander but they do allow withdrawals and this can be operated on a joint account.

They were high when I opened them (my rates are for monthly interest, the AER would be higher) - Charter is 5.94%, Ford, I have 2 fixes with them at 5.51% and an earlier one at 5.89%, First Save I'm getting 5.98% and Skipton was a 3 year I took out in November 22 at 4.22%.  As I said, those rates aren't currently available - a lot of organisations have withdrawn fixes from sale and rates have dropped recently, but I was addressing your specific comment that 1 year fixes can't be had as joint accounts - they can.  All of those organisations are ones that allow joint fixed rate savings and are well supported around here with many posters having deposits with them.

If your Santander account allows withdrawals, it probably isn't a fixed account (and possibly variable interest) - that's the definition of a fix, the rate is fixed for the period of the term, but you can't withdraw from them - that's the trade off.  I think it's fixed ISAs where you can withdraw, but for an interest penalty - 90 days or the like.  Even in Easy Access accounts currently you can probably better 3.7%.

I realise there are better paying accounts around, I was just looking for a 1 yr fixed term at the moment but may fix for longer in a few months time.   Where is the Money facts list ?

eskbanker

Leodogger said:

friolento said:

Stargunner said:

if you can get better rates on fixed solo accounts, why dont you just open a couple of those?

It may have to do with wanting uncomplicated access to the funds if one of the account holders passes away.

Yes we are both in our 70's so it is easier for the family if anything happens to us, although we do still need to organise a power of attorney for them to access it.

Just to be clear, a joint account makes it easier for the surviving spouse to access the money in the event of the other's death, but it makes no difference for the rest of the family, and power of attorney becomes invalid on the donor's death.

Leodogger said:
I realise there are better paying accounts around, I was just looking for a 1 yr fixed term at the moment but may fix for longer in a few months time.   Where is the Money facts list ?

In the first reply to your original post....

BooJewels

Leodogger said:

BooJewels said:

Leodogger said:

BooJewels said:

I just had a quick squiz at the T&C for some of the fixed term accounts I have or have had recently (and they may not be on sale at the moment), but the ones I just looked at - Charter Savings Bank, Ford Money, First Save and Skipton - all say they can be operated as joint accounts.

Are they high rate fixed accounts though?   I am currently getting just 3.7% with Santander but they do allow withdrawals and this can be operated on a joint account.

They were high when I opened them (my rates are for monthly interest, the AER would be higher) - Charter is 5.94%, Ford, I have 2 fixes with them at 5.51% and an earlier one at 5.89%, First Save I'm getting 5.98% and Skipton was a 3 year I took out in November 22 at 4.22%.  As I said, those rates aren't currently available - a lot of organisations have withdrawn fixes from sale and rates have dropped recently, but I was addressing your specific comment that 1 year fixes can't be had as joint accounts - they can.  All of those organisations are ones that allow joint fixed rate savings and are well supported around here with many posters having deposits with them.

If your Santander account allows withdrawals, it probably isn't a fixed account (and possibly variable interest) - that's the definition of a fix, the rate is fixed for the period of the term, but you can't withdraw from them - that's the trade off.  I think it's fixed ISAs where you can withdraw, but for an interest penalty - 90 days or the like.  Even in Easy Access accounts currently you can probably better 3.7%.

I realise there are better paying accounts around, I was just looking for a 1 yr fixed term at the moment but may fix for longer in a few months time.   Where is the Money facts list ?

Not sure why you're asking me, @friolento posted a link for you on page 1 of the thread.

Leodogger

BooJewels said:

Leodogger said:

BooJewels said:

Leodogger said:

BooJewels said:

I just had a quick squiz at the T&C for some of the fixed term accounts I have or have had recently (and they may not be on sale at the moment), but the ones I just looked at - Charter Savings Bank, Ford Money, First Save and Skipton - all say they can be operated as joint accounts.

Are they high rate fixed accounts though?   I am currently getting just 3.7% with Santander but they do allow withdrawals and this can be operated on a joint account.

They were high when I opened them (my rates are for monthly interest, the AER would be higher) - Charter is 5.94%, Ford, I have 2 fixes with them at 5.51% and an earlier one at 5.89%, First Save I'm getting 5.98% and Skipton was a 3 year I took out in November 22 at 4.22%.  As I said, those rates aren't currently available - a lot of organisations have withdrawn fixes from sale and rates have dropped recently, but I was addressing your specific comment that 1 year fixes can't be had as joint accounts - they can.  All of those organisations are ones that allow joint fixed rate savings and are well supported around here with many posters having deposits with them.

If your Santander account allows withdrawals, it probably isn't a fixed account (and possibly variable interest) - that's the definition of a fix, the rate is fixed for the period of the term, but you can't withdraw from them - that's the trade off.  I think it's fixed ISAs where you can withdraw, but for an interest penalty - 90 days or the like.  Even in Easy Access accounts currently you can probably better 3.7%.

I realise there are better paying accounts around, I was just looking for a 1 yr fixed term at the moment but may fix for longer in a few months time.   Where is the Money facts list ?

Not sure why you're asking me, @friolento posted a link for you on page 1 of the thread.

Whoops sorry!   Sent reply to the wrong post, apologies !

pafpcg

Leodogger said:

Stargunner said:

Leodogger said:

jaypers said:

I’ve always had joint Fixed accounts with Charter and Barclays. No issues. A bit like Easy Access, some provide them and some do not. 

Again never heard of Charter and Barclays.

I can’t believe thst you have not heard of Barclays.

if you can get better rates on fixed solo accounts, why dont you just open a couple of those?

Of course I have heard of Barclays but not Charter and Barclays, or are they separate banks ?   Can't open solo accounts, hubby has never done any of the banking and has never used a computer !

My partner leaves all the banking arrangements to me: - we have an extensive list of sole and joint accounts.  It's one of the advantages of computer-based/online banking over the old branch face-to-face account opening - they don't know who's operating the keyboard!