Bank joint accounts with savings pots

MDMD

northwalesd said:

35har1old said:

jadex said:

ZeroSum said:

jadex said:

Starling joint account? Pots (i.e. Spaces) and 3.25% interest?

Possibility, downside is it's capped at £5k 

Are you aware that in order to have joint account with them you both first need to open personal accounts?
It means that you both have combined access to 3 lots of up to £5k and you can move money back and forth within one app.
Alternatively, you may think of rearranging your banking and split it over multiple personal and joint accounts: for instance you can have bills paid by direct debit directly from Chase savings accounts (4.1%) or from Kroo personal account (4.35%) or from joint Santander Edge (1% cashback).

Chase is ccurrently paying 5.1%

Do you have a special rate?

Yes some people have been given a special rate

https://forums.moneysavingexpert.com/discussion/6519410/chase-saver-account-1-boost-to-5-1-until-november/p1

ZeroSum

Desmond_Hume said:

Is that a downside? Why would you have more than £5K in a current account anyway? Unless of course your monthly expenses exceed that…

Because it paid a decent rate of interest, or if account had linked savings account with pots, it'd be in there

ZeroSum

jadex said:

ZeroSum said:

jadex said:

Starling joint account? Pots (i.e. Spaces) and 3.25% interest?

Possibility, downside is it's capped at £5k 

Are you aware that in order to have joint account with them you both first need to open personal accounts?
It means that you both have combined access to 3 lots of up to £5k and you can move money back and forth within one app.
Alternatively, you may think of rearranging your banking and split it over multiple personal and joint accounts: for instance you can have bills paid by direct debit directly from Chase savings accounts (4.1%) or from Kroo personal account (4.35%) or from joint Santander Edge (1% cashback).

Yes, but that wouldn't work for us. OH likes to keep things simple & would need access to all accounts which can't do in apps

friolento

ZeroSum said:

jadex said:

ZeroSum said:

jadex said:

Starling joint account? Pots (i.e. Spaces) and 3.25% interest?

Possibility, downside is it's capped at £5k 

Are you aware that in order to have joint account with them you both first need to open personal accounts?
It means that you both have combined access to 3 lots of up to £5k and you can move money back and forth within one app.
Alternatively, you may think of rearranging your banking and split it over multiple personal and joint accounts: for instance you can have bills paid by direct debit directly from Chase savings accounts (4.1%) or from Kroo personal account (4.35%) or from joint Santander Edge (1% cashback).

Yes, but that wouldn't work for us. OH likes to keep things simple & would need access to all accounts which can't do in apps

Each of the account holders can access a joint account through their own app. Two devices are needed, obviously.

pridehappy

Virgin’s pots are a bit of a nightmare, as it places the full balance of all pots into your M Plus Saver/Club M Saver and means it’s a hassle to deposit/withdraw if you have many. 

It’s not technically a ‘savings pots’ feature, but I use Nationwide Flex Instant Savers to act as pots. You can open as many as you like, set individual goals, fully manage on the app and rename different accounts. Plus, the advantage is they are all kept separate with different sort codes/account numbers and receive an interest rate currently of 3.25%. After 12 months, it drops to about 2.4% but you can keep these accounts or close and open new ones like I do. Plus, if you bank with them, you would be most likely eligible for their Fairer Share payment if they do one as planned in the future if you meet the criteria (last year was £100 collectively in savings). The accounts usually show instantly and can be opened on the app in about 4 minutes each. This can also be done using Lloyds Bank/Halifax/Bank of Scotland, but I’m not sure if there’s a limit of 5.

If you don’t like this idea, Starling spaces are useful but the joint/personal concept is a bit of a nightmare and interest is just paid into your main joint current account instead of separate spaces. 

I think TSB is the only other option, but I don’t know much about it.

Nasqueron

ZeroSum said:

jadex said:

ZeroSum said:

jadex said:

Starling joint account? Pots (i.e. Spaces) and 3.25% interest?

Possibility, downside is it's capped at £5k 

Are you aware that in order to have joint account with them you both first need to open personal accounts?
It means that you both have combined access to 3 lots of up to £5k and you can move money back and forth within one app.
Alternatively, you may think of rearranging your banking and split it over multiple personal and joint accounts: for instance you can have bills paid by direct debit directly from Chase savings accounts (4.1%) or from Kroo personal account (4.35%) or from joint Santander Edge (1% cashback).

Yes, but that wouldn't work for us. OH likes to keep things simple & would need access to all accounts which can't do in apps

Starling you both download the app, you have a current account and the joint account with cards for both (or just load onto phone pay). Joint account spending you get an alert on the phone when anything is spent and any internal pots are visible to both. Your current account is kept separate.

BooJewels

pridehappy said: [snip]

 This can also be done using Lloyds Bank/Halifax/Bank of Scotland, but I’m not sure if there’s a limit of 5.

Yes, you can have 5 per current account, but they only pay 1.45% - a bit more on balances over £10k, then £50k.

ZeroSum

Nasqueron said:

ZeroSum said:

jadex said:

ZeroSum said:

jadex said:

Starling joint account? Pots (i.e. Spaces) and 3.25% interest?

Possibility, downside is it's capped at £5k 

Are you aware that in order to have joint account with them you both first need to open personal accounts?
It means that you both have combined access to 3 lots of up to £5k and you can move money back and forth within one app.
Alternatively, you may think of rearranging your banking and split it over multiple personal and joint accounts: for instance you can have bills paid by direct debit directly from Chase savings accounts (4.1%) or from Kroo personal account (4.35%) or from joint Santander Edge (1% cashback).

Yes, but that wouldn't work for us. OH likes to keep things simple & would need access to all accounts which can't do in apps

Starling you both download the app, you have a current account and the joint account with cards for both (or just load onto phone pay). Joint account spending you get an alert on the phone when anything is spent and any internal pots are visible to both. Your current account is kept separate.

It's not for spending. I'm basically really after a joint savings account but need the ability to do faster payments to other savings accounts which most savings accounts don't do as its normally to linked current account. So looks like I'm begrudgingly sticking with virgin as of the other options are really suitable.

savagelyric

pridehappy said:

Virgin’s pots are a bit of a nightmare, as it places the full balance of all pots into your M Plus Saver/Club M Saver and means it’s a hassle to deposit/withdraw if you have many. 

It’s not technically a ‘savings pots’ feature, but I use Nationwide Flex Instant Savers to act as pots. You can open as many as you like, set individual goals, fully manage on the app and rename different accounts. Plus, the advantage is they are all kept separate with different sort codes/account numbers and receive an interest rate currently of 3.25%. After 12 months, it drops to about 2.4% but you can keep these accounts or close and open new ones like I do. Plus, if you bank with them, you would be most likely eligible for their Fairer Share payment if they do one as planned in the future if you meet the criteria (last year was £100 collectively in savings). The accounts usually show instantly and can be opened on the app in about 4 minutes each. This can also be done using Lloyds Bank/Halifax/Bank of Scotland, but I’m not sure if there’s a limit of 5.

If you don’t like this idea, Starling spaces are useful but the joint/personal concept is a bit of a nightmare and interest is just paid into your main joint current account instead of separate spaces. 

I think TSB is the only other option, but I don’t know much about it.

I also use Nationwide savings accounts as pots - I tried Starling last year but ended up moving back to Nationwide for the simplicity of it. 

PloughmansLunch

I have a Santander joint account for bills, with a 5.2% joint Easy Access saver to top up the main account with and as when needed. Unfortunately it looks like they've nerfed the rates down to 1.7% for new applications at the moment, but might be worth keeping an eye on in case it changes.