Joint Savings Account with Sibling

Donnywhite1801

I’m looking for the best option for the following joint account I want to open with a sibling.

We plan to get a joint mortgage and want an account where we can both deposit money to cover mortgage payments. Whilst we trust each other implicitly, we would both like something that will allow us to set a chunk of money aside in this account to cover at least one year’s worth of payments.

I’m thinking of a savings account where notice has to be given before any withdrawals and both parties have to agree before any money can be taken out.

Does this type of account exist?

eskbanker

I have heard of 'both to sign' joint accounts but don't know which providers offer them I'm afraid.

However, is that really what you want/need - if an account needs both holders to authorise a withdrawal, surely it's of no use to either party in the event of any sort of disagreement?

Donnywhite1801

Thanks for the reply. It's so that for whatever reason, one sibling is unable to drain the account in the event of a disagreement. I'd rather have a disagreement with money still sat there than a disagreement that leaves one of us exposed.

eskbanker

Your call obviously, but in view of your desire for "something that will allow us to set a chunk of money aside in this account to cover at least one year’s worth of payments", the setup that you're looking for would (if either party felt like it) prevent access to that money and so it would be of no use at all in meeting the mortgage repayment obligations in the event of a fallout.

Anyway, I'm conscious that you're not asking for advice and are just looking for specific recommendations, so, in the absence of knowledge of appropriate products, I'll leave it at that!

Emmia

I think you'd be better each holding 6 months worth of savings separately to cover this if you're worried about disagreements.

xylophone

Have you tried a local building society?

Albermarle

Presumably would have to be done via a bank or building society branch, and these are getting scarcer by the day. Also I would think only some would this facility.

However not really sure why you are worrying about when you say this :

Whilst we trust each other implicitly, 

MEM62

Whilst we trust each other implicitly

I’m thinking of a savings account where notice has to be given before any withdrawals and both parties have to agree before any money can be taken out.

If the former is true then the latter is unccessesary.

Does this type of account exist?

I don't think so for personal banking.

LHW99

Suffolk Building Society (not sure if this is current)?

https://www.suffolkbuildingsociety.co.uk/wp-content/uploads/2022/12/You-and-Your-Joint-Account.pdf

This may be more up to date

https://www.which.co.uk/money/banking/bank-accounts/how-to-find-the-best-joint-bank-account-atgSm0N67yvv

Yorkie1

Bear in mind that you might not just have difficulties if you have a falling out. What if one of you is incapacitated?