Joint savings accounts

robjeruncle

MSE Official Insert:

For the best savings accounts read our Top Savings Accounts guide.

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Hi everyone, i've been moneysaving for over a year now but i'm new to the whole forum thing, thought i'd have a go My gf and i want to open a joint savings account to save for our future but there doesn't seem to be a lot of info about them online. What we need to know is: What kinds of accounts are available and how can we maximise our interest level? Bear in mind I already have a mini cash ISA with barclays.

john_s_2

Hi, this is my first post as well! I've been lurking for a while, and after a bit of trouble registering, I've finally got round to posting. I think I'm right in saying that mini cash ISAs cannot be held in joint names - but of course, you can (and I daresay should) take one out in both your names to maximise their potential. I've found that some of the best paying regular savings accounts are also not available as joint accounts - certainly the Halifax Websaver wasn't when I took it out (and when it was one of the best paying, LOL). But at the end of the day, it's about trust. So long as your partner doesn't think you're going to run off with the money, why not just take it out in your name only, if there's not a joint option? Or take it out in her name only? Even with a joint account either one of you could run off with all the money - that's what a joint account is for - so either of you have full access to it. I haven't seen this link posted on here (although I'm sure it is somewhere) but I keep an eye on all the various available accounts here: http://www.fsa.gov.uk/tables I don't think it's quite all the market, but it's pretty comprehensive. I picked up on Sainsbury's account before it started appearing in the Best Buy tables (and dropped out again...) Hope this helps.

Lugh_Chronain

Here are two which except joint accounts:

NORTHERN ROCK Tracker Online AER 6.49% Minimum investment £1.00 and has instant access facility.

ICICI BANK HiSAVE Savings Account AER 6.41% again the Minimum investment is £1.00 and also has instant access facility

ICICI has the best rate guarantee on the market promising to beat the UK base rate by at least 0.3% until Dec 2011 so may be the best of the two.

nilrem_2

There is no shortages of accounts that are available jointly, in fact far too many to be listed here! I have switched most of our accounts over to Joint with the wife as it makes things easier all round.

Don't take me the wrong way as I have no desire to offend but you do have to be careful who you open a joint account with because although you can't imagine it ever happening to you relationships do not always end up as one imagines.

a11waysindebt

Just a suggestion,Why not put it in 2 seperate high interest accounts.

Surely you will get twice as much interest on the 2.

margaretclare

nilrem wrote: »

Don't take me the wrong way as I have no desire to offend but you do have to be careful who you open a joint account with because although you can't imagine it ever happening to you relationships do not always end up as one imagines.

Errrr, yes, absolutely!

With a joint account, although you may be putting in 50/50 each, the total in there can be removed by one party, 100%! This happens.

It can be said that, by opting for a joint savings account which you're taxed on the interest it accrues, you're wasting your tax-free ISA allowance. Each of you can save up to £3000 in a cash ISA (£3,600 from April) and pay no tax at all on the interest.

According to Martin's 'money fountain' idea, everyone should max out their ISA allowance first and then think about other types of savings.

We're an older couple and we keep all ours separate - income and savings - except for one joint account which is kept solely for paying household bills by direct debit.

Margaret

Lugh_Chronain

In that case why not open two Icesave ISA's (one each) to benifit from the tax relief. You might want to consider switching ISA’s too. The two savings accounts I posted were the best ones I spotted that except joint accounts and have decent interest rates.