20k to save, but 2 signatures to withdraw 29 October 2004 at 12:02AM in Savings & investments 7 replies 1.2K views

hogemeister

My brother and I are getting 20k from our mother to put into a savings account, but can only be withdrawn on both our signatures.

Money will not be withdrawn very often(hopefully not at all). And the two of us are tax payers.

I would love to know what options we have....

Thank you.

Unbelievable_2

Why not split it 50/50. Put 3000 each into highest interest ISA you can find, the rest into instant access savings, and move it as the rates change. ???

Robert_Sterling_3

It's unbelievable to suggest two signatures could be needed to withdraw money from an ISA.

Robert_Sterling_3

The mother has made a generous gift and has added a requirement or request or suggestion that it be put into a single account for some unstated reason and an account requiring two signatures for withdrawal.

Now why would she make that stipulation.
Is it "a gift with reservation" ? It sounds like one to me.

Unbelievable_2

It's unbelievable to suggest two signatures could be needed to withdraw money from an ISA.

It beggars Unbelievable to think that was what I was suggesting. I meant give each son £10,000 and let them put it into their own accounts, one of which could be an ISA. I don't know why I didn't just say that in the first place

Robert_Sterling_3

hogemeister

@Robert_Shilling

Yes it is for reservation, we can't really touch it until she passes away, she says. Possibly we could delve into it, but only for emergencies...

And we can't split it 50/50.....

So ISA's are my best bet then?

Can withdrawls be made from two signatures?

Unbelievable_2

No, sorry they are not. ISAs are for individuals so you can only open one in your name. If your mum won't let you split the money you can't use them.

It probably rules out most of the internet access accounts too because of the two signatures for withdrawal thing.