Best interest for joint account

TomsMom

We have around £9000 in a Sainsburys account in joint names, currently at 5.5% gross.

Does anyone know of a better paying account, must be able to be in joint names, with no notice, no withdrawal penalty, and as easy to use as Sainsburys.

I'm driving myself crazy trying to find one and all the better paying accounts I've come up with so far have been for sole names only, e.g. Bham Midshires.

I'm trying to avoid A & L (had previous poor experience) and Abbey (because of ISA c*ck-ups and poor feedback on here.

earlgrey_3

If you're over 50 by any chance would suggest you look at the Coventry 50+ account. Instant access but fixed rate of 6.25% for a year and nice people to deal with. Or for 100% security there's the Northern Rock eSaver paying 6% I think now: https://www.northernrock.co.uk

TomsMom

earlgrey wrote: »

If you're over 50 by any chance would suggest you look at the Coventry 50+ account. Instant access but fixed rate of 6.25% for a year and nice people to deal with. Or for 100% security there's the Northern Rock eSaver paying 6% I think now: https://www.northernrock.co.uk

Thanks earlgrey.

We actually got in when the 50+ account was fixed at 6.4% :T and took out one each. I now realise that we were foolish and should have made it a joint one and, of course, it can't now be changed or another one opened.

Without sounding too morbid or going into too much detail, this is forward planning for as much money as possible to be available without a sole name account being frozen waiting for probate.

Edited to add:

We did have N.R. accounts before but were totally frustrated by the length of time it took to get through the logging in procedure. Has their logging in procedure changed for the better by any chance?

earlgrey_3

TomsMom wrote: »

Thanks earlgrey.

We actually got in when the 50+ account was fixed at 6.4% :T and took out one each. I now realise that we were foolish and should have made it a joint one and, of course, it can't now be changed or another one opened.

Us too!
Yes, it's strictly one per customer isn't it unfortunately.

TomsMom wrote: »

Without sounding too morbid or going into too much detail, this is forward planning for as much money as possible to be available without a sole name account being frozen waiting for probate.

I'm not sure how it would work in practice but my wife has all the passwords etc so could transfer out of my accounts if I happen to walk under a bus. We've got joint current accounts. Other than that provided you've a will getting probate isn't too difficult though hassle you could do without; I've done it a couple of times as executor in the past.

dwsjarcmcd

Hi,
Don't know if it's the best, but Yorkshire Building Society accept joint Internet accounts, it also comes with a link card and pays 5.7%, so a little higher than Sainsburys Bank

earlgrey_3

TomsMom wrote: »

Thanks earlgrey.
Edited to add:

We did have N.R. accounts before but were totally frustrated by the length of time it took to get through the logging in procedure. Has their logging in procedure changed for the better by any chance?

Yes, it's quite a bit better now than it was. I've used Sainsbury's though and would agree it works well. Try a pound in NR and see what you think.

TomsMom

earlgrey wrote: »

Us too!
I'm not sure how it would work in practice but my wife has all the passwords etc so could transfer out of my accounts if I happen to walk under a bus. We've got joint current accounts. Other than that provided you've a will getting probate isn't too difficult though hassle you could do without; I've done it a couple of times as executor in the past.

I too have all the passwords but wonder about the legality of moving money out of a deceased spouse's account after the date of death.

Hassle of probate isn't what I was thinking of, it was the time involved. How long does it normally take?

Sorry, this is getting to sound too morbid

earlgrey_3

TomsMom wrote: »

I too have all the passwords but wonder about the legality of moving money out of a deceased spouse's account after the date of death.

Hassle of probate isn't what I was thinking of, it was the time involved. How long does it normally take?

Sorry, this is getting to sound too morbid

I'm sure it wouldn't be legal but it would be her money so I doubt such an "oversight" if noticed would be treated too severely if extreme circumstances warranted it.

Too be honest, I can't really remember how long it all took. I seem to remember when my father died some banks/building societies were happy to hand over the money to my mother on just the evidence of the death certificate. Might be different now or depend on the amount. It was all the other bits and pieces that took time. Would think it's important to make sure you both have access to enough cash for a few months.

TomsMom

I have just come across the Saga Top 5 Tracker account, 6.23% gross/6.41% AER with monthly interest that can be opened in joint names (how strange that the deposit taker is Bham Midshires who don't allow joint accounts themselves!). This was mentioned on the Silver Savers board.

Has anyone got an online Saga account and can report that it's as good and easy as Sainsburys?

Davesnave

Hassle of probate isn't what I was thinking of, it was the time involved. How long does it normally take?

I dealt with probate a couple of years ago. Date of death 14th November & probate sorted 11th February. Christmas & New Year in between, of course.

sloughflint

TomsMom wrote: »

I have just come across the Saga Top 5 Tracker account, 6.23% gross/6.41% AER with monthly interest that can be opened in joint names (how strange that the deposit taker is Bham Midshires who don't allow joint accounts themselves!). This was mentioned on the Silver Savers board.

Has anyone got an online Saga account and can report that it's as good and easy as Sainsburys?

I've just replied to you over there. I'm afraid it's sole name only.