Advice Wanted on Joint Account

misterkermit

Hello,

Can anybody out there help me...? I have been looking into setting up a joint account for myself and husband. We would like instant access, and a decent rate of interest, does anyone know of one ?

Thanks

TomsMom

I asked the same question recently here

http://forums.moneysavingexpert.com/showthread.html?t=957199

It was also suggested Icesave at 6.05% but because of their passport scheme I didn't bother

Is the same protection offered for foreign banks? A. Many non-UK banks now offer competitive savings products to UK consumers; it's been a boon for savers, as interest rates have been pushed higher. Some operate just as themselves, others via specially set up UK subsidiaries. These banks in the main are covered in exactly the same way as UK banks by the compensation scheme, so you'd get your money back.
The passport scheme
There is one exception called the 'passport scheme' which allows some European banks to have some of the compensation covered by their home country and the rest by the FSCS. Banks from outside the European Economic Area cannot take part in this and have to have the full FSCS compensation.

The first 20,000 euros would be covered by Iceland.

In the end we plumped for Tesco's internet saver which is currently 6.25% gross which includes a 1.5% bonus for 12 months. When the bonus is dropped we're happy to think again but for us this was the best we could find to suit us for the moment. It is quite difficult to find a good rate for joint applicants!