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    • Smudger78
    • By Smudger78 28th Jun 18, 8:16 AM
    • 139 Posts
    • 12 Thanks
    Smudger78
    Joint Account for four people?
    Hi,

    Can anyone advise of any basic joint accounts that allow four people to be named on the account? Have been having a look around and read that Natwest do one but can't find anything?

    Thanks!
    • zebedy
    • By zebedy 26th Jul 18, 5:39 PM
    • 419 Posts
    • 545 Thanks
    zebedy
    Sad to see that Halifax reward account is dropping the monthly reward from £3/month down to £2 a got the letter today. Barely worth it now
    MS Stalwart. Used site for >10 years
    ---------
    Make Do, Mend and Minimise member - focussing on upcycling/repurposing and sewing
    • Mumtomany
    • By Mumtomany 6th Aug 18, 6:40 PM
    • 10 Posts
    • 8 Thanks
    Mumtomany
    Not sure if tho is the right area to discuss kids accounts so please forgive me if itís wrong. Basically, I have 3 savings accounts, theyíre used for my children as itís money I save for them but itís accessed by myself for items that they may need. Eg one child has a medical condition and we self fund some equipment, so we access the account when the next payment is due (every 2 to 3 months). At the moment their money is sitting in savings accounts linked to my Santander 123 account. I like the simplicity of moving money between accounts when required but Iím also mindful that theyíre not getting a great interest rate but also the accounts are in my name rather than theirs which can look as if I have more than I actually do but I also need control.

    Is this the best option? Stick with what Iím doing or is there a better way?

    Thanks
    • ValiantSon
    • By ValiantSon 6th Aug 18, 8:00 PM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    Not sure if tho is the right area to discuss kids accounts so please forgive me if itís wrong. Basically, I have 3 savings accounts, theyíre used for my children as itís money I save for them but itís accessed by myself for items that they may need. Eg one child has a medical condition and we self fund some equipment, so we access the account when the next payment is due (every 2 to 3 months). At the moment their money is sitting in savings accounts linked to my Santander 123 account. I like the simplicity of moving money between accounts when required but Iím also mindful that theyíre not getting a great interest rate but also the accounts are in my name rather than theirs which can look as if I have more than I actually do but I also need control.

    Is this the best option? Stick with what Iím doing or is there a better way?

    Thanks
    Originally posted by Mumtomany
    Why not just open three savings accounts in your ow name, but with a different bank to get the best interest rate? For ease of opening, and full easy access, Tesco's Internet Saver may well do. It pays 1.34%. Coventry Building Society have a rate of 1.4%, but limited withdrawals and Birmingham Midshires have a 1.35% rate, but their account opening procedures belong in the dark ages. All of these accounts include a one year interest rate bonus, so you need to make a note in your diary to review it after a year (or sooner if better rates become available elsewhere).

    There is no difficulty in managing the Tesco account online. You can easily move money in and out of it to your Santander account via faster payments.

    Of course, if you are still topping these accounts up on a regular basis, then why not make the regular contributions into a regular saver, where you can earn more interest and then divide the matured sum (12 months later) between the three easy access accounts. If you are saving upto £200 per month in total for them, and have a Santander 123 or 123 Lite account, then you can get 5% in a regular saver. If your Santander account isn't 123, you can still get 3% from them. Even better, if you won't maximise the deposit o £200 with the regular contributions, then you could do so by adding funds from the existing savings, so as to get the very best return.
    • Steve_xx
    • By Steve_xx 6th Aug 18, 8:49 PM
    • 6,629 Posts
    • 2,799 Thanks
    Steve_xx
    Why not just open three savings accounts in your ow name, but with a different bank to get the best interest rate? For ease of opening, and full easy access, Tesco's Internet Saver may well do. It pays 1.34%. Coventry Building Society have a rate of 1.4%, but limited withdrawals and Birmingham Midshires have a 1.35% rate, but their account opening procedures belong in the dark ages. All of these accounts include a one year interest rate bonus, so you need to make a note in your diary to review it after a year (or sooner if better rates become available elsewhere).

    There is no difficulty in managing the Tesco account online. You can easily move money in and out of it to your Santander account via faster payments.

    Of course, if you are still topping these accounts up on a regular basis, then why not make the regular contributions into a regular saver, where you can earn more interest and then divide the matured sum (12 months later) between the three easy access accounts. If you are saving upto £200 per month in total for them, and have a Santander 123 or 123 Lite account, then you can get 5% in a regular saver. If your Santander account isn't 123, you can still get 3% from them. Even better, if you won't maximise the deposit o £200 with the regular contributions, then you could do so by adding funds from the existing savings, so as to get the very best return.
    Originally posted by ValiantSon
    But be careful about opening accounts for children in your own name. Especially if you are likely to breach the tax-free allowance on those savings!
    • ValiantSon
    • By ValiantSon 7th Aug 18, 12:30 AM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    But be careful about opening accounts for children in your own name. Especially if you are likely to breach the tax-free allowance on those savings!
    Originally posted by Steve_xx
    Why do you need to be careful? You are entitled to have as many accounts in your name as you wish.

    The OP is already using accounts in their own name, so I doubt they are worried about tax, and assuming they are a basic rate tax payer they have a £1,000 interest allowance. You have to have a lot of savings to breach that allowance, and even if you do you still earn interest, but pay 20% tax on the amount above £1,000.
    • Steve_xx
    • By Steve_xx 7th Aug 18, 12:48 AM
    • 6,629 Posts
    • 2,799 Thanks
    Steve_xx
    Why do you need to be careful? You are entitled to have as many accounts in your name as you wish.

    The OP is already using accounts in their own name, so I doubt they are worried about tax, and assuming they are a basic rate tax payer they have a £1,000 interest allowance. You have to have a lot of savings to breach that allowance, and even if you do you still earn interest, but pay 20% tax on the amount above £1,000.
    Originally posted by ValiantSon
    We don't know the OP's tax position. Therefore it is quite wrong to assume that the OP may not be earning enough interest to breach the 1K allowance. The children are taxpayers in their own right and have their own allowances that can be used to ensure that the parents tax liability is minimised. The OP could have earnings that puts them in the 40% bracket and therefore the tax-free savings allowance is less! So more reason why they should properly utilise any tax breaks that the children also have.
    • Mumtomany
    • By Mumtomany 7th Aug 18, 7:41 AM
    • 10 Posts
    • 8 Thanks
    Mumtomany
    Thanks. I like the idea of lumping it together and getting a better interest rate and share between the 3 of them. That could work.

    I won!!!8217;t reach the tax threshold so no problem their.

    I would prefer the accounts in their name, just because in effect it is money saved for them but I need to be able to pay the things that come up for them out of their pots iyswim.

    Thank you.
    • ValiantSon
    • By ValiantSon 7th Aug 18, 2:38 PM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    We don't know the OP's tax position. Therefore it is quite wrong to assume that the OP may not be earning enough interest to breach the 1K allowance. The children are taxpayers in their own right and have their own allowances that can be used to ensure that the parents tax liability is minimised. The OP could have earnings that puts them in the 40% bracket and therefore the tax-free savings allowance is less! So more reason why they should properly utilise any tax breaks that the children also have.
    Originally posted by Steve_xx
    Whatever.

    I work on the principle that people aren't idiots. Furthermore, unlike you, I read what the OP had written and, as I pointed out, they already had savings for the children in their own name. It was not an unreasonable step, therefore, to assume that this was how they wished to continue. Not everyone is obsessed with minimising the tax they pay, by the way.

    Over 80% of tax payers only pay at the basic rate, so on the balance of probability, the OP was not likely to be a higher rate tax payer. They may have been, and if they were then they would most likely be aware of the tax implications of their savings products.

    You wanted to pick at what I had written.
    • ValiantSon
    • By ValiantSon 7th Aug 18, 2:47 PM
    • 2,536 Posts
    • 2,524 Thanks
    ValiantSon
    Thanks. I like the idea of lumping it together and getting a better interest rate and share between the 3 of them. That could work.

    I won!!!8217;t reach the tax threshold so no problem their.

    I would prefer the accounts in their name, just because in effect it is money saved for them but I need to be able to pay the things that come up for them out of their pots iyswim.

    Thank you.
    Originally posted by Mumtomany
    You can stil make withdrawals for things for them for accounts that are held in their own names. You will be the trustee of these accounts and you are entitled to make withdrawals to pay for things that are for their benefit. At the age of 18 you will no longer be able to do that, as the children will gain full control over their own finances.

    You could open children's savings accounts if you wanted (but still use the regular saver as described). However, children's savings accounts are not necessarily as good as adult ones. There are some exceptions, although the age of the children limits access:

    Santander 123 Mini pays 3% on balances between £300 and £2,000.Children have to be between 11 and 17 to hold this account. However, you can get round this barrier by opening a Santander 123 Mini In Trust if they are under 11, and then transfer to the 123 Mini when they reach 11. If you opened these accounts for them then they would have access to the 5% regular saver in their own name too.https://www.santander.co.uk/uk/current-accounts/123-mini-current-account
    • Steve_xx
    • By Steve_xx 7th Aug 18, 2:54 PM
    • 6,629 Posts
    • 2,799 Thanks
    Steve_xx
    Whatever.

    I work on the principle that people aren't idiots. Furthermore, unlike you, I read what the OP had written and, as I pointed out, they already had savings for the children in their own name. It was not an unreasonable step, therefore, to assume that this was how they wished to continue. Not everyone is obsessed with minimising the tax they pay, by the way.

    Over 80% of tax payers only pay at the basic rate, so on the balance of probability, the OP was not likely to be a higher rate tax payer. They may have been, and if they were then they would most likely be aware of the tax implications of their savings products.

    You wanted to pick at what I had written.
    Originally posted by ValiantSon
    I wanted to highlight options and potentials that I considered you had overlooked.
    • polymaff
    • By polymaff 7th Aug 18, 3:59 PM
    • 2,333 Posts
    • 1,029 Thanks
    polymaff
    Not sure if tho is the right area to discuss kids accounts so please forgive me if itís wrong. Basically, I have 3 savings accounts, theyíre used for my children as itís money I save for them but itís accessed by myself for items that they may need. Eg one child has a medical condition and we self fund some equipment, so we access the account when the next payment is due (every 2 to 3 months). At the moment their money is sitting in savings accounts linked to my Santander 123 account. I like the simplicity of moving money between accounts when required but Iím also mindful that theyíre not getting a great interest rate but also the accounts are in my name rather than theirs which can look as if I have more than I actually do but I also need control.

    Is this the best option? Stick with what Iím doing or is there a better way?

    Thanks
    Originally posted by Mumtomany
    You'll only get higher rates if you devolve some authority to the children. That might be just the thing to do.

    See:

    https://www.moneysavingexpert.com/savings/child-savings-tax-free/
    • huggermugger
    • By huggermugger 19th Sep 18, 9:30 PM
    • 243 Posts
    • 117 Thanks
    huggermugger
    HSBC Not-very-Advance
    Hi

    Thought I'd let you know my experiences after switching to the HSBC Advance account from Santander. The switch went fairly smoothly and I got the £150 for switching but doubt I will be able to hang in long enough (a year) to get the extra £50. I have had real difficulty with the online banking aspect of this account. I don't really like banking on my phone, I prefer to do it on my PC, but it doesn't seem to be an option on this account as in order to do anyhting online you also have to log into your mobile phone. It is incredibly complicated to do anything at all with multiple log-ins and passwords, all named something similar (eg Digital Secure Password vs Digital Secure Key Password) which generate codes on the phone that you have to input on the computer within 30 seconds or they expire. I find their online dashboard very unclear. Once you figure out how to do stuff like transferring money to another account (under a small headline "move money") then despite the fact that you have already entered at least two passwords/codes to log on you have to go through it all over again. It takes absolutely ages and due to the "ticking clock" countdown, is rather pressurised!! It's not helped by the fact that you can't actually see the passwords/codes, you are inputting, only dots for each character. If you do input the password wrongly, it still generates a code, it will just be a code that doesn't actually work..! And it takes ages to load the codes. Until I had this account, I did most of my banking online; I have three other accounts, with Nationwide, Santander and Halifax, none of which I have any issues accessing and using. Now I dread having to log on. I tried to transfer some money to an existing payee tonight and failed on both the computer and my mobile. So I tried telephone baking and that was rubbish as well; I ended up having to go through to an advisor who did it for me in seconds. When I said that the online banking system drove me bonkers she said "you wouldn't be the first I've heard that from". As I'm writing this, I'm realising I need to switch again asap - having this account means I rarely even look at it, let alone try to do anything on it. Not good, considering it is my main current account. Oh! And in branch - the first time I went in most of the automated machines were out of order or playing up, there was only one person behind the counter (upstairs) and the person overseeing the machines was reading a brochure whilst people struggled. the second time I went in, the branch was flooded. Why am I staying with this bank for the promise of £50!!!?
    • No_6
    • By No_6 19th Sep 18, 9:49 PM
    • 687 Posts
    • 139 Thanks
    No_6
    you can run a HSBC account on a PC
    • polymaff
    • By polymaff 20th Sep 18, 9:31 AM
    • 2,333 Posts
    • 1,029 Thanks
    polymaff
    I've an Advance account and have no problem with online banking via a PC. I log in using the security device and - yes - there are two other bits of data to be entered - which I regard as a good thing. No phones involved at all.

    You obviously need some REAL problems in your life .
    • badger09
    • By badger09 20th Sep 18, 10:25 AM
    • 6,436 Posts
    • 5,864 Thanks
    badger09
    I rarely log into my HSBC Advance account on my laptop. I prefer the app on my phone.

    OP have you tried the app? No whistles or bells, but it does what I want, and fingerprint login (with appropriate phone) means you don't need to remember anything

    I've had mine for several years and will keep it for the 5% regular saver.
    • colsten
    • By colsten 20th Sep 18, 9:48 PM
    • 9,437 Posts
    • 8,391 Thanks
    colsten
    I rarely log into my HSBC Advance account on my laptop. I prefer the app on my phone.

    OP have you tried the app? No whistles or bells, but it does what I want, and fingerprint login (with appropriate phone) means you don't need to remember anything

    I've had mine for several years and will keep it for the 5% regular saver.
    Originally posted by badger09
    Much the same here. The main purpose for my HSBC Advance is their Regular Saver. I used to log in on the PC once a month to xfer the monthly payment out into another account I have been using the app for it for some time now.
    • nik_k
    • By nik_k 3rd Oct 18, 9:36 AM
    • 131 Posts
    • 26 Thanks
    nik_k
    Advice needed re First Direct switch
    Hi knowledgeable folk of the MSE forum

    I'm about to switch to FD (already got the account open) and just need some advice on how to qualify for their switch incentive. Specifically I'm wondering how many direct debits I'll need to move? I'd rather not switch my main current account, so am thinking I'll switch another of my accounts which has a couple of DDs.

    Apart from the DD question, my understanding is that I'll need to fully switch and close the existing account and pay in at least £1,000 within three months of the account opening. Then, after six months, pay in £1,000 each month to avoid a £10 monthly fee. Is this right?
    • Steve_xx
    • By Steve_xx 3rd Oct 18, 9:55 AM
    • 6,629 Posts
    • 2,799 Thanks
    Steve_xx
    Hi knowledgeable folk of the MSE forum

    I'm about to switch to FD (already got the account open) and just need some advice on how to qualify for their switch incentive. Specifically I'm wondering how many direct debits I'll need to move? I'd rather not switch my main current account, so am thinking I'll switch another of my accounts which has a couple of DDs.

    Apart from the DD question, my understanding is that I'll need to fully switch and close the existing account and pay in at least £1,000 within three months of the account opening. Then, after six months, pay in £1,000 each month to avoid a £10 monthly fee. Is this right?
    Originally posted by nik_k
    Yes, that's right. I don;t think that the FD account requires Direct Debits.
    Last edited by Steve_xx; 03-10-2018 at 9:59 AM.
    • PRAISETHESUN
    • By PRAISETHESUN 3rd Oct 18, 10:06 AM
    • 559 Posts
    • 257 Thanks
    PRAISETHESUN
    Hi knowledgeable folk of the MSE forum

    I'm about to switch to FD (already got the account open) and just need some advice on how to qualify for their switch incentive. Specifically I'm wondering how many direct debits I'll need to move? I'd rather not switch my main current account, so am thinking I'll switch another of my accounts which has a couple of DDs.

    Apart from the DD question, my understanding is that I'll need to fully switch and close the existing account and pay in at least £1,000 within three months of the account opening. Then, after six months, pay in £1,000 each month to avoid a £10 monthly fee. Is this right?
    Originally posted by nik_k
    Correct - only need to pay in £1000 in the first three months to qualify - no requirement for DDs.

    Also, a nice hack to avoid the monthly fee without the pay in is to open one of their "savings accounts" (not the 5% regular saver), whack £1 in it and then you never need to pay the fee again
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