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    • JGarriock10
    • By JGarriock10 13th Jul 18, 11:29 AM
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    JGarriock10
    Joint Savings Account Advice
    • #1
    • 13th Jul 18, 11:29 AM
    Joint Savings Account Advice 13th Jul 18 at 11:29 AM
    Me and my partner are looking to open our first joint account together. We are not using this for bills or for house savings but mainly for holidays and other joint ventures. Can anyone suggest what would be our best option? We would be looking at 200 each minimum going in to the account monthly.

    Thanks
Page 1
    • kidmugsy
    • By kidmugsy 13th Jul 18, 11:58 AM
    • 11,576 Posts
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    kidmugsy
    • #2
    • 13th Jul 18, 11:58 AM
    • #2
    • 13th Jul 18, 11:58 AM
    200 a month is suitable for some regular saver accounts that pay 5% AER. I expect you'd need two if you want them to be joint because 400 a month is too much for the 5% accounts I've seen. It's worth checking whether anyone would let you have an A+B account and also a B+A account.

    Or, do you live in East Anglia? The Ipswich BS offers a regular saver that would take 400 p.m. (for a joint account their limit is 1k p.m.). It pays 2.85% AER, which at least is above the current CPI inflation rate. You're allowed two withdrawals per anniversary year.
    https://www.ibs.co.uk/savings/regular-savings-accounts
    For all I know there may be local BSs elsewhere in the country that offer good deals to locals.

    Here's another thought: open a joint FlexDirect current account at Nationwide. For the first year it pays 5% p.a. You need to pay in 1k p.m. from accounts outside the Nationwide. So you'd each pay in your 200 p.m. and then another 300 p.m. each which you'd then pay back to the accounts it came from. It would be best to do this by Standing Order so it's automatic.

    Or, if you could face the risk of TSB and it's amazing IT difficulties you could open a couple of joint current accounts with them: they pay 5% AER on up to 1,500. Again you'd need to use SOs to hit their target monthly pay-ins. And you'd need to check whether they allow an A+B account and also a B+A account.
    Free the dunston one next time too.
    • kidmugsy
    • By kidmugsy 13th Jul 18, 12:02 PM
    • 11,576 Posts
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    kidmugsy
    • #3
    • 13th Jul 18, 12:02 PM
    • #3
    • 13th Jul 18, 12:02 PM
    Or again, could you face opening a joint current account with Lloyds - the Club account? It pays 1.5% AER on up to 5k and it lets you open a regular saver that takes up to 400 p.m., pays 3% AER, and lets you withdraw money whenever you want. But the current account does require 1500 p.m. going in and it needs two Direct Debits paying out every month.

    Maybe for simplicity the Ipswich account would appeal most?

    If you're not in East Anglia why not look at the forum thread on regular savers?
    https://forums.moneysavingexpert.com/showthread.php?t=5776240
    Free the dunston one next time too.
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