Whats the best joint accounts for the first time

Question

me and my partner been together years got a baby and another on the way want to open a joint account together but one that we cant touch like an ISA over a period of 1-3 years so that we can do some saving but still keeping our seperate accounts does anyone kno any decent banks that have a good interest rate or are just good to bank with? o and were not married and yes we trust each other so please could i have genuin advice thanks

Answer 1

There is no good joint account. Anything could happen and you need access to it without having to go to court to get some sort of release on his name just to get it out. If he got into an accident, you need access to it to provide for the kids, then you need it in your name. You should just get two accounts, one in your name, and one in his name.

My husband and I are completely trusting of each other, and we share checking accounts, and share all money. We are one entity when it comes to money.

We know the realities of rules and laws though. We have been there. Now, we have two seperate savings, one in his name that he has access to through his ID, and one in my name that I can access through my ID. The two accounts have a paper filed in them that has custody papers in them that if someone presented a certified death certificate for both my husband and I and their name was on the list of custody holders for the kids then they can acess the money for the kids. It is a joint account with my minor childrens names on it only, not my husbands. Not sure if this makes since.

We have two savings accounts, and each one of us has one of our childrens names on it.But with both accounts they have to show death certificates for both parents in order to access the money for the kids.

I think it is the best option.

I do all of the finances in my house, so if something happened to me, my husband would only need to show ID to get the money out.

Hope this helps.