Given that this is a subject that changes fairly rapidly I thought I would ask this question again although there are several threads on the topic already. That, and I have never heard of the institution in the link below until it came up on a Martin Lewis top 10 savings accounts search.
My partner and I are looking to combine our savings into one joint account. We will be depositing a lump sum and adding to the balance as circumstances permit and therefore not looking to make regular monthly deposits. Do want easy access though without restriction or penalty and this lot seem to have an ideal product @5% interest.
On the basis that we have been together for nearly 34 years we have no concerns about one of us running away with the till
Does anyone know anything about them or can suggest a route for me to check them out more fully? Perhaps there are better options out there? Would like to hear about them.
I will be posting this on another forum so apologies for the repetition.
How quickly do you want your money? I have no experience of Hampshire Trust Bank at all, but my experience with most non-clearing banks and building societies (other than Nationwide) is that they will typically take 1 working day to land in your nominated account.
Something to check if that’s important, or at least hold a reserve with a clearing bank for speedier access.
The other obvious gotcha is that it’s variable rate, so if this is a facility you want to leave in place longer term, and with base rates predicted to fall this year, it’d perhaps be better to get either a base rate tracker or a fixed interest rate (accepting that you will need to diarise to reinvest at maturity
In a joint account the interest is split between yourselves for Personal Savings Allowance purposes - for this reason my wife and I hold most of our taxable savings in her name alone now, as I only have a £500 allowance which she has potentially thousands.
Thanks @WillPS - good points. I hadn’t considered the potential tax implications so need to find out about that. No rush for the money, I’m sure we can cope with 24 hours. R-
