Joint savings account?

ToniO

ToniO

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Hi
Does anyone know whether one can open a savings account in the name of two spouses at FNB? We share cheque and credit card accounts with duplicate cards, but they are in one person's name. Is there a way to link a savings account in both names?
 
ToniO said:
Hi
Does anyone know whether one can open a savings account in the name of two spouses at FNB? We share cheque and credit card accounts with duplicate cards, but they are in one person's name. Is there a way to link a savings account in both names?
Click to expand...
Most banks that I'm aware of won't really do this.

You can get the other partner to have PoA and signing powers for an account but they don't really do joint accounts.

Granted I didn't look too hard but I did briefly engage FNB about this when I got married, just gave up after a while.
 
That's what I thought, thanks for your response.
 
ToniO said:
Hi
Does anyone know whether one can open a savings account in the name of two spouses at FNB? We share cheque and credit card accounts with duplicate cards, but they are in one person's name. Is there a way to link a savings account in both names?
Click to expand...

You can do that with a savings account too. It is in one persons name and the other person gets a card for the same account. The account is also visible on both users internet banking.
 
ToniO said:
Hi
Does anyone know whether one can open a savings account in the name of two spouses at FNB? We share cheque and credit card accounts with duplicate cards, but they are in one person's name. Is there a way to link a savings account in both names?
Click to expand...
If you already do this does it really matter? We can access each others accounts I don't really care if the account has your name or my name or both our names...
 
Banks for some reason, probably legal hassle, has stopped doing this. Why not just get an extra card and share the internet banking password?
 
The only reason is in the event of the account holder's death, and the account is frozen while estate is wound up.
 
ToniO said:
The only reason is in the event of the account holder's death, and the account is frozen while estate is wound up.
Click to expand...
That would happen regardless.
 
ToniO said:
The only reason is in the event of the account holder's death, and the account is frozen while estate is wound up.
Click to expand...
So I'm under the impression that that would happen in the case of a joint account anyway.

My wife and I do the following: we mainly use an account in my name, but we share cards. Most of our day-to-day transactions are through here, my salary is paid here, etc. She also has one in her name, the R5/m variety, which I make sure to keep a chunk of money in the savings pocket, enough to tide her over for a few weeks should I die. Our investments are also split, half in my name and half in hers, so that if she needs to cash in after my death she has no hassle.
 
They don't exist unfortunately, I would imagine by and large due to SARS.

There will always be an "owner" of the account in one person's name and then another has full access rights signed over (can't remember the technical term for it now).
 
newby_investor said:
So I'm under the impression that that would happen in the case of a joint account anyway.

My wife and I do the following: we mainly use an account in my name, but we share cards. Most of our day-to-day transactions are through here, my salary is paid here, etc. She also has one in her name, the R5/m variety, which I make sure to keep a chunk of money in the savings pocket, enough to tide her over for a few weeks should I die. Our investments are also split, half in my name and half in hers, so that if she needs to cash in after my death she has no hassle.
Click to expand...

There is insurance specifically for this purpose that should be part of your death benefits.

It's a sum of money that pays out within 24 hours of death to tide people over during the account freeze stage.

A good broker would have set this up for you.
 
Swa said:
Banks for some reason, probably legal hassle, has stopped doing this. Why not just get an extra card and share the internet banking password?
Click to expand...

You simply setup an additional profile for them. No need to share a password.
 
You can have 2 Credit cards for one account. Will that work?

BUT, joint accounts is high up on my list of bad ideas, somewhere next to the Hiroshima and Nagasaki atom bomb attack.
 
Problem you have with a joint account is from a reporting and tax perspective.

How does the bank generate an IT3(b), how would it know who to attribute what portion of interest to each individual .. make sense?
 
beans100 said:
BUT, joint accounts is high up on my list of bad ideas, somewhere next to the Hiroshima and Nagasaki atom bomb attack.
Click to expand...

Only a bad idea if you the rich partner.
 
newby_investor said:
So I'm under the impression that that would happen in the case of a joint account anyway.

My wife and I do the following: we mainly use an account in my name, but we share cards. Most of our day-to-day transactions are through here, my salary is paid here, etc. She also has one in her name, the R5/m variety, which I make sure to keep a chunk of money in the savings pocket, enough to tide her over for a few weeks should I die. Our investments are also split, half in my name and half in hers, so that if she needs to cash in after my death she has no hassle.
Click to expand...
Thanks, that's the best advice so far - much appreciated. :thumbsup:
 
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