Sue Mac, regarding Santander, you and your husband can hold up to three accounts, one in joint names and one in each sole name. You can then put £20k into each. We use the joint as our main current account, then transfer 2 direct debits to be paid from the two sole accounts (the stipulation is that there has to be £500 income per month into each account and 2 direct debits paid from each account per month. You then get 3 percent paid on the £60k. With interest paid on certain direct debits also, it equates to roughly £40 per month interest on each account.
I have also set up 3 accounts with TSB with £2k in each, which earns 5 percent per month. From the Main current account in Santander, I have a standing order set up to pay £500 into the joint TSB account and 4 days later, another standing order is set up to pay the £500 back to one of the Santander sole accounts, then from there to the TSB sole account and so on, until the last standing order from the other sole TSB account back to the main Santander current account. This allows the accounts to all have the stipulated £500 per month income from a different bank, which is the stipulation of both banks. TSB do not require any payments out of the accounts but the 5 percent is only on a maximum balance of £2k.
Santander do charge £2 per month for each account but this is easily covered by extra interest paid on certain direct debits. TSB does not make a charge.
Well worth the hassle of setting up and there is no penalty for withdrawing so if extra money is needed to be withdrawn it is available instantly with no penalties.
