to refuse to allow my DH to set up his own savings account linked to our joint account

[BlueberryBelle]

My DH has just told me that he plans to set up a savings account where he will get a large sum of money at the end of the 12-month term (due to high interest rate). The account is linked to our joint account which is how he can set it up.

I have a solo account with this bank and he banks elsewhere.

He thinks I’m being unreasonable by saying we should both benefit from the account by us both putting money into the account equally, as it is linked to our joint account. His reason is that I can set up my own savings account linked to my solo account with this bank.

My view is that we previously had a savings account linked to my solo account which we equally contributed to and benefited from at the end of the 12-month term. In the meantime, he had set up a similar savings account linked to our joint account which he and his siblings contributed to and benefited from. I wasn’t aware of this until later on and objected, as I’d had no say. This is the jarring issue with me.

For information, we both put equal amounts of money into our joint account every month and joint bills are paid from it. Our personal accounts are for our own use and are not discussed.

AIBU to think he should find his own savings account and not link his personal account to our joint account (where only he benefits).

Y - you should allow him to link his personal savings account to the joint account.

N - he should find his own separate savings account.

Exactly this. Thank you.

Am I the only one reading this interested to know which institution is offering such a good deal on interest that it makes it worth the bother?

I don't understand. What benefit is the OP missing out on by not having access to two savings accounts? If it's not her money in the one linked to the joint account, then none of the benefit should be hers, so why is she complaining? If she has an account with the same interest rate she can put an unlimited amount of her own money in, surely there is no issue>

All would be explained if there were a limit on how much money could be put into the accounts, but if such a crucial fact were true, I'm sure it would have been mentioned, at some point.

Yes I don't understand what the op is missing out on?

One assumes no security risk of access to anyone's accounts? I am not sure how husband can open a savings account based on wife having a current account though?

The only reason to say no is if I wanted to save more and this lose out on this saver? Like first direct % regular savers, max £300 per month.

If it's not her money in the one linked to the joint account, then none of the benefit should be hers, so why is she complaining?

Because she wants to be able to contribute to it so she can benefit from the interest rate too.

He has opened up a joint savings account (I'm assuming because it is a join currant account the savings account must be joint too), but he won't let her have access to it.

He's going to put money into it and keep the interest earned for himself.

If say the account said you only get 5% if you already had 50k in and he put in 50k so op could add some more to get 5% on hers, then maybe I could see the logic of being unhappy.

Then again if it's a joint account can't you just take the money out anyway if it annoys you? Or close it?

I can't really imagine getting particularly exercised about this unless it was a symptom of much more pervasive problems in a relationship. But then I'm not particularly money obsessed so maybe that's just me.

But she can have her own account with exactly the same interest rate?

He's going to put money into it and keep the interest earned for himself

It's perfectly reasonable he gets to keep all the interest on his money. And he's proposed that she can have an account of the same type presumably paying the same rate of interest for her exclusive use, so she can get all the interest that her own money is capable of generating.

Your DH is being unreasonable you are not. The saving account should be joint. Don't let him be the sole beneficiary.

But it's not his account. It's a joint account. If he wants exclusive use of an account, he should use his own. He doesn't have the right to block her from a joint account.

You don't see it yet, but your marriage has some very serious cracks. Sorry, but it's true.

If finances are separate then having joint savings would be complex unless you were both saving an agreed amount towards a common goal.

Else you would have to work out exactly who gets how much interest based on when amounts were paid in.

When she had a savings account, the benefits went to them both.

He wants a savings account where the benefit goes to him and not her. Again.

I think my biggest question here is how you’ve found a savings account that pays out such high interest rates after such a short term.

I'm concerned he opened the account behind your back. It's bizarre not to mention it to you and that would make me suspicious. I'd be checking the joint current account statement to check money isn't being moved into the "joint" savings account. Maybe also checking Experian/similar to make sure there aren't any other accounts he forgot to mention.

I'm also not really sure why his brother agreed to using your joint account. Theoretically you could clear out the account, taking both DH and his money. It sounds dodgy.

It's a regular saver account. You put a few hundred in per month every month for 12 months, and it pays maybe 5% at the end of the year. They are very common.

Just set one up as a joint account - you can only have one on the current account so the option won't be there for him to set it up in his own name.

I wouldn't like this either for a number of reasons

1, He didn't tell you what he was doing
2, As it is linked to a joint account anything to do with this account should be agreed jointly

1. As it is a joint account he should have asked you first if you wanted to save with him as it is your name on the account not his family's
2. He used a joint account perk to benefit his own family and completely excluded you from the knowledge and benefit
3. He thinks he has done nothing wrong
4. He is sending you the message that his siblings come before you

So much wrong with what he did.

@BlueberryBelle I understand where you’re coming from, especially if as indicated there’s a backstory of him putting others before you. He is essentially taking a potential benefit out of the nuclear family and giving it to his siblings via your joint account . How could this be acceptable without your prior consent? And the fact he will not discuss it is also a red flag.

It sounds a bit like something my Dad would have done and he spent his marriage putting his parents/siblings ahead of the family he had created with my mum.

Definitely look out for yourself in case he tries to pull a similar stunt again, but I hope you’re able to discuss it all with your husband and feel more of a team.

You link your joint savings to the joint current account
You link your own savings to your current account
He needs to get his own current account to link his own savings

What does it mean to have a savings account linked to an account? Is there any advantage? Does he gain anything that you don't?

Yabu and very petty. It's his money so he can out it where he likes. You had the chance to do this but you didn't and are now being a dog in a maker cos he's got a good interest rate. As your partner you should want him to do well.

He asked me to set up a savings account linked to my solo account which we both contributed to. And benefited from.

In the meantime he opened up a savings account which he and his siblings contributed to and benefited from - without consulting me.

Now he wants to open the savings account so only he benefits from. If I hadn’t just spoken to him (as he was about to set it up), I wouldn’t have known.

I’ve read all your posts OP and whilst I can appreciate there are wider issues with your DH prioritising his family which are clouding your judgement, in itself the bank account thing is a complete non-issue.

It would of course be different if you already had plans for the savings account linked to your joint account, but presumably you didn’t or he wouldn’t be suggesting he use it for himself.

Likewise, if you still wanted to benefit from the high interest savings, you could do so via your personal savings account with the same bank. You’re not in any way losing out, but presumably your DH is, if he can’t benefit from a similar high interest savings option with his own bank.

If you read the full thread you’d understand where I’m coming from.
I don’t think there’s any need to be rude or unkind.