Hi-rate online savings account allowing 3 owners?

- C
- Chris Cowles
  
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posted
15 years ago

Sat, Sep 6, 2008 7:08 PM

My mom just closed on her condo. She already has investments that she has (unfortunately) been selling for living expenses. Because of a generous unlimited LTC policy, the cost of living in her ALF is modest. The investment sales will cease and the proceeds of the condo sale will remain mostly as cash, serving as a stable source to supplement her social security income. I'll set up a routine scheduled transfer from the savings to checking.

I was going to open an account at EmigrantDirect but need to have 3 owners: my mom, myself, and my brother. That's how we titled the checking account that will serve as the funding account. EmigrantDirect permits only 2 owners, as does INGDirect. Does anyone know of a similar online savings bank that permits 3 owners? I'm looking for simplicity, and online management is a requirement.

Yes, I'll take some of the excess cash and build CD ladders, etc. I'm not looking for investment advice, just a referral to a financial institution that fits the need I describe.

Thanks in advance.

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- PeterL
  
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posted
15 years ago

Sun, Sep 7, 2008 9:32 PM

That's the purpose of having three owners on the account? Or even two owners? How about having just your mother as owner and having one or both of you and your brother as joint trustees?

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- C
- Chris Cowles
  
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posted
15 years ago

Tue, Sep 9, 2008 2:32 AM

It is, and I don't think it's necessarily the best or only way, but the checking account is already titled that way. My experience with and research of online banks has shown me they require the savings account to be named the same as the funding account. It already exists and I don't want to go through the hassle of changing it, unless there's a compelling reason for doing so. One of my goals in this is making management of the cash simple while still getting a reasonable interest rate.

Thanks for your input.

-------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup.