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Figuring out the best bank account
esophie
Posts: 1 Newbie
Basically just wanting abit of advice. Me and my boyfriend both live together and at the minute all bills and direct debits are coming from my account and I'm relying on him to transfer money each month to cover his half of the bills. I've suggested getting a joint account where we both put in the money to cover bills plus a little extra to cover things we do together like meals out, presents for family etc and then keep the rest in our own account for our personal spending such as when we go out separately or things we just need for ourselves. The problem is that we wanted to take advantage of these banks offering money back but don't know how to go about it to get the best deal, is it best just to both keep separate account but switch banks and both get money back or is it better to both switch to one solo joint bank account between us both for all outgoings. Any advice would be helpful pleaseee 
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Comments
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The cashback offers are all tied to the current account switching service, which can only be used to switch sole to sole or joint to joint accounts, not sole to joint. Nothing to stop you both switching your sole accounts as much as you like, and this would indeed double up the cashbacks, but best to treat the opening of a joint account as a separate exercise, should you wish to go down that route (it does have some disadvantages in creating a financial linkage between your credit records for example).0
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Sole to joint is possible. It's joint to sole that can't be done.The cashback offers are all tied to the current account switching service, which can only be used to switch sole to sole or joint to joint accounts, not sole to joint. Nothing to stop you both switching your sole accounts as much as you like, and this would indeed double up the cashbacks, but best to treat the opening of a joint account as a separate exercise, should you wish to go down that route (it does have some disadvantages in creating a financial linkage between your credit records for example). 0 -
If you switched to a joint account you would only get one lot if cash incentive with that bank. Nothing stopping you both switching to sole accounts, cashing in on two incentives then making a joint account later.
Also consider for your joint account if you benefit from them a packaged account, one monthly fee but you would both be dually covered for the insurances.0
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