Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • gabriel1980
    • By gabriel1980 22nd Sep 16, 3:29 PM
    • 210Posts
    • 394Thanks
    gabriel1980
    Joint bank account
    • #1
    • 22nd Sep 16, 3:29 PM
    Joint bank account 22nd Sep 16 at 3:29 PM
    People at work find it truly bizarre that I don't have a joint bank account with my partner (soon to be wife). We've always had our separate bank accounts for our own bills. We each put an equal amount of money into another account for shopping and then split the household bills between us (she puts half into my account), but we buy things from our own accounts and pay for our own personal bills like mobile phone bills and so on.


    To other's this implies a lack of trust or love in a relationship, but I don't see the correlation. Surely if all the money went into a joint bank account neither of us can go willy-nilly spending money on ourselves without the other's consent?! I'm sure she wouldn't be impressed if I spent £50 on blu rays and I would similarly not impressed if she spent £50 on boots or something.


    Is it unusual to not have a joint bank account? Is it a generational thing maybe?!
Page 1
    • april87
    • By april87 22nd Sep 16, 3:33 PM
    • 98 Posts
    • 47 Thanks
    april87
    • #2
    • 22nd Sep 16, 3:33 PM
    • #2
    • 22nd Sep 16, 3:33 PM
    Hi Gabriel, we don't have a joint account either. My OH and I have a similar sort of system as yourselves. We trust each other, he knows all my passwords etc but it just has never occurred to us to get a joint bank account. We did find that when family gave us cheques as wedding gifts, that most of them were addressed to Mr & Mrs X, we had to say that we didn't have a joint account, and most of them were shocked. Like you I do think it is a generation thing.
    • Faith177
    • By Faith177 22nd Sep 16, 3:34 PM
    • 2,360 Posts
    • 3,746 Thanks
    Faith177
    • #3
    • 22nd Sep 16, 3:34 PM
    • #3
    • 22nd Sep 16, 3:34 PM
    We don't have joint accounts either we work in a similar way that you do.

    I have one main account that all the household bills come out of. OH just gives me a set amount each month and it just comes out of that. this is mainly because I owned my house before I met him so already had everything set up so seemed no point in changing it.

    With the ease of banking now with mobile apps ect it is so easy to move money about I don't see the point of a joint account.
    First Date 08/11/2008, Moved In Together 01/06/2009, Engaged 01/01/10, Wedding Date 27/04/2013

    WW - Start Weight 15.1 Goal 10.10 loss so far 9lbs
    • Izadora
    • By Izadora 22nd Sep 16, 4:02 PM
    • 887 Posts
    • 2,382 Thanks
    Izadora
    • #4
    • 22nd Sep 16, 4:02 PM
    • #4
    • 22nd Sep 16, 4:02 PM
    We've always had our separate bank accounts for our own bills. We each put an equal amount of money into another account for shopping and then split the household bills between us
    Originally posted by gabriel1980
    Isn't the other account kind of like a joint account?

    We have a similar set up to yours - a personal account each and then a separate account that we both pay into at the start of the month to cover all shared expenses - but no actual joint account as the shared expenses one is in my name only because my OH is useless with money so it's safer to leave the budgeting to me. There's also the fact that I worked very hard to drag my credit rating out of the gutter so I'd really rather not be pulled back down there by linking us financially through a proper joint account.
    • Hemera
    • By Hemera 22nd Sep 16, 4:04 PM
    • 47 Posts
    • 98 Thanks
    Hemera
    • #5
    • 22nd Sep 16, 4:04 PM
    • #5
    • 22nd Sep 16, 4:04 PM
    My OH and I don't have a joint account either, but most stuff gets paid by either one of us, not necessarily the recipient of the good that is being bought - for example I pay both our mobile bills from my account. If I pop into a shop to buy something for myself while we are doing our weekly shopping, he might pay if he has his cash handy.
    But we keep tracks of who is paying what (for what we consider household expenses), and as I usually pay more, he transfers some money into my account to make up for the difference, so that we are more or less even.

    I would actually prefer to have a joint account and just transfer a share of our income to pay for all household expenses, just for the sake of simplicity, but my OH can't really get his head around the idea that a person can have more than one bank account

    Now that I've read your post better, it seems to me that you have a similar system in place? You even mention having a joint bank account, if I understood you right?

    I suppose the only difference then is in what you consider household expenses? My OH and I consider most thing to be joint expenses, and I don't care if he drinks more when we are out (likewise he doesn't care that my haircuts are more expensive than his), so we split almost everything; but still use our own money for more substantial expenses in which the other is not involved.
    • BNT
    • By BNT 22nd Sep 16, 4:47 PM
    • 2,493 Posts
    • 3,773 Thanks
    BNT
    • #6
    • 22nd Sep 16, 4:47 PM
    • #6
    • 22nd Sep 16, 4:47 PM
    We have a couple of joint accounts and a few individual accounts. We set it up that way in order to make sue of the best interest rates and for tax planning purposes. We shift money between them as required. We are married, so there is no sense of 'my money' and 'her money'; it is 'our money', but happens to be in different accounts.
    • goodwithsaving
    • By goodwithsaving 22nd Sep 16, 4:53 PM
    • 334 Posts
    • 527 Thanks
    goodwithsaving
    • #7
    • 22nd Sep 16, 4:53 PM
    • #7
    • 22nd Sep 16, 4:53 PM
    Why do you care what other people think? I had a 'joint account' which we both paid into which was in my name for bills. My parents have never had a joint account either. Some find it odd but it's none of their business.
    Whatever works for you. Don't try deviating from what works, it causes resentment.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • 74jax
    • By 74jax 22nd Sep 16, 5:13 PM
    • 4,350 Posts
    • 5,843 Thanks
    74jax
    • #8
    • 22nd Sep 16, 5:13 PM
    • #8
    • 22nd Sep 16, 5:13 PM
    We have a bills account we both pay in to then our own accounts. I have no idea how much he has in it, what he spends it on etc. What other people think of our set up doesn't bother me. I certainly wouldn't question of with others.

    It works for us. We can spoil each other without the knowing which I love.

    If it works for you, I'm not sure why other opinions are needed?
    Forty and fabulous, well that's what my cards say....
    • TonyMMM
    • By TonyMMM 22nd Sep 16, 5:18 PM
    • 2,206 Posts
    • 2,291 Thanks
    TonyMMM
    • #9
    • 22nd Sep 16, 5:18 PM
    • #9
    • 22nd Sep 16, 5:18 PM
    We have a couple of joint accounts and a few individual accounts. We set it up that way in order to make sue of the best interest rates and for tax planning purposes. We shift money between them as required. We are married, so there is no sense of 'my money' and 'her money'; it is 'our money', but happens to be in different accounts.
    Originally posted by BNT
    Same here .... everything is "ours" although for tax and interest reasons it is split in various accounts in both our names separately, and in joint. Been married 30+ years - never been an issue.
    • ska lover
    • By ska lover 22nd Sep 16, 5:22 PM
    • 2,385 Posts
    • 5,679 Thanks
    ska lover
    No, we don't have a joint account and the only people I know that DO have a joint account are my parents.


    As above, I think you are overthinking other peoples thoughts on your finances - really it does not matter a jot. I don't care if a complete stranger thinks that it implies something about my marriage or not
    Blah blah blah.
    • LKRDN_Morgan
    • By LKRDN_Morgan 22nd Sep 16, 5:30 PM
    • 98 Posts
    • 231 Thanks
    LKRDN_Morgan
    I don't think it's a generational thing. It's a 'what ever works for you' thing

    I've had a joint account since I was 19. Now 30 and never been an issue.
    House Deposit by 01/09/2017 £27000/ £8300 £9050 £10553
    • BNT
    • By BNT 22nd Sep 16, 5:31 PM
    • 2,493 Posts
    • 3,773 Thanks
    BNT
    I agree with everyone who says that what works for you is the right way, regardless of what other people do. Just be open to change over time. What works now, might not work at a later stage. Opening and closing bank bank accounts and moving direct debits, etc. is pretty straightforward these days, so change is easy to effect.
    • mark5
    • By mark5 22nd Sep 16, 6:03 PM
    • 1,084 Posts
    • 704 Thanks
    mark5
    I think people find if hard to accept when people have different ideas to themselves.

    Why buy a car on pcp when it's cheaper to pay cash?
    Why go on holidays in peak period it's cheaper to go outside school holidays?
    Why shop in Tesco when Aldi is cheaper?
    Why pay into a pension, when they never pay out?
    Why do you support a football team 200 miles from where you live?

    Above are a few of the comments I constantly get from people at work who have different ideas to myself. They have valid points but so do I for my choices, if it works for you and your partner it's fine!
    • zcrat41
    • By zcrat41 22nd Sep 16, 6:54 PM
    • 1,383 Posts
    • 3,800 Thanks
    zcrat41
    I think that method is fine until you have kids. Then as a woman it can feel demeaning to be given money rather than have free access to it.
    Started aiming for Mortgage Neutrality July 2016.
    Aug 2016 target - £277.30. Achieved so far £281.84
    Total saved since start: £458.97
    • seven-day-weekend
    • By seven-day-weekend 22nd Sep 16, 7:02 PM
    • 27,276 Posts
    • 49,887 Thanks
    seven-day-weekend
    We have a couple of joint accounts and a few individual accounts. We set it up that way in order to make sue of the best interest rates and for tax planning purposes. We shift money between them as required. We are married, so there is no sense of 'my money' and 'her money'; it is 'our money', but happens to be in different accounts.
    Originally posted by BNT
    Same as us.
    To love someone is to learn the song in their heart and to sing it to them when they have forgotten it
    'I believe in Christianity as I believe that the sun has risen. Not only because I see it, but because I see everything by it': C.S. Lewis
    St. Augustine — 'In essentials, unity; in non-essentials, liberty; in all things, charity.'
    • boliston
    • By boliston 22nd Sep 16, 7:27 PM
    • 1,518 Posts
    • 1,088 Thanks
    boliston
    I think that method is fine until you have kids. Then as a woman it can feel demeaning to be given money rather than have free access to it.
    Originally posted by zcrat41
    Surely if you are spending money that you have not earnt then you are being "given" it regardless of where it comes from.
    • Top Girl
    • By Top Girl 22nd Sep 16, 7:48 PM
    • 861 Posts
    • 6,033 Thanks
    Top Girl
    We don't have joint accounts. In fact, Top Bloke moved in with me and my son and all the bills are still in my name, he gives me half when he gets paid.

    I have a savings account in my son's name, one in mine and a credit card that are solely mine and my business.

    I don't know why you would have completely joint financial affairs tbh. I'm a saver and I like to know where every penny goes. He's much more laid back about it all. As long as we're both paying our own way, that's our individual concern. If I am ever short, I'd ask him for help without question, and he'd ask me.
    • Pixie5740
    • By Pixie5740 22nd Sep 16, 10:05 PM
    • 8,353 Posts
    • 10,956 Thanks
    Pixie5740
    Hi Gabriel, we don't have a joint account either. My OH and I have a similar sort of system as yourselves. We trust each other, he knows all my passwords etc but it just has never occurred to us to get a joint bank account. We did find that when family gave us cheques as wedding gifts, that most of them were addressed to Mr & Mrs X, we had to say that we didn't have a joint account, and most of them were shocked. Like you I do think it is a generation thing.
    Originally posted by april87
    A bit off topic but I used to work in a bank's internet banking department. On a daily basis we dealt with distraught customers who trusted their loved ones with passwords only to one day discover that the loved one had cleared their accounts. (Not just couples but quite often children who'd offered to set up internet banking for elderly parents). Now since the customer had breached the T&C by giving out the passwords in the first place the bank didn't have to do anything.

    Two cases stick in my mind years later. One woman who trusted her partner with her internet banking details discovered that one day her partner of X years had emptied all her savings into his own account and then rocked up to the branch and withdrawn the lot in cash the very same day. We're talking a lot of money but as far as the bank was concerned her login details had been used so she had authorised it.

    Another gentleman was upset to find out his son who he trusted to set up his internet banking was shocked when his son transferred £20k out of his savings account to buy himself a new car. Again, as far as the bank was concerned he authorised it.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • iris
    • By iris 23rd Sep 16, 1:51 AM
    • 988 Posts
    • 3,009 Thanks
    iris
    My husband died recently and I am so glad we had a joint account. All direct debits have continued as normal and I have been able to take over the account in my sole name.
    • ani*fan
    • By ani*fan 23rd Sep 16, 6:29 AM
    • 1,190 Posts
    • 2,677 Thanks
    ani*fan
    This is really interesting. I had no idea there were so many different ways to organise yourselves financially as a couple.

    Me and OH have separate accounts for our wages to be paid into. We then shift half the bill money each into our joint account. Everything gets paid from there, rent, gas, electricity, council tax, except our mobile bills and our individual credit cards which we pay from our own accounts.

    We earn a similar amount so take the same amount of disposable income every month and decide together on what to do with the rest, paying down debt, saving for house, wedding etc. It all belongs to us both.
    Total debt at its highest £18,780/Total today £10,554.89
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,943Posts Today

8,158Users online

Martin's Twitter