Joint account, or seperate?

Chris2685

I have been wondering whether it is possible to make my current account into a joint account with my fiance, rather than opening another account as a joint account?

Does anyone know if it is possible to make a single current account into a joint account?

Even more optimistically, is it possible to join mine and her accounts into one, but still keep the accounts the same (so effectively 2 seperate accounts linked into one account). Basically so we don't have to mess about changing everything?

I don't think the latter question will be possible, but it would be good if we could make my account into a joint account.

We both have Premier Direct Current Accounts from Alliance & Leicester.

Also, what are people opinions on having 2 seperate current accounts for ourselves, and a joint account for us both just for the combined bills?

Thanks for any info.

benjus

Whether you have separate or joint accounts is entirely a personal choice, and depends how you prefer to run the more practical aspects of your relationship. Any combination can work: joint account only, separate accounts only, separate accounts and joint account. You just have to decide what's right for you.

In practical terms having just a joint account is simple, as you don't need to worry about transferring money around. However, if you end up having disagreements about how much of the balance belongs to each of you, it's probably not a good idea.

It certainly can be possible to convert a single account into a joint account, although it may vary between banks. I doubt it would be possible to merge two accounts together.

latecomer

Its certainly possibly to make a single account into a joint one with the RBS. I dont see why it would be a problem for other banks. Linking the accounts doesn't sound like it would be possible but I dont know for sure.

Chris2685

OK, thanks for the info. Do you know the process for making a single account into a joint one? Do I have to go to the branch and give them the signatures or can it be done through a form online? I tried to find out on the A&L website, but there is no info about it :S

JohalaReewi

You should bear in mind that having a joint account will link you together financially so each of you will be affected by the other's credit rating. If one of you has (or is likely to get) a bad credit rating, and the other hasn't it would be worth keeping separate accounts. That way at least one of you will still have access to future credit deals.

On the other hand, if you are already financially linked (via a joint mortgage for example), this won't really apply.

Been there got the T shirt, not got the credit card.

benjus

Chris2685 wrote: »

OK, thanks for the info. Do you know the process for making a single account into a joint one? Do I have to go to the branch and give them the signatures or can it be done through a form online? I tried to find out on the A&L website, but there is no info about it :S

I would expect to have to go to a branch to do this... that's what we did anyway.

Chris2685

OK, thanks guys. We will go down next weekend!

beer_tins

It can't hurt to send them 2 letters, sent together both saying you want her added to the account. If he is at the same address as you and has a credit record there, they may do it. Can't hurt to try, especially if it's difficult for you to get down there.

After you get this set up, get her to move her pay and all her direct debit's/standing orders to your joint account (your bank can usually sort this for you in one go). Once it's all moved she just needs to close her account.

SiuLoong

JohalaReewi wrote: »

You should bear in mind that having a joint account will link you together financially so each of you will be affected by the other's credit rating. If one of you has (or is likely to get) a bad credit rating, and the other hasn't it would be worth keeping separate accounts. That way at least one of you will still have access to future credit deals.

On the other hand, if you are already financially linked (via a joint mortgage for example), this won't really apply.

Been there got the T shirt, not got the credit card.

For this reason my fiancee and I have separate accounts.. I have had credit cards etc.. for years whereas she has had no credit at all so her rating will be much reduced. We decided not to be financially linked so while she builds her rating by using a starter credit card I can stooze and supplement the wedding fund! Hopefully by the time we have a mortgage her rating will have been established.

To make things simple I pay all bills, and buy all household items and she pays a contribution to the account I use for that.. worked out based as a % of current salary (i.e. if one earns 70% total household income, they pay 70% of the bills), which may seem a bit overcomplicated but we think its a fair and balanced way of working things out..