Can we set up a joint account online?

jamtart6

Hi All,
Partner and I have recently bought a house together. Before we get all direct debits set up in our own current account, we wanted to get a joint account to pay £X in each month, then set up all the direct debits for household bills to come out of that.

However, my partner works weird hours.

Anyone know of anywhere where we could set up a joint account online? also does it have to be a joint current account or can you set up DD payments out of joint savings? Sorry for all the Qs I have no idea where to start!

Mikeyorks

Most Banks will facilitate your setting up a joint account online. However if they can't ID you electronically (and a very recent move won't help that) - you will still need to complete the ID 'on paper'. If you do have a joint Savings account with a particular Institution .... getting a joint current account there may be the easiest ..... but not necessarily the best?

No Savings accounts I'm aware of that support DDs. The T&Cs of the Halifax Websaver (now pathetic interest unless you have one of the 'reward' special editions) 'suggests' DDs are supported .... but I know of no one who has proven that in practice

jamtart6

thanks mike!! much appreciated! we have one savings account with lloyds but their online banking is pathetic!

are you allowed to have a current account each and a joint one? or only one current account allowed per person?

456789

jamtart6 wrote: »

are you allowed to have a current account each and a joint one? or only one current account allowed per person?

yes - you can have as many as you want (as long as you meet its criteria and are accepted)

Mikeyorks

jamtart6 wrote: »

are you allowed to have a current account each and a joint one? or only one current account allowed per person?

Halifax allow that and - I don't know - but would hazard that is the generality? Other than for some very specific high interest 'limited editions' where it is probably joint or 2 x singletons.

Halifax have a new 'Reward current account' opening 9th Feb. It's really to rationalise overdraft charges .... but it has applicability to a lot of people who always remain in credit.
http://www.halifax.co.uk/bank-accounts/reward-current-account/

Rather than pay interest on your balance - they will pay you a flat £5pm (net). Sounds paltry but (£6.25 gross) it's actually the equivalent of a permanent £75k held in a current account paying 0.1% (which a lot do). But, importantly, you can run it from their excellent online service. Needs £1k monthly input (you can just SO it from your Savings - then back again - doesn't need to be salary). Worth a look at?

jamtart6

thanks all! that account looks excellent, thank you

cottager

Mikeyorks wrote: »

Needs £1k monthly input (you can just SO it from your Savings - then back again - doesn't need to be salary). Worth a look at?

Yeah?? I'd discounted this thinking I didn't meet the conditions as I don't earn £1000/month, and was just about to open a standard Current Account instead. Maybe I should think again if it really doesn't have to be salary paid in from an employer.

Do you think they really will wear it crediting £1k one day and literally whipping it out again the next... every month?
Wouldn't be very hard to spot the pattern and motive

What's the state of play with Faster Payments out of Halifax now? -- if I was funding the Reward from savings, I'd want to get it back where it came from without losing interest in transit. The last time I remember seeing anything on a thread I think it was maybe up to £500/day (?) but still very inconsistent with no apparent rhyme or reason, sometimes working but frequently not.

Also, OH already has an ordinary Current Account at Halifax which he virtually never uses (has his main bank account elsewhere), though it does have a small balance kept in it. With a view to doing the same thing (savings in/out), do you think it's likely he could upgrade it to the Reward?

Kavanne

jamtart6 wrote: »

thanks mike!! much appreciated! we have one savings account with lloyds but their online banking is pathetic!

are you allowed to have a current account each and a joint one? or only one current account allowed per person?

You can have as many current accounts as you each want.

Do you both have current accounts with the same bank atm? If you set up a joint account there, it will probs just be a matter of signing and returning application, as they've already seen your ID.

rb10

cottager wrote: »

Do you think they really will wear it crediting £1k one day and literally whipping it out again the next... every month?
Wouldn't be very hard to spot the pattern and motive

What's the state of play with Faster Payments out of Halifax now? -- if I was funding the Reward from savings, I'd want to get it back where it came from without losing interest in transit. The last time I remember seeing anything on a thread I think it was maybe up to £500/day (?) but still very inconsistent with no apparent rhyme or reason, sometimes working but frequently not.

Also, OH already has an ordinary Current Account at Halifax which he virtually never uses (has his main bank account elsewhere), though it does have a small balance kept in it. With a view to doing the same thing (savings in/out), do you think it's likely he could upgrade it to the Reward?

Halifax may notice, but they can't do anything, it's all allowed in the T&Cs. But at the end of the day, if you're using it as a main account and don't make life difficult for them (i.e. stay out of arrears!) they'll probably think of you as a good customer.

Most people find that there's a limit of £500 per faster payment transfer. But, it seems that you can do multiple transfers on the same day, so if you try £1000 and it says it'll send it by BACS (it will tell you how it will be sent before you confirm), then just go back and try something lower.

Almost certain that your OH could upgrade to the Reward account, from 9th Feb onwards.

Mikeyorks

cottager wrote: »

Do you think they really will wear it crediting £1k one day and literally whipping it out again the next... every month?

Not only will they wear it (as rb10 confirms) .... the Halifax staff at one Branch actually set the SOs up for my Mother to do exactly that. In order she had the 6.12% the High Interest account was paying at the time. I'd have been better pleased if they'd prised the Liquid Gold passbook from her hands (0.5% at the time) that the SO was bounced into ... but I did resolve that when I found out about it. :rolleyes:

cottager wrote: »

Also, OH already has an ordinary Current Account at Halifax which he virtually never uses (has his main bank account elsewhere), though it does have a small balance kept in it. With a view to doing the same thing (savings in/out), do you think it's likely he could upgrade it to the Reward?

My OH has an ordinary current account that she cheerfully abuses the housekeeping from (safer than letting her near the joint account). As I pay all the other bills, it doesn't amount to £1k per month (although it's getting perilously close!) So I'll upgrade that account, next week, and then put £1k in and transfer the excess back out the following day. That will not only satisfy the funding .... it will feel like 'cashback'!

cottager

rb10 and Mikeyorks: cheers, this sounds the beans.

Is the FPS limit any higher for SOs than for a one-off payment?
Checked the FAQs, but nothing to say all SOs are sent FPS, or an amount:
Where possible we will send standing orders from your HBOS bank account through the Faster Payments Service.
and
Most standing orders and bill payments are now sent via the Faster Payments Service.

I was thinking if a whole £1k could go out at once by standing order and FPS, and if it's timed carefully, the same £1k could be recycled around both our Reward accounts within a month. No problem getting it to Halifax in a day by SO from NatWest which sends/accepts FPS, it's just going back the other way if max for SOs is also £500 -- I'd prefer SO to relying on my memory to do one-off transfers

There's still the small matter of being accepted for the Reward, which I don't look on as a given -- but it sounds like OH should be OK upgrading.

It's years since I last applied for a current a/c, so not overly-confident as things have changed and tightened up so much and I only have a part-time income; but do have websavers and ISAs with Halifax, 'stability' with the current a/c elsewhere, no debt etc, so maybe that'll help a bit.