Joint Student Account

craig141414

Hi, I'm a student, and will be living in a house with 5 friends in september. We are wondering:

1- is there a way of setting up an account were all 6 of us can pay money in each money to cover the bills?

2- can the account be in all 6 peoples names?

3- and need more than 1 signature to withdraw money?

Thanks
Craig

Kavanne

If you set up an account where you are all/some named you will all become financially linked.

This means if one of you has bad credit, it will affect the rest of you too... do you really want that!?

Sharon87

Yes, do not do that.

Set an account in one person's name, then set up a standing order for each person, who will pay in the amount to cover bills each month, plus maybe an extra quid or 2 for unexpected gas/electric bills. If the housemates want to look at the account, just show them the online banking (if you get it), or print off statements every so often.

Lokolo

^^ Thats what I do and I am currently owed £170 from housemates....

But if we had a joint account then we would have very bad credit ratings by now...

I also hold their deposit so if they don't pay up they don't get it back.

getmore4less

Best to have the bills in different names so you don't get stuck with being liable for them all if someone does a runner.

Spread the risks.