Best Current Account (Joint)

akhlaq768

I need to open a Joint current account with my Wife.

What is the best account for our situation; we make £1500 per month after tax.

We also need to open a savings account, but we'll do that after we sort out a current account.....

Your help is much appreciated.

Thanks in advance

456789

maybe try: http://www.firstdirect.com/1st-account/overview.shtml

or halifax reward account

angelacollman

What kinds of accounts can be joint?

On-demand accounts (for example, current accounts), savings accounts, securities accounts and time deposits can be joint.

Due to their tax status, accounts such as the CEL, PEL, LEP, Livrets Jeune, LDD (ex-CODEVI), PEP and PEA must be opened individually and thus cannot be joint.



Regards
Angela
barclays.in

akhlaq768

in regards to credit rating, is it true that if one person rating is poor, that will be reflected on the other partners rating too

HockeyDuo8083

OH and I are with HBOS and we have the reward ac which gives us £5 per month as long as we pay in over a grand each month. This is easy as both our wages go in each month.
It was easy to open in branch as OH was already a customer.
Not sure what would happen if you are not a current customer or have bad credit.

angelacollman

akhlaq768 wrote: »

in regards to credit rating, is it true that if one person rating is poor, that will be reflected on the other partners rating too

No it won't affect the other person's rating. Credit ratings differs from person to person depending on individuals credibility. So if your credibility is better then nothing to worry nor to worry about others, because that won't affect you.

Regards,
Angela
Barclays.in

blueberrypie

angelacollman wrote: »

No it won't affect the other person's rating. Credit ratings differs from person to person depending on individuals credibility. So if your credibility is better then nothing to worry nor to worry about others, because that won't affect you.

As I understand it, if you are financially associated with another person (e.g. a joint bank account or mortgage), their credit record *does* affect yours. This is taken from the MSE page on credit ratings:

Simply marrying or living with someone with a bad credit score shouldn't impact your finances, as third-party data (ie, someone else's info) doesn't appear on your file.

Yet if you're 'financially linked' to someone on any product, it can have an impact. Even just a joint bills account for flat sharers can mean you are co-scored. If one partner has a poor history, keep your finances rigidly separate, and it should maintain access to good credit for the other.

In fact, there are only two common products that can infer financial linking: mortgages and joint bank accounts. As a note, there's no such thing as a ‘joint' credit card. Technically, it's one person's account and the other just has access to it. It is technically possible that joint utility bills could be reported on credit files, though current practice is not to do so.

If you split up with someone you've joint finances with, once the accounts are separated or no longer active, always write to the credit reference agencies and ask for a notice of 'disassociation', to stop their credit history affecting yours in future.

angelacollman

Hi blueberrypie,
I do agree with your comment, so what is your opinion regarding improving credit ratings if you joint partner has poor history. Do you think improving on one's credit score could make an impact.

Regards,
Angela
barclays.in