Joint Bank Account

maurice28

I'm thinking of opening a joint bank account with my girlfriend so we can save towards getting our own house, and was just wondering, if we open a joint account with no overdraft facility, does this mean:

a) It will show up on our credit ratings?

b) It will mean we are financial associates in the eyes of the credit reference agencies?

nikki2804

Most banks credit check so it will probably show up.

Yes you will be financially assosiated (this is whats sffecting my credit rating grrrrr) So just bear in mind if you or your partner has any "bad credit" it will impact upon the other

Hope that makes sense!!

YorkshireBoy

maurice28 wrote: »

does this mean:

a) It will show up on our credit ratings?

b) It will mean we are financial associates in the eyes of the credit reference agencies?

Yes and yes.

You'd be well advised to both order your credit reports (and share them with each other) to ensure there are no 'skeletons' before creating a financial association.

You say bank account to save? Hope it's A&L/Abbey at 6% because the others are dire rates aren't they? Better to go for a savings account?...and a (5-6%) regular saver if it's new money from income.

maurice28

Thanks for the responses!

Not really looked into which account to open yet. So even if it is just a savings account, with no access to credit facilities, this still shows up as an active account on our credit rating, and links us financially?

Thank you!

CLAPTON

what do you mean

1. a bank account i.e. a current a/c with ot without an OD

or

2. a savings account ?

YorkshireBoy

maurice28 wrote: »

So even if it is just a savings account, with no access to credit facilities, this still shows up as an active account on our credit rating, and links us financially?

Savings accounts are not recorded on your credit reports, for obvious reasons...they're not a credit facility.

I don't believe a joint application for a savings account will create a financial association, but make sure you read the legal/privacy statement before signing if that's a concern.

maurice28

Thanks, I was thinking more of a savings account, will definitely check the T&Cs!