Best joint account?

Mr_P_5

Hi.

i am in the process of buying a house with my future wife and were about to set up the mortgage! obviously this is going to be a fair amount of money and would not be fair if it all came out of one account! our idea is to set up a new JOINT account! what/where is our best choice? the account will simply have money but into it each month for all our direct debits to go out of!

i am currently with HSBC and she is with Natwest!

thanks in advance!

Unbelievable_2

Hi Mr_P

Looks like the Alliance & Leicester may be the one for you. Read the article at http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1079227088,97059

jonesMUFCforever

As you are not looking for interest or freebies I would suggest going for one of your existing banks.
Whichever bank you decide only one of you should have to provide ID and address confirmation as other party will already be an existing customer.

One thing to remember is that transfers between banks take up to 3 days to process so watch out for payment dates etc when setting up mortgage and transfers to the joint account.

Eric

Mr_P_5

Thanks guys.

i was thinking of just staying with HSBC! i will make sure that my DD are processed a while ahead etc.. although i will prob end up just paying my salary into that account and set up a DD from my Fiances account to mine... then all payments are seperate!

omega27

We did the same thing when we moved house then married - primarily because the Solicitors sent us a cheque made out to us both & it was the only way to cash it! As we both banked with HSBC, we just opened a new joint account over the phone. Bit of a faff getting her name changed as we live in Lincoln, but our accounts are at Middlesbrough & Skipton. Had to present the marriage certificate a few times.

In the end we decided that the LloydsTSB Premiere account was better suited to our needs (Travel Insurance, AA, Mobile Phone Insurance etc..) so opened a joint account there. No previous relationship with them, but as they found us on the electoral roll & we had the usual ID there were no problems.

Mr_P_5

do they give you those insurances as an incentive to join? sounds interesting!

omega27

No they give you them because you pay £15/month!

Darryl

One thing to consider before you go for a joint account is... tax.

If one of you are a higher rate taxpayer it might be better if you both have your own accounts, so that the higher rate taxpayer can put their savings in to their partners account, and so pay less tax... (only if you are married that is).

Darryl.