Joint Account for house-sharers

TECHNOPUG

Hi there,

my flatmate and I wish to open a shared/joint current account for all our household bills (utilites, tax etc). The account will only be used for depositing monthly Standing Orders from our personal accounts and then DD's taken to pay all the household accounts. Can anyone recommend banks which can help?

Ideally, we would be able to call the account the name of the house (or some other property specific name). Also, if this is possible, would it also be possible to have our utility bills also in the name of this account? We currently have the water and electricity in one persons name and the gas and telephone in another.

Any help greatly appreciated.

anniecave

you would only be open the account in the names of people, as the house isn't a legal entity, wheras the people who live there are legal entities!

What I would do is have it in a couple of joint names (or even one if you trust one person enough). Cahoot do a current account where you don't have to have a minimum salary pay in. Then you just need to figure out who manages it all!

The other option would be to have all the bills just in one person's name and they just use their bank account. I do all the bills on behalf of my flatmate, but depending on how many of you there are, you may not want to do this.

brranger

Might not be such a great Idea to ge a joint Account as you link your finances good or bad meaning if one of you ends up in the red the others credit score could be affected.

Ranger

TECHNOPUG

brranger wrote:

Might not be such a great Idea to ge a joint Account as you link your finances good or bad meaning if one of you ends up in the red the others credit score could be affected.

Ranger

That's a very good point.