Joint Account

sargy_itk

Hi,

me and my girlfriend have just bought a house and want to have a joint account for all the outgoings we was looking for a small overdraft just incase something happens. is there anything out there which is worth it? or best to stay seperate? halifax have offered us for £12.50 a month a £300 fee free overdraft and some additional extras such as insurance etc its the halifax reward premium

any help and advice would be appreciated and also advice on setting up home

Sargy_itk x

kittypimms

Hello and congratulations!

I have the £12.50/mth Untimate reward account, and the £300 fee free OD is very handy, as is the insurance cover, card cover and Roadside assistance. However, you need to pay in £1000 PCM (IIRC) to get the £5 a month reward. If you're using this as a joint account will you cover this much - bearing in mind the account will still be costing you £7.50/mth?

A big piece of advice for me is ensure you each set up a DD at the beginning of each month from your own account into the joint account. My ex and I fell into the trap of paying in late, so bills went out when we did not have enough money in the account to pay for them. Make sure you know what the account is to be used for (just bills, or groceries etc also), and make sure you are both clear how much you pay in each month.

If you manage it as you do your current account - keep a daily check on what's in/ out and due, against a spreadsheet of which household bills etc are due, you can't go far wrong!

On setting up a new house - make sure you speak to your utilities companies asap with meter readings to make sure you are correctly charged. Get them to check you are on the cheapest package.

Also remember to contact the council tax people with a change of address.

I'm sure there's loads more, but the most important thing is to enjoy it! Good luck!

McKneff

You need to sit down and check to see if you really need all that an Ultimate Reward gives you or would it be cheaper to buy it separately

Road assistance can cost you as litle as £15 a year
Travel insurance for a year wouldnt cost yo a great deal

Cost out the ones you do need and compare it with the £12.50 a month the account costs you. It could mean £12.50 a month for absolutely nothing. Its all 'just in case' which I suppose it is what insurance is.

The reward account is free, comes with a free £5.00 a month reward and an arranged overdraft. (again, you have to pay in £1k a month to get this reward.

Loughton_Monkey

I am married, but have no 'joint accounts' [apart from the compulsory mortgage account]

Over the years, I have read nothing but 'horror stories' regarding joint accounts when a relationship splits up. Hence I have never understood why anybody would dream of doing it.

A joint account has no advantages, and all the potential disadvantages.

To me it's like being asked to choose a biscuit from 1,000 on table A, and 1,000 on table B, knowing that just one biscuit on table A is poisoned. Who, on this earth, would choose to take a biscuit from table A?