looking for newly weds joint account! help please

ianbar0

my girlfriend and i are getting married may 2012, we are obvioulsy going to get joint accounts. we have a few questions however....she has a loan from her bank would moving here income to another bank be harder because of this? also, how does it affect your credit rating? should one of us just move to the bank of the other or do you somehow keep a good record even if you both moved to a new bank? thank you

blueberrypie

There's no "obviously" about getting a joint account - lots of couples don't, either because they prefer to keep their money separate, or one has a poorer credit rating than the other, or just because it works best for them that way. You should both be aware that having a joint account links your credit records - so if one of you has any credit problems (e.g. missed payments or defaults in the last few years), it will then affect the other's ability to get credit. It is probably worth getting copies of both your credit records before you decide what to do.

Having said that, to answer your questions: having a loan will make no difference to moving her income. She will have to tell her employer to pay her salary into the new account. She will have to either transfer money to her old account to cover the loan payment, or arrange to have the loan payments taken directly from the new account. As long as it is a loan (and not an overdraft) and she keeps making the payments, having a new account will not matter.

Changing banks can affect your credit rating - lenders like to see that you've been with the same bank for a while. There's no reason why the two of you shouldn't keep your own separate accounts as well as having a joint one though.

tanith

Good advice there, we have a joint acc for bill paying only and current accounts for our own incoming monies/salaries and personal DD etc..

CLAPTON

There is nothing obvious about wanting/needing a joint bank account.
Unless your mortgage provider insists that you must have a joint a/c there are many reasons to avoid them.

There is no reason why you can't keep your existing a/cs and open a additional joint a/c if you wish.
Some loans require you to pay them from a specified bank account so you will need to read the T&Cs of the loan.

Also be aware that if you have an overdraft facility, that may be dependent upon your salary (or at least a minimum sum) being paid in each month.

Opening a joint a/c will link you both together financially. So if one has a poor credit rating that will adversely affect the other persons rating.
Otherwise, apart from a credit search it will have no affect on your credit rating.

As all banks offer joint a/cs, if you are happy with the service one of your current banks provides then that would be a good starting point.

DrSyn

In todays world I would have thought it was more obvious not to have a joint account.

Before opening such an account with anyone, look carefully at the advantages and disadvanages.

Cmdr_Bond

Have to agree with the majority there...

My self and the wife have two Joint accounts (one with Santander and a brand new one with Lloyds). We also have several personal accounts, I have one with Santander, and a brand new one with Lloyds and the wife has an old one with Lloyds and one with Nationwide.

Up until now we have had no real discipline with the accounts, but due to the saga that was Santander, forcing my hand - I am now in the process of moving all my accounts to Lloyds.

So now the Joint account is for bills only (and a bit of saving as the interest is good on Plus/Vantage) and all our day to day transactions will be conducted on our sole accounts.