Joint account

thenudeone

blueberrypie wrote: »

It creates a financial association, and if one of you has a less-than-perfect credit record, or does something to damage his/her credit record, both of you will be affected.

This is a good reason, but if they have a mortgage together, or possibly event rent jointly, a financial association may already have been created. A £2 statutory credit check will tell you whether an association already exists.

A "Basic Bank Account" may be all that is needed:
http://www.moneymadeclear.org.uk/pdfs/bank_accounts.pdf
Does anyone know whether one can be opened jointly? And if so; will that create a financial association?

blueberrypie

CLAPTON wrote: »

there's no need for a joint a/c; it have few benefits and many problems.

I think that's the bottom line really - there's nothing other than a very small amount of convenience to be gained.

CLAPTON wrote: »

in a relationship with children, a mortgage or a non working partner then things are different

Yes. Years ago when it was the norm that only one partner worked in paid employment, there were good reasons for a joint account - it gave the non-employed partner access to cheques and so on that they probably wouldn't have had otherwise. Moving money from person to person was slower then too - if Mrs B needed money for shoes for the kids, Mr B would have had to hand over cash or a cheque. But for most couples nowadays, there aren't really any benefits.

thenudeone wrote: »

This is a good reason, but if they have a mortgage together, or possibly event rent jointly, a financial association may already have been created.

A mortgage together will create an association, as I've already said. Renting together does not create a financial association though.

RedTulip

I had a joint account with my ex - apart from moving in with him in the first place, this was the biggest mistake I ever made.

Luckily when I left the bank agreed to take my name off the account therefore removing liability, but not before the scumbag froze the account so I couldn't get to my money at all.

I was obviously then linked to him financially and ended up getting all sorts of debt collection letters for him as the dca's just looked on the cra files and found me. (thought I'd sorted this when I moved home, but apparently not - all sorted now tho)

My current partner and I have no joint account, nor do I ever want one - he knows and understands my reasoning behind this.

I am in no way telling you not to get one, but you never know whats going to happen down the line. If you do get one, keep your own account in your own name so if the worst happens you still have easy access to your own money.

RedT x