Joint Bank Accounts

alflynn

My partner and myself need to set up a joint bank account as we are moving into a rented property together.

What is the best account when it comes to joint accounts?

Thanks

McKneff

I dont suppose there is much difference really, why not just set one up with one of the banks you are already with then transfers can be done instantly.

Other than that, Halifax do a reward account of £5 per month but you have to put £1k a month into it.
If you dont put that much in per month you could both put say £500 in and then draw £???? out, £60 a year is not to be sniffed at.

alflynn

Well I'm with Santander and we all know how happy they make their customers! Im actually looking to move to a student acc and as i have unconditional offer i can apply now but no one is promoting their new offers for september so not sure where to go yet.

He is with Barclays and is fully into his overdraft everymonth, and even though the plan is to pay it off within 3months, we dont want them taking the money themselves to cover it. Always best not to bank where you have debt isnt it.

I was looking at that Halifax offer though so they may be the option...

CLAPTON

you don't say how old you are
or how long you have been with the partner
or whether you have children
or why you want/need a joint a/c because you are moving in together


but a joint a/c will link you financially with your partner; if one has a poor credit record then that will adversely affect the other

if you should separate then it is a lot more difficult to cancel a joint a/c than to set it up

Foggster

CLAPTON wrote: »

you don't say how old you are
or how long you have been with the partner
or whether you have children
or why you want/need a joint a/c because you are moving in together


but a joint a/c will link you financially with your partner; if one has a poor credit record then that will adversely affect the other

if you should separate then it is a lot more difficult to cancel a joint a/c than to set it up

I disagree with this sorry. My husband and I have held a joint bank account for years and it has never impacted on one or the others credit record. It was used purely for bills and outgoings.

When we came to separate the account it was one visit to the bank, signed a few forms and within 1 week I received cheque books, paying in books etc in my name only. All seemed very straight forward.

The only "Link" I have with my husband is the mortgage, he shows up for nothing else least of all the joint bank account.

YorkshireBoy

Foggster wrote: »

I disagree with this sorry.

You're entitled to disagree but I think you'll find CLAPTON is perfectly correct.

My husband and I have held a joint bank account for years and it has never impacted on one or the others credit record.

So what you're saying is that one of you had a poor credit rating and this did not adversely affect the other's credit rating? I'm amazed!

It was used purely for bills and outgoings.

It's irrelevant what you use the account for.

When we came to separate the account it was one visit to the bank, signed a few forms and within 1 week I received cheque books, paying in books etc in my name only. All seemed very straight forward.

Ah, I see where the confusion lies. Perhaps CLAPTON should have said...

CLAPTON wrote:

if you should separate acrimoniously and with one first maxing out the overdraft then it is a lot more difficult to cancel a joint a/c than to set it up.

...in which case I think you'd agree with him?

The only "Link" I have with my husband is the mortgage, he shows up for nothing else least of all the joint bank account.

It doesn't matter how the association was created (ie loan, current account, mortgage, etc), the fact remains that a financial association exists.

Worst case scenario, where ex's are concerned, is you become financially associated with their financial associates...thus possibly trashing your credit rating further.

HisDoris

The £5 a month back from Halifax is not £60 a year because you have to pay £12.50 a month to have that particular account - yes you get benefits, you get insurance's, road side cover and various other things but it's not 'free' money - it just means your paying £7.50 a month to have that account rather than the £12.50. I'm not saying it's a bad thing - I have the account myself! But I just think people believe they will be getting £5 a month paid into their account without anything coming out.

Hope that makes sense - Kind of confused myself in the process :-S.

getmore4less

https://forums.moneysavingexpert.com/discussion/3239608

jen245

HisDoris wrote: »

The £5 a month back from Halifax is not £60 a year because you have to pay £12.50 a month to have that particular account - yes you get benefits, you get insurance's, road side cover and various other things but it's not 'free' money - it just means your paying £7.50 a month to have that account rather than the £12.50. I'm not saying it's a bad thing - I have the account myself! But I just think people believe they will be getting £5 a month paid into their account without anything coming out.

Hope that makes sense - Kind of confused myself in the process :-S.

Wrong, the account you are referring to, is the Ultimate Reward account which costs £12.50 per month (or £7.50 if you credit the £1000pm to get the £5), the normal Reward account, is fee free and pays £5 per month (£60 per year) if you credit £1000 into the account.

Baldur

jen245 wrote: »

Wrong, the account you are referring to, is the Ultimate Reward account which costs £12.50 per month (or £7.50 if you credit the £1000pm to get the £5), the normal Reward account, is fee free and pays £5 per month (£60 per year) if you credit £1000 into the account.

It should also be noted that the £5 reward is net, i.e. tax at the basic rate has already been deducted.

HisDoris

Jen245 & Baldur - Thank you very much for this!

I have seen a few times on MSE where people where saying 'you get £5 a month' and it kept winding me up thinking 'no you dont because you have to pay £12.50 a month to have this account'. I never realised there was an account with Halifax that you didnt have to pay for and still got he £5 a month - I'll be going to change my account this weekend along with the OH :-) .. Sorry I got it wrong - I wasnt aware of this at all! But thanks for your help in making me realise this wasnt the case, definately think i'll be better off with the alternative account! :-D