Natwest Account

MichaelCole

Me and group of student friends are renting a house next year and I was wondering about bank accounts with Natwest. There is 8 of us in a house and to pay the monthly rent a joint account has been set up by 2 of my friends. I was wondering if there is any possibility of changing the account so that we are all equally liable for the bills as opposed to the 2 that have the account in their names. Thanks :money:

stclair

Personally I wouldn't recommend getting a joint bank account together as you will be come financially associated. Plus both named persons will become liable for any debt that may incur on the account. This may cause you problems later on down the line should be need to obtain any lending in future.

If you want to ensure you are jointly liable for any bills you would need to ensure you contact company and ask for the accounts be set up in multiple names etc.

pmduk

MichaelCole wrote: »

I was wondering if there is any possibility of changing the account so that we are all equally liable for the bills as opposed to the 2 that have the account in their names. Thanks

The problem with this is that you become jointly and severally liable for the bills, ie if one party chooses not to pay the company won't chase them for the unpaid portion, the rest of you will have to stump up. I suspect this isn't your intention.

7sefton

Here's what I plan to do (I'm in a similar situation to you):

One, trustworthy person opens a basic bank account at any bank in their sole name (i.e. one that is free, doesn't require a credit check and cannot incur overdrawn fees). All housemates agree to transfer a regular amount into this account by standing order, with all bills being debited from the account by Direct Debit. However, put each bill in someone else's name so that the risk and responsibility is spread between you all.

Obviously this only works if you are all very close and trust each other, but it does avoid the need to link everyone's name together in a joint account whilst still protecting the individual who holds the bank account.

Any comments or advice from others would be appreciated.

stclair

Most if not all basic bank accounts will have charged attached to them for bounced direct debits etc.