Best way for me and girlfriend to save our money together

matt2877

Hi, me and my girlfriend are looking for advice on the best account to open for us both to save money together in a joint account. I currently have an ISA with £2000 in it but we would like to make this an account we both have access to as it is for a house deposit and will ideally be saving to £10,000+

Any advice please?

caeler

ISA's can't be in joint names but you should both still utilise each years allowance, then after those are exhausted perhaps you could open a joint savings account? I appreciate the seperate ISA accounts don't feel very joint but maybe you could keep a spreadsheet together so you both have visability on progress. Access is irrelevant if you are both saving for the same thing.

oldvicar

Save separately, but keep the spreadsheet. If the spreadsheet shows one of you saving better than the other, then maybe the competitive element will help you reach your shared goal a bit quicker.

Also, although with Valentines day soon this doesn't sound very romantic, if the worst happens and the relationship fails then splitting the savings equitably shouldn't be a problem.

A joint account would also link you financially at credit reference agencies, and this is not always a good thing.