Joint account, recently married

mmm...Blue

Hello,
I got married 3 weeks ago and am thinking of approaching the idea of a joint account for savings and pay holidays and stuff.

Just want to know if getting joint accounts is a good thing and if yes which bank is best. I was thinking of getting one with perks like free insurance for travel and phone as I do not have this but I don't know if joint accounts are done much nowerdays.

Any info and advice will be great.

Thanks for any input and thoughts,

xylophone

http://www.moneysupermarket.com/current-accounts/
I can't see there should be any problem about opening a joint current account.

It is also possible to have joint savings accounts.

Be careful about tax if you pay at different rates.http://www.hmrc.gov.uk/tdsi/joint-accounts.htm

http://www.moneysupermarket.com/savings/

Lith

If your'e 'WISE' Don't get a Joint account,


We don't want to see you on here 5 yrs later with problems relating to ya ex and a joint account effecting ya credit file etc.

we get threads like that all the time,


stick to ya own accounts be wise be smart manage ya money your self and share with each other.

Joint account is - Pointless.

seriousDFW

Lith wrote: »

If your'e 'WISE' Don't get a Joint account,


We don't want to see you on here 5 yrs later with problems relating to ya ex and a joint account effecting ya credit file etc.

we get threads like that all the time,


stick to ya own accounts be wise be smart manage ya money your self and share with each other.

Joint account is - Pointless.

There are many on here who disparage those who link their finances.

Do what's right for you - some feel the need to keep finances separate but personally for me there is no way I could manage our finances in our marriage like that. Everything we do is joined, finances included. And if we split up and this creates extra difficulties, so be it. I'd rather have known we trusted each other in the marriage, else what's the point?! Don't you end up with "I paid for this, you paid for that" or end up dividing payments in the ratio of your salaries (barmy in my opinion when in a partnership).

I'd only exercise caution if you know now that your spouse has financial difficulties and that their credit files are littered with issues. Otherwise go for it.

Joint accounts are very much done - most banks offer them. We're with First Direct and have found them good. Use https://www.moneysupermarket.com or this site to find the best accounts for your needs.

I've never been attracted to the 'added value' accounts with insurance etc (I just can't believe they're good value for money, being a cynic) but it might be useful for you.

MoneySaverLog

I think personally the only time I'd get a joint account is if I got married, which don't appear to be anytime soon :-( or :-) depending on your viewpoint.

missile

What suits one may not work for another. Been married three weeks, why the rush? Does your partner share your view? Be careful, I believe many (if not most?) arguements between couples are about money.

jen245

dividing payments in the ratio of your salaries

Been doing that for 11 years with no problems. Our finances are, and always have been totally separate. He's a spender, I'm a saver, and I know that if we had joint accounts, he'd spend all the money, and that would just lead to arguments. Once the bills are all paid, we both have the same amount of disposable cash, and what we each decide to do with that money is up to us individually. It has worked well for us, as we very rarely argue about money

chanz4

I have a joint account with the wife, halifax ultimate. Shes always killing her mobile so the insurance is handy, only costs me £5 a month as get x2 £5s. I trust my wife so okay to have a joint account

iluvsaving

For a joint bank account that includes things you have mentioned such as mobile phone insurance and travel insurance I have quoted below an account at Barclays, this costs £15 per month but you would both get the cover in affect halving the costs.

Worldwide multi-trip travel insurance
Mobile phone insurance including cover against loss, theft and accidental damage
Comprehensive RAC Breakdown Cover in the UK and Europe
Extended warranty cover for your domestic appliances
Cardholder protection, covering you against loss or theft of your cards or passport
Will-Writing service and inheritance tax brochure
Barclays loyalty mortgage – get a better deal (subject to status and availability) 3
24/7 ID theft advice helpline
Legal and tax helpline
Gadget insurance for things like your mp3 player
Contactless debit card to make payments easier and faster (subject to status)

Gurj247

As has been said already, it is up to you,

I have been married for nearly 2 years and only recently got a joint account, because we now own a house together and my wife is in full time employment now. Prior to that i was paying for everything, things are now split, between us.
We both put in a set amount into the account every month, while retaining our other main accounts. All joint related expenses such as mortgage, shopping, bills etc come out of the joint account.

iluvsaving wrote: »

For a joint bank account that includes things you have mentioned such as mobile phone insurance and travel insurance I have quoted below an account at Barclays, this costs £15 per month but you would both get the cover in affect halving the costs.

Worldwide multi-trip travel insurance
Mobile phone insurance including cover against loss, theft and accidental damage
Comprehensive RAC Breakdown Cover in the UK and Europe
Extended warranty cover for your domestic appliances
Cardholder protection, covering you against loss or theft of your cards or passport
Will-Writing service and inheritance tax brochure
Barclays loyalty mortgage – get a better deal (subject to status and availability) 3
24/7 ID theft advice helpline
Legal and tax helpline
Gadget insurance for things like your mp3 player
Contactless debit card to make payments easier and faster (subject to status)

hmmm i shall have to enquire about this account, i'm still on a graduates additions account with them.

pinkteapot

Joint accounts are still 'done' and you can set up pretty much any current account you see advertised as either joint or sole.

A lot of couples I know have a joint account that they each pay into and all the household bills are paid out of. They then have their own current accounts as well. My husband and I got married in 2010 and have completely joint finances. Our only current account is our joint one and our only separate accounts are our ISAs. Some people have no joint accounts and completely separate finances. It's a completely personal choice and there's no right or wrong way to do it.

Re 'bundled' accounts (with insurances etc), look carefully at what you get and how much it costs you. See what the fee is over the year, write a list of the services offered that you would actually use/want (e.g. the mobile phone insurance) and see how the cost compares to just buying these things separately.