Joint accounts for bills/renovations

Cellorac

My boyfriend and I are very excited to be moving in together, and want to sort out our finances before we do. We are buying a house which is a good price but needs a lot doing to it, and so we've decided to set up two joint accounts: one where we both put a large lump sum in (maybe £20,000 each), which we will then use for refurbishments, and one where we pay in regularly from our individual current accounts, which we'll use for paying bills/buying food, etc. Apart from these two joint accounts we'll have our own separate current accounts/ISAs, etc.

I've been researching different types of accounts, thinking that some sort of savings account would be better than a current one, for the better interest rates, but am a bit confused as to which type of account to use for each purpose. For example, this site says that most savings accounts don't provide a cheque book or cash card, which might make paying for building work difficult, unless we keep transferring the money to a current account each time we want to pay someone. And for the bills account, money will be going in every month but most of it will be going straight back out again, to pay the bills, so I'm not sure a regular saver is the best bet if interest is calculated daily but the capital fluctuates all the time.

As you can see, I'm getting a bit perplexed by it all! I would be really grateful for any suggestions on the best way to go about this. Thanks!

jonesMUFCforever

Where are the savings now? Do they need to be moved at all until needed then surely a transfer to an existing account for paying out is all you need?

As for a joint account for bills what is wrong opening it at at your own bank or your partner's?

Do not make things unduly complicated is my advice.

getmore4less

Sounds like an offset mortgage might be a good option.

Joint finances and seperate all offsetting the debt.

draw down as needed to fund the project in the mean time reduce the mortage debt with savings and surplus income.

More controll over what is joint and what is not.

However unlightly think of what happens if things go wrong and the accounts are emptied, offsetiing personal accounts avoid this while still benifiting from the reduced costs.