Account with two debit cards?

lika_86

Hi,

I'm moving in with my boyfriend for the first time in the next few months and considering how to make our finances work. We're going to have an account that we pay money into for rent and bills, but I was hoping we might be able to do a similar thing for food, where we both put money in when we get paid and then whoever does the shopping can use the money to pay for it. We're not quite ready to be financially linked by a joint account yet but does anyone know if there is an account that allows for additional cardholders without being jointly named?

I thought about a credit card which we would then pay off but I'd rather avoid going down the credit card route if possible as we're trying to keep to limits rather than just spending on credit.

[Deleted User]

How would an account with 2 card holders differ from a joint account?

You're moving in together but you're not ready yet for a joint account for buying your food??? How about a tea caddy in the kitchen - you both put cash into it and whoever goes shopping takes the cash with them :rotfl:

Margey

Hi,

i am not sure if such an account exists, i mean a joint account is one where both of you could pay into. You could both open an account and transfer some money into it each month or week for example that you could then use for shopping, rent and bills.

This could be a safer option since it will allow you to keep your earnings separate from each other

Margey

lika_86

It differs because the account would only be in one name. My credit card allows me to have additional card holders (with the caveat that I'm responsible for any spending), although I'm not taking advantage of that.

As for not being ready for a joint account, a joint account would link us financially, given that we haven't ever lived together (we've been together nearly four years now) until we know if it will work, neither of us wants our financial history to be tied to the other just yet, maybe in a year things will be different. It's not that we're moving in together in some sort of silly rush of love, we're wanting to make sure that we're sensible about this.

As for cash, I suppose we could, but I thought it would be easier to have some sort of account to make it easier (I must admit, I tend to prefer cards over cash).

lolavix

I'm pretty sure the answer is no.

I know it's personal choice but I don't understand how you can live together but not want a joint account - it was the first thing me and my boyfriend set up when we moved in to make things easier paying the bills as we can both see what's going on

SnowTiger

Perhaps a pre-paid card would be a solution?

The AA's Spend and Earn card, for example, allows you to add additional cards to an account.

Cards are free and there are no top-up fees or transaction charges for purchases, however there is a fee for withdrawing cash.

You can top up an account free via a bank account, so you could both set up a standing order to it from your own bank accounts.

Link to the AA's Spend and Earn card here.

lika_86

lolavix wrote: »

I'm pretty sure the answer is no.

I know it's personal choice but I don't understand how you can live together but not want a joint account - it was the first thing me and my boyfriend set up when we moved in to make things easier paying the bills as we can both see what's going on

We are going to sort our finances so that we can pay bills and stuff (for which we'll have an account in one of our names that the money goes from) hence my question but we don't see the need to link ourselves financially just yet. Neither of us has delved into the other's financial history (save for working out what we can afford by way of rent, bills etc together) although we both know what we each earn and we don't see any need to just yet.

Snowtiger - that's exactly the sort of thing I meant. Thanks.

mgdavid

lika_86 wrote: »

We are going to sort our finances so that we can pay bills and stuff (for which we'll have an account in one of our names that the money goes from) hence my question but we don't see the need to link ourselves financially just yet. Neither of us has delved into the other's financial history (save for working out what we can afford by way of rent, bills etc together) although we both know what we each earn and we don't see any need to just yet. ........

the need is, you want an account that you can both spend out of; it's called a joint account, simples.
You've been together 4 years, about to co-habit, yet you call it 'delving into each other's financial history'?
Am I alone in finding this peculiar, you don't sound committed at all...

madgagoo

If you bank with Natwest (and possibly other banks but I don't have any experience of them) then what you are asking for is possible.

One of you can open the account and then the other person can be added as a third party (ask for a third party mandate) and also have a debit card on the account. This does not financially link you and the money in the account is not jointly owned and you can both have a card.

opinions4u

Cashback credit card with an additional cardholder.

Discipline to spend to a budget.

Clear the balance in full.

Simples.

lika_86

mgdavid wrote: »

the need is, you want an account that you can both spend out of; it's called a joint account, simples.
You've been together 4 years, about to co-habit, yet you call it 'delving into each other's financial history'?
Am I alone in finding this peculiar, you don't sound committed at all...

Well, you keep thinking that, because you're wrong.

We're renting a house together for the first time, not buying it or getting married, it's new for us and will (inevitably) change our relationship, most people would advise some degree of caution and so that's what we're exercising. We may reassess in a year or even before, but for now, we're just trying to do the best we can.