Account with two debit cards?

CLAPTON

lika_86 wrote: »

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.

I think you are being very wise and sensible.

Joint accounts are easy to open but a lot harder to close.

Surely there can't be one reader of these threads that doesn't know of at least half a dozen couples that have separated after being together for a few years.

Sadly there are numerous threads on the boards about problems closing joint a/cs and problems with overdrafts after people separate.

Personally I would suggest you don't have any special a/cs but have a weekly financial reconciliation; it is a valuable way of discussing how much is being spent and whether you need to cut down etc.

best of luck anyway.

InsideInsurance

Natwest certainly allow third parties to be given authority including cards in their own name.

Barclays certainly dont. Can't say for other banks as they were the only two that I discussed it with

xylophone

Whoever does the shopping pays for it and brings home the bill to the other party.

The other party gives the shopper half the amount shown on the bill.

EarthBoy

lika_86 wrote: »

...but does anyone know if there is an account that allows for additional cardholders without being jointly named?.

The problem with such an account is that two people are free to spend all the money, but only one person carries any responsibility for it. For example, if your bank allows your boyfriend to become a third party signatory on your account and have a debit card on it, there is nothing to stop him emptying your account, or even running up a large overdraft, and doing a runner. If that happened, then there wouldn't be a thing you could do about it because you would have given him authority to use your account.

You will probably say that you trust him enough not to do this, which is your choice to make, but never forget that the possibility is there.

lika_86

EarthBoy wrote: »

The problem with such an account is that two people are free to spend all the money, but only one person carries any responsibility for it. For example, if your bank allows your boyfriend to become a third party signatory on your account and have a debit card on it, there is nothing to stop him emptying your account, or even running up a large overdraft, and doing a runner. If that happened, then there wouldn't be a thing you could do about it because you would have given him authority to use your account.

You will probably say that you trust him enough not to do this, which is your choice to make, but never forget that the possibility is there.

Thanks, I had given it consideration which is why I wouldn't ever consider it on my main account, it would only ever be on a newly set up account which we would both contribute to each month so there would only be a few hundred pounds in there at the most. I think I'm going to go with the prepaid AA card though, it pretty much sounds just like an account apart from the fact that it doesn't allow for an overdraft or penalty free cash withdrawals, which for the purpose I want it for (supermarket food shopping) is perfect.

I'm just trying to deal with things so we can budget and live together as a couple. Quite nervous about it all as I've only ever lived alone or in a shared house so it will take some getting used to but I am looking forward to it.

benjus

My partner and I don't yet have a joint account. Instead we have a spreadsheet - every time one of us buys something that's for the use of both of us, we add something to that person's side of the spreadsheet. The spreadsheet reports a number at the bottom indicating what she owes me, or a negative number if I owe her money. We try to take it in turns to pay for things so that the amount owed stays low, but if it gets too high we'll do a bank transfer to even things out.

She said she'd rather not have a joint account as she thinks it would encourage her to spend more.

JuicyJesus

EarthBoy wrote: »

The problem with such an account is that two people are free to spend all the money, but only one person carries any responsibility for it. For example, if your bank allows your boyfriend to become a third party signatory on your account and have a debit card on it, there is nothing to stop him emptying your account, or even running up a large overdraft, and doing a runner. If that happened, then there wouldn't be a thing you could do about it because you would have given him authority to use your account.

You will probably say that you trust him enough not to do this, which is your choice to make, but never forget that the possibility is there.

You make an excellent point here. Giving someone else a card on your account is lunacy.

Frankly I would never get a joint account. I've been bitten once before even without one - I simply do not trust anyone else enough to get one. It isn't worth the risk.

What I did with my last partner worked fairly well - I basically had stewardship of the bill money, and everything went through a separate account in my name, which said partner could look at statements for at any time to make sure money wasn't being frittered away.

callum9999

EarthBoy wrote: »

The problem with such an account is that two people are free to spend all the money, but only one person carries any responsibility for it. For example, if your bank allows your boyfriend to become a third party signatory on your account and have a debit card on it, there is nothing to stop him emptying your account, or even running up a large overdraft, and doing a runner. If that happened, then there wouldn't be a thing you could do about it because you would have given him authority to use your account.

You will probably say that you trust him enough not to do this, which is your choice to make, but never forget that the possibility is there.

A normal joint account isn't much better though. One person could still drain it all and do a runner. Although they'd be technically equally liable - actually getting that person to pay it back is a completely different matter!

ian_h

I understand you not wanting to link credit files but a joint savings account would give you a debit card, no financial link (as its savings) and your only real risk would be falling out and one of you draining the rest of that months shopping money.

Nat West - First Reserve
Yorkshire bank / Clydesdale Bank - Instant Savings Account

and Bank of Baroda or State Bank of India all over savings accounts with debit cards (not just atm cards) attached.

mgdavid

benjus wrote: »

My partner and I don't yet have a joint account. Instead we have a spreadsheet - every time one of us buys something that's for the use of both of us, we add something to that person's side of the spreadsheet. The spreadsheet reports a number at the bottom indicating what she owes me, or a negative number if I owe her money. We try to take it in turns to pay for things so that the amount owed stays low, but if it gets too high we'll do a bank transfer to even things out.

She said she'd rather not have a joint account as she thinks it would encourage her to spend more.

!!!!!! I'm speechless!