student joint accounts

natters14

I'm a student going into a house share with friends in september. we have been told that we need to pay our rent from 1 account (not our own individual accounts) so we have been looking at joint accounts, however obviously there are risks with this. On top of this we will also need to sort the bills out too. Any advice as to what bank we should go to and whether it is possible for all 4 of us to be included in one joint account? Apart from the obvious 'do you trust who you live with' points, are there any other major drawbacks that would affect us in a few years by having this account? I've read all sorts about credit ratings and difficulty in closing these accounts and I don't want any issues to affect me in the future. Should we insist on paying from individual accounts? So many questions, any help would be greatly appreciated!!

atypical

Whether you pay from a joint or single account shouldn't concern the landlord as long as they get their money.

If you open a joint account you will all be financially linked, even after you close the account. If one of your housemates is financially irreponsible it might affect your credit rating in the future. You can apply for it to be removed but it can sometimes be ignored by the 'computer says no' software.

Tell them you'll be paying the rent from individual accounts. The best way to pay for bills is to assign each housemate responsibility for a different bill.

eddieh_2

I think it is a common mistake that freshers becoming 2nd years go into when they house share. If they are decent enough company they should allow you to pay from separate accounts.