Joint savings account is there credit check?

Bubbles12

My fianc! and I would like to open a joint savings account to put money aside for our wedding

We do not have a joint current account due to my poor credit history with 3 defaults on it. His history is perfect

Would opening a joint savings account affect him? Do we need to have a credit check done as I believe savings account are not reported on credit files as they are not credit as such

Which account would be best for us to open?

McKneff

I wouldnt open a joint account to be honest until your defaults are dealt with, it will affect his credit rating being linked to you.

If you are saving for a wedding you would be far better opening either one or two ISAs, no tax to pay on any interest.

How old are your defaults and are you paying them off.

MoneySaverLog

Yes you'll get searched for any financial product, but this is for money laundering checks etc and not for credit.

Joint Savings Account = No Credit Link
Joint Bank Account = Credit Linked

HTH

McKneff

Thanks for the clarification MSL, I didnt realise that there was no link with the savings account.

Bubbles12

The defaults are 2 years old & am paying monthly payments to clear them

Thanks so much for your help I will apply for a joint isa so we won't be financially linked

MoneySaverLog

You cannot have a joint ISA, they don't exist. You can only have a joint savings account.

Bubbles12

Ah I see. A joint savings account it is then

Thanks again

Bubbles12

I've been searching online & had a look at the ING joint savings account but it says we both need a current account with cheque book to open

I only have a co op cash minder basic account with no cheque book (but I do have direct debit facility)

Anyone got any suggestions of an account we can get?

MoneySaverLog

If you're not bothered by interest you can open up a passbook account with any building society and they'll give you the option to have it as a joint savings account.

Otherwise ISA's might be the better option, but you can't open a joint ISA.

I don't know about ING but would have thought the option to link a cash minder account to it by DD would have been just as good as a standard current account, but they might want a cheque to open it, some do apparently.

McKneff

Bubbles12 wrote: »

Ah I see. A joint savings account it is then

Thanks again

You would be better opening an ISA, there is no tax to pay on the interest, this obviously would have to be in one name or you could open one each and put money into both or just the one.