Bank Account for couples

robson19

What would be the best account for me and my girlfriend to open?

I am 25, she is 23. We rent a flat in Manchester. We want to open a joint account that will allow us both to put 'X' amount of money in per month so that we can then use that account to pay for our shopping (which is what we spend most our money on).

We don't want an over draft or credit card. Just a nice simple account that we can have a card each to use and put money and take out when needed.

Thanks

BitterAndTwisted

Are you aware of the ramifications of being financially-linked with another person, as this is precisely what you would be doing when opening a joint bank-account?

sassyblue

Hi Robson, welcome to the boards. You'd be better off posting this on the 'Budgeting and Bank Accounts' board. Martin outlined one in his email last Wednesday l think it gave you £100 for opening the account as long as you were depositing £1500 per month (like both your wages?)

Guide here.... http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Have you signed upto top cash back? You can use that when you buy things over the Internet to get a small percentage back (if the company is listed) it also pays you for searching for house insurance, car insurance, etc.

Good luck x

claire16c

What about the same bank that you have your own account with now?

Thats what I did with DH, they set it up in about 5 minutes because they already had all our details. Then I can also see them both at once when I do online banking.

fashionlover10

I'm moving in with my partner soon and we're getting a joint account too. We've decided to set it up with the bank I'm already with mainly for convenience but also the fact that I've never had any issues with them so far (touch wood!)

RAS

Hi

Both get all three of your credit records before you decide whether or not to have a joint bank account.

If one of you has problems with their credit record it is important to retain the good financial standing of the other party; you may well need if you want to move etc.

And learn about off-setting rules.

Basically if your other half runs up massive debts on the joint account, the bank can remove money from your sole account to cover the debt.

So much better to use a completely different unconnected bank for the joint account. Make it a basic one with no OD as well.

daska

Or opt for a pre-paid card, you can both transfer money in and have a card but there's no option of an overdraft. My son and I have a MeCard but there are plenty of others available.

lika_86

daska wrote: »

Or opt for a pre-paid card, you can both transfer money in and have a card but there's no option of an overdraft. My son and I have a MeCard but there are plenty of others available.

I second this, myself and my boyfriend have an AA Spend and Earn card with two cardholders, pre-paid so we both put money on each month and can each use it for food shopping, no financial link as it's not a joint account, he's a second cardholder and we get AA reward points (not loads but it's a bonus).

InsideInsurance

Do either of you have any form of fee paying account at the moment? (eg Natwest Gold or Barclays Premier etc?)

If you do decide to go down the joint account route and you do have fee paying account then it is often best to put that into the joint names so you both gain the benefits for a single fee and just have basic accounts in your own names.

superjames4

Would defo recommend having account with same bank as your normal account so you can see both accounts with a single log-in. Partner and I are both with First Direct for our sole current a/c and the joint a/c works well... (Partner already had FD current a/c, I used to have a/c somewhere else but switched for convenience/service).

robson19

BitterAndTwisted wrote: »

Are you aware of the ramifications of being financially-linked with another person, as this is precisely what you would be doing when opening a joint bank-account?

I am not sure what you mean? What kind of ramifications?