Which Joint Account for mortgage and bills?

CashStrappedTeen89

House buy is going through so me and the girl friend are looking at a joint account for all the bills, i thought one with a possible fee free overdraft would be good, not sure whats out there at the moment?.

Any recommendations?

If it helps shes with nationwide and i'm with Lloyds and Halifax.

jamesd

Is the mortgage one with an offset current account?

psychic_teabag

Can't comment on the overdraft part, but could consider the Santander 123 account. There is a monthly fee, but they give you cash back for various bills paid by D/D. If the cashback outweighs the fee, you win. And since you earn interest too, it's less onerous to keep a healthy float in there to avoid going overdrawn.

Are you aware of the ramifications of setting up a joint current account with someone ?

CashStrappedTeen89

jamesd wrote: »

Is the mortgage one with an offset current account?

No its a fixed mortgage.

psychic_teabag wrote: »

Can't comment on the overdraft part, but could consider the Santander 123 account. There is a monthly fee, but they give you cash back for various bills paid by D/D. If the cashback outweighs the fee, you win. And since you earn interest too, it's less onerous to keep a healthy float in there to avoid going overdrawn.

Are you aware of the ramifications of setting up a joint current account with someone ?

Thats a possibility, i do but this account is purely for bills. We each have our own personal accounts to. Unless you mean anything else?.

psychic_teabag

Having a joint current account mingles your financial records, or so I have been told. So if one of you has a bad credit record, it will bring down the other's score. Or something like that.

I forgot to mention that you can currently get £55 from topcashback for opening a 123 account. (Last week, it was quidco that had an exclusive 55 and topcashback offered 45. Now it seems to be the other way round.)

CashStrappedTeen89

psychic_teabag wrote: »

Having a joint current account mingles your financial records, or so I have been told. So if one of you has a bad credit record, it will bring down the other's score. Or something like that.

I forgot to mention that you can currently get £55 from topcashback for opening a 123 account. (Last week, it was quidco that had an exclusive 55 and topcashback offered 45. Now it seems to be the other way round.)

Really?. Can anyone clarify that?. I dont think my gf's credit rating will be bad but still thats not ideal.
Think ill take a look at that one shortly.

Jegersmart

psychic_teabag wrote: »

Having a joint current account mingles your financial records, or so I have been told. So if one of you has a bad credit record, it will bring down the other's score. Or something like that.
.)

As far as I know credit ratings are mainly done on connected addresses, and persons. This means that if you are living at the same address as a bad "creditee" or connected to a person (i.e. previously lived with or gained credit with) with bad credit it may affect your credit rating as well. To be honest if you are at the stage of getting a mortgage and having joint accounts I would say that you should already know this stuff about your partner.....?

J

CashStrappedTeen89

Jegersmart wrote: »

As far as I know credit ratings are mainly done on connected addresses, and persons. This means that if you are living at the same address as a bad "creditee" or connected to a person (i.e. previously lived with or gained credit with) with bad credit it may affect your credit rating as well. To be honest if you are at the stage of getting a mortgage and having joint accounts I would say that you should already know this stuff about your partner.....?

J

I know my partners rating is good wasn't questioning that, we wouldnt of got the mortgage otherwise. I was just shocked it can have an affect if one has a bad score to the other.
Back on topic though.

badger09

CashStrappedTeen89 wrote: »

I know my partners rating is good wasn't questioning that, we wouldnt of got the mortgage otherwise. I was just shocked it can have an affect if one has a bad score to the other.
Back on topic though.

Still off topic but as far as I'm aware, once you have any sort of joint financial product - be it a bank account, mortgage etc, then you are financially linked to each other and that link will show on your credit reports (statutory reports obtainable from each of the 3 CRAs for £2). For better or worse :rotfl:

badger09

CashStrappedTeen89 wrote: »

I know my partners rating is good wasn't questioning that, we wouldnt of got the mortgage otherwise. I was just shocked it can have an affect if one has a bad score to the other.
Back on topic though.

Back on topic

Husband and I keep our financial affairs separate but have a couple of joint current accounts for household bills etc. I don't know about the overdraft bit, but if you already have links with Lloyds & nationwide - have a look at the Lloyds Vantage accounts (decent interest rate on credit balances) or the Nationwide Flex Account, which has some reasonable benefits but also gives access to other offers, like their Flexclusive ISA & Regular Saver which were market leaders when available. Both have some hoops to go through but could be worth it.

CashStrappedTeen89

badger09 wrote: »

Back on topic

Husband and I keep our financial affairs separate but have a couple of joint current accounts for household bills etc. I don't know about the overdraft bit, but if you already have links with Lloyds & nationwide - have a look at the Lloyds Vantage accounts (decent interest rate on credit balances) or the Nationwide Flex Account, which has some reasonable benefits but also gives access to other offers, like their Flexclusive ISA & Regular Saver which were market leaders when available. Both have some hoops to go through but could be worth it.

Thanks Badger will take a look, we have links to both me Lloyds and my partner nationwide.

Any others?, usually i would just go through the MSE but there a little hazy on joint account compared to normal ones.