Which Joint Account for mortgage and bills?

badger09

CashStrappedTeen89 wrote: »

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.

If its a good account - its a good account

Most current, and savings (not ISAs obviously) accounts can be operated as a joint account.

EmSp

Psychic teabag is correct - once you take out a joint account with someone you become financially linked to them, so if they have a bad credit rating, this will have a negative impact on your credit rating.

Living at an address that someone with a poor credit rating lives at, or used to live at, has no bearing on your own credit score - this is a common misconception. It's only if you are financially linked to them.

Santander's 123 account is pretty unique in the cashback it offers. It also comes with an interest-free and fee-free overdraft for the first four months, but take into consideration the £2 per month account cost.

I would recommend First Direct's 1st account or Co-Op's Current Account Plus, as both come with fee-free and interest-free overdrafts, but you have to pay in £1,500 and £800 per month, respectively, in order to dodge the monthly account fees. If you're using the account solely for bills, you (hopefully) won't be paying this much in each month.

So, kind of brings us back to the Santander 123 Current Account. Before you sign up, use Santander's cashback calculator and make sure the cashback you earn is more than £24 (to cancel out the £2 per month fee).

Put a buffer of, say, £100 in the account to make sure you don't go overdrawn.

psychic_teabag

EmSp wrote: »

I would recommend First Direct's 1st account or Co-Op's Current Account Plus, as both come with fee-free and interest-free overdrafts, but you have to pay in £1,500 and £800 per month, respectively, in order to dodge the monthly account fees. If you're using the account solely for bills, you (hopefully) won't be paying this much in each month.

For First Direct, you can dodge the fee by keeping just £1 in a savings account. Check the T&C (or other threads on here).

Or I assume it's sufficient to pay in the required amount and immediately withdraw the surplus.

CashStrappedTeen89

EmSp wrote: »

Psychic teabag is correct - once you take out a joint account with someone you become financially linked to them, so if they have a bad credit rating, this will have a negative impact on your credit rating.

Living at an address that someone with a poor credit rating lives at, or used to live at, has no bearing on your own credit score - this is a common misconception. It's only if you are financially linked to them.

Santander's 123 account is pretty unique in the cashback it offers. It also comes with an interest-free and fee-free overdraft for the first four months, but take into consideration the £2 per month account cost.

I would recommend First Direct's 1st account or Co-Op's Current Account Plus, as both come with fee-free and interest-free overdrafts, but you have to pay in £1,500 and £800 per month, respectively, in order to dodge the monthly account fees. If you're using the account solely for bills, you (hopefully) won't be paying this much in each month.

So, kind of brings us back to the Santander 123 Current Account. Before you sign up, use Santander's cashback calculator and make sure the cashback you earn is more than £24 (to cancel out the £2 per month fee).

Put a buffer of, say, £100 in the account to make sure you don't go overdrawn.

I think that may be a winner, i spend a fortune on fuel so that will help. From Satanders site it looks like its store specific is this true?, i tried the search for local stores but nothing came up in Mansfield or nottinghamshire.

psychic_teabag wrote: »

For First Direct, you can dodge the fee by keeping just £1 in a savings account. Check the T&C (or other threads on here).

Or I assume it's sufficient to pay in the required amount and immediately withdraw the surplus.

Thanks for the info, from both of you and everyone so far.