Best suitable Joint bank account?

PHARR

Basically what the title says, me and oh are just about to move into our first place (renting) so we decided the best and suitable way to pay all bills and rent was from a joint bank account.

The issue we have is what and who can offer and suit us best? We are only looking at putting around £800 into it monthly but this is all bills and direct debits. Is there a favourite top spoken about bank?

Suggestions are appreciated highly, many thanks.

grumbler

For the bills Santander 123 is worth considering:
Is the Santander 123 Account Worth it?

However, beware that any joint account creates a link between your credit files that start affecting each other.

PHARR

Thanks Grumbler but it wouldn't be so worth it as my balnace wouldn't be anywhere near £3000, can you elaborate a little more on how it would affect us? I have an average rating my partner has never had anything before so i assume its bad.

grumbler

For you it's the cashback that can make difference, not the interest rate:
http://www.santander-products.co.uk/banking/calculator/123dual.html

Re the credit files, I am no expert. What I know is that if one person has negative records, this will negatively affect the other person with good history. Don't know what sort of effect an empty history can have.

PHARR

Thank you i never saw their calculator. Big help.

Nairn1980

Maybe I'm strange but I've been married a few years now and have never needed a joint account. With money transfers so fast now are their any big advantages of joint accounts?

PHARR

Nairn1980 wrote: »

Maybe I'm strange but I've been married a few years now and have never needed a joint account. With money transfers so fast now are their any big advantages of joint accounts?

We just think its better as it feel bill are split equally with less hassle and such. We are young still so we have to both feel secure and positive and know that not one of us are left paying it all.

grumbler

Paddy_H wrote: »

Thank you i never saw their calculator. Big help.

Make sure you checked that the companies you pay to qualify.

Paddy_H wrote: »

We just think its better as it feel bill are split equally with less hassle and such. We are young still so we have to both feel secure and positive and know that not one of us are left paying it all.

The point was that it didn't have to be a joint account. Any single dedicated account will do the job if it's for the joint bills only, not for joint purchases.

CLAPTON

Paddy_H wrote: »

We just think its better as it feel bill are split equally with less hassle and such. We are young still so we have to both feel secure and positive and know that not one of us are left paying it all.

It's basically a bad idea to have a joint a/c unless you are the father of her child

joint current a/cs cause a financial association to be formed so if one has a poor credit rating then it will affect the other.
a poor credit rating can be caused by something as simple as dispute with a mobile phone company


also it is much easier to open a joint a/c than to close it: of course there is no possibility that your relationship will far apart but it does for some people for all sorts of reasons.

PHARR

Thank you all for the feedback, i am filled with more knowledge now. I assumed i knew alot but clearly not.

I may just open a current bank account and use that solely for bills etc. Thanks for the heads up