Joint Acc - Will there be any problems...

Mrs_A_2

Hi,

We would like to change my Husbands sole bank account into a Joint account. All of our money goes into this account and we use it as a Joint account anyway, its just not officially one. The only reason it needs to be one, officially, is so that we have two bank cards for the account. Having 1 and switching it between us daily is a nightmare.

His account is with Santender. I bank with Halifax and always have. To change his account into a Joint account (we will keep our sole accounts, they just won't be used) what checks will be done? A credit check? Is there any other way to get two bank cards that people know of, without turning it into a Joint account?

I have a loan for £8000 (car) and a credit card with £6000 on, both in my name, but not just my debt, so hoping this won't cause any problems with changing the account into both of our names?

grumbler

The main (only?) problem is that a joint account creates a financial association and link your credit histories together. No problems if your histories are equally good or bad.

What's wrong with getting a credit card with a second cardholder and using it for most of joint expenses?

Mrs_A_2

Grumbler, I'm not really that savvy yet so learning the best way to do things! So you are suggesting a Credit Card that has both our names on it, for our spends? Have I understood correctly?

grumbler

Yes. Credit card account is on a sole name, but the main cardholder can add an additional cardholder (sometimes several). Each cardholder has a card on their own name, but the main cardholder is solely responsible for everything. No financial association gets created and only the main cardholder is credit checked when applying.

Check MSE articles for the best cards: Cashback & Rewards

If you have never had a credit card yet, it is worth noting that cash withdrawals have to be avoided. Also, some shops (very few) don't accept CCs, e.g. Aldi. That's why I said "for most of joint expenses".

zerog

Mrs_A wrote: »

Grumbler, I'm not really that savvy yet so learning the best way to do things! So you are suggesting a Credit Card that has both our names on it, for our spends? Have I understood correctly?

You could do that, but the account would still only be in his name, you would just be authorised to spend his money.

I don't see why a joint account would be refused for just having a loan and a card, if you were paying them off properly.

Other alternative is for both of you to open a new sole account (with any bank, since bank transfers are instant nowadays), and just use that as a "joint" account, i.e. pay your joint money into either one, and spend as necessary, and every weekend just move money from one to the other so they end up with the same balance.

Archi_Bald

Mrs_A, did you read this article on the main MSE site? http://www.moneysavingexpert.com/loans/credit-rating-credit-score

lics

Mrs_A wrote: »

We would like to change my Husbands sole bank account into a Joint account. All of our money goes into this account and we use it as a Joint account anyway, its just not officially one. The only reason it needs to be one, officially, is so that we have two bank cards for the account. Having 1 and switching it between us daily is a nightmare.

You could open a joint account while your husband keeps his sole account for himself. You both send money to the joint account for direct debits, groceries etc. and keep your individual accounts for personal spending.

xylophone

You could consider opening a Joint account with FD.
Use their switching service to transfer DDs.
Pay in at least £1000 a month.
You might want to open a regular saver each. You could check their ISA rates. http://www1.firstdirect.com/1/2/banking/current-account?WT.ac=FSDT_TABS_HOME_BA1325