Getting a house, need new joint account

paddyposh

Hi there

Me and my partner are getting the keys end of November for our new house (mortgage) and we have decided to get a joint account for all ins and outs. We currently have separate accounts.

What is the best and easiest way of doing this? Any accounts people can recommend? First time buyers here and first time having joint account.

I also have 3/4 current accounts, should I close all bar my main one atm?

InsideInsurance

Why do you want a joint account?

Why open a new one rather than adding your partner to one of your existing ones?

Almost all accounts can be made into joint accounts. There is the normal warning of financial association but if you have a joint mortgage then that already exists.

Outside of that if either of you have any package accounts (ie you pay a fee and get free insurance) then these are often the best ones to turn into joint accounts as it means you both benefit from the accounts advantages in exchange for a single fee.

As to closing the others or not, depends why you have them in the first place

aleandra

You don't need to close your old accounts, unless you want to.

Regarding the joint account I think it's a good idea, when I was in a relationship and owned a property together we had a joint account where we put all the money for mortgage, bills, groceries, childcare etc. You have to decide on a split, we did 50-50. That way all common expenses are tracked in there and you use your personal accounts for personal stuff. When we split, we closed the joint acct and removed the financial association.

Try First Direct as they still have the £100 sign up bonus and you don't have to close the old accounts.

grumbler

paddyposh wrote: »

I also have 3/4 current accounts, should I close all bar my main one atm?

Why just close? Accounts are assets nowadays when you get rewards for switching them.

For household bills it's worth considering switching to Santander 123 and getting £47 TCB cashback for switching and 1-3% cashback on some of your future utility bills (that normally exceeds £2 monthly fee).

paddyposh

InsideInsurance wrote: »

Why do you want a joint account?

Why open a new one rather than adding your partner to one of your existing ones?

Almost all accounts can be made into joint accounts. There is the normal warning of financial association but if you have a joint mortgage then that already exists.

Outside of that if either of you have any package accounts (ie you pay a fee and get free insurance) then these are often the best ones to turn into joint accounts as it means you both benefit from the accounts advantages in exchange for a single fee.

As to closing the others or not, depends why you have them in the first place

Joint account for easiness of money in and out, we are both very flexible/lenient/sensible.
Wasn't aware it was an option, also you can get incentives for swapping?

aleandra wrote: »

You don't need to close your old accounts, unless you want to.

Regarding the joint account I think it's a good idea, when I was in a relationship and owned a property together we had a joint account where we put all the money for mortgage, bills, groceries, childcare etc. You have to decide on a split, we did 50-50. That way all common expenses are tracked in there and you use your personal accounts for personal stuff. When we split, we closed the joint acct and removed the financial association.

Try First Direct as they still have the £100 sign up bonus and you don't have to close the old accounts.

Same as what we are planning to do, but just have the one account for all ins and outs, including personal, we have a good understanding in that respect and earn roughly the same (I get a bit more but not loads).

grumbler wrote: »

Why just close? Accounts are assets nowadays when you get rewards for switching them.

For household bills it's worth considering switching to Santander 123 and getting £47 TCB cashback for switching and 1-3% cashback on some of your future utility bills (that normally exceeds £2 monthly fee).

Well I have 4, only one though I use, the others I never touch now and are empty so I thought closing them would make sense? We was told about the Santander one, so will have another look.

I'm happy to keep the one I use now open, but we thought it would be best to get a new one set up for us both seeing as we would be new customers we may well get some incentives?

grumbler

paddyposh wrote: »

I'm happy to keep the one I use now open, but we thought it would be best to get a new one set up for us both seeing as we would be new customers we may well get some incentives?

As said above, nowadays you normally get incentives for switching, not just for being a new customer.

paddyposh

grumbler wrote: »

As said above, nowadays you normally get incentives for switching, not just for being a new customer.

Yeah I know, but isnt that usually for accounts which are in use? Like if I switched my barclays account that I never use, to another bank, I wouldn't really get any incentives?

Whereas my current halifax one I would do as I would be switching incomings and outgoings from it?

Archi_Bald

paddyposh wrote: »

Yeah I know, but isnt that usually for accounts which are in use? Like if I switched my barclays account that I never use, to another bank, I wouldn't really get any incentives?

If you comply with the terms and conditions of a switching offer, you will get any bonus that is on offer.

YorkshireBoy

paddyposh wrote: »

Yeah I know, but isnt that usually for accounts which are in use? Like if I switched my barclays account that I never use, to another bank, I wouldn't really get any incentives?

Whereas my current halifax one I would do as I would be switching incomings and outgoings from it?

Set up 2 standing orders for £1 each on Barclays.
Make them payable to savings accounts, credit cards, or even family members.
Ask Halifax to switch your Barclays account to them.
Pocket £100.
Halifax close the Barclays account, saving you the trouble.
After Halifax have paid the standing orders once, cancel them.


Is there an easier way to make £100?

Archi_Bald

YorkshireBoy wrote: »

Is there an easier way to make £100?

Yes there is, but it is probably not appropriate to talk about it on a Budgeting and Bank Accounts forum.;)

paddyposh

YorkshireBoy wrote: »

Set up 2 standing orders for £1 each on Barclays.
Make them payable to savings accounts, credit cards, or even family members.
Ask Halifax to switch your Barclays account to them.
Pocket £100.
Halifax close the Barclays account, saving you the trouble.
After Halifax have paid the standing orders once, cancel them.


Is there an easier way to make £100?

You legend, I didnt think of that.

So even though I have 3 accounts with barclays atm (Current, Cardcash from when younger, and a student one which is now a normal current account), they will give me £100 for switching from my barclays account if I have 2 standing orders?

Ok, scrap that. My barcalys account was closed due to inactivity earlier this year

I do however have an A+L (now Santander) current account, does the same principal still apply?