Shared House Current Account

Tobeman

Evening all,

I'm moving in with two friends in a month or so, now we've put our signatures down on our maisonette in London, paid deposit, month upfront (gulp!) etc.

As such, being the thrifty and IT literate one of the three, have been assigned the menial tasks

We agreed a shared account for the house would be a good move, to setup standing orders from to pay the (ludicrous!) rent. I am the only one in full time employment, the other are university students, so from my understanding muggins here has to pay 75% of the council tax with the others getting off scott free... meh.

Anyway, it'll be used for paying rent, bills, and "house purchases" (we need a freezer, for example). At a very minimum, £1500+/- a month will be paid into the account by all three of us to cover the rent, which will be paid by standing order to avoid the nasty credit card fees (ranging between 0.50% for debit and 5.00% for AMEX) charged by Foxtons. Is this an issue with current accounts, as I know most of the decent paying ones want £1000+ paid in per month, but can it be from anyone, rather than an employer? This is because my own salary will be paid into my account.

I have never opened a joint account before, so I'm not sure of how the process works. Are there such products as "house accounts" for people to share? I also assume to open the account all three of us have to be present? How does that work if we register for one online?

Any other tips or things to consider? Is it worth getting a "house credit card" for larger purchases?

Thanks :money:

Toby