Taking the leap on Valentines Day

Obi167

Me and my partner have decided to finally do it - an get a joint bank account!

Are there any recomendations?

We both use different banks at the mo and the wages will be going in from both of us.

YorkshireBoy

Obi167 wrote: »

Are there any recomendations?

Could you list your requirements?...both essential and desirable, ie in-credit interest, low O/D fees & interest, etc...in order of importance because you generally can't get them all with one account.


And then say why you feel neither of the banks you each use now wouldn't be suitable?

Obi167

We would both prefer to keep our current, current accounts so we can have our own money, hence wanting a new bank.

We would not be using an overdraft so in credit interest rates would be the higher the better.

Otherwise I was wanting to see any suggestions from the good people here... people who have joint accounts - the good and the bad? indroductory offers etc?

YorkshireBoy

To the best of my knowledge there are no banks offering special incentives/introductory offers for joint accounts. They're just the same as those for sole accounts.

It's a good idea to keep your sole accounts open, as these will help your credit rating if they've been open a good while.

Who do you each bank with now? You probably have some of the best paying in-credit interest accounts already as you've said that's important to you? With some providers you can hold one each plus a joint, ie Nationwide at 5% AER and YB at 4% AER (although both for an introductory period only).

the_insider

An option would be to open a joint account with one of the banks that's offering an incentive at the moment, one or both of you do a full switch which would involve closing your account you have now and opening a new one somewhere else to have as your 'personal' account. Free money for just a little work.

anotheruser

Continue to have your wages into your own accounts, then just set up a regular standing order a few days after getting paid to the joint account rounding down.

Let's say you get wages of £1800 a month. Transfer £1000 into the joint account and keep the £800 in yours. That way you both have your own spending money, plus whatever for joint spends.

That's how I do it