3-person joint account for shared house?

MrManager

We are three students sharing a house together and we would like to have a joint current account to use for rent, utilities and so on.

We are currently trying to set this up with NatWest, but it is becoming very complicated. At the moment we have a joint account between two of us (which was easy enough to set up), but to add the third person they are now asking us to fill in multiple forms, including a Third Party Mandate. We will also need to add and remove people from this account from time to time, which will presumably cause even more trouble and paperwork.

What would be the best way to do something like this? Is there another bank that can deal with shared accounts more easily? Or is it just not common/realistic to set up an account like this?

Thanks

getmore4less

Potentialy more bother than it is worth and can leave you with nasty debts if someone does a runner.

Consider getting rid of the joint one you have.


Joint accounts are not a good idea unless you have to have them like a joint mortgage

Aquamania

MrManager wrote: »

We are three students sharing a house together and we would like to have a joint current account to use for rent, utilities and so on.

We are currently trying to set this up with NatWest, but it is becoming very complicated. At the moment we have a joint account between two of us (which was easy enough to set up), but to add the third person they are now asking us to fill in multiple forms, including a Third Party Mandate. We will also need to add and remove people from this account from time to time, which will presumably cause even more trouble and paperwork.

What would be the best way to do something like this? Is there another bank that can deal with shared accounts more easily? Or is it just not common/realistic to set up an account like this?

Thanks

If I understand you correctly, the bank have provided you with the necessary forms to do this. Filling them in and returning them would probably be the best way to acheive what you are wanting.

Personally I wouldn't because I wouldn't want to be financially associated with housemates (different if the relationship was more than just housemates) but the choice is yours. It's certianly not common to share your financial affairs with those you share your house with ... unless you also share your bed with them