Just married with no joint account.

HappyMJ

Dearbecks wrote: »

Just to update you all, my husband deposited the cheque through the quick deposit box & it has been paid into his account so thanks for the advice. I see someone posted that joint savings accounts do not link you financially, is this correct? My husband has had defaults in the past therefore we can not be financially linked (yet) as this will affect my mortgage.

Joint savings accounts don't link you financially as they do not involve a line of credit such as an overdraft. You have to make sure the account cannot in any way be able to go overdrawn even accidentally. The account must not be able to accept direct debits as a DD can still be approved without any money in the account. You need an account with no card as transactions can still be approved with no balance...such as filling the car with petrol and using pay at pump or by making small transactions under the floor limit for the trader.

A passbook savings account from a building society is one of the few accounts which can do this. You could then set it up so that both account holders are required to approve any withdrawals from the account. You'll both need to attend the bank in person to get the money from it.

but then what would be the point without the convenience of modern banking. Just put the savings into your own individual accounts.