Which joint account?

laughingboy

I have a Santander 123 current account and Club Lloyds current account, these were both used for house deposit savings.

However now I would like a joint account for me and my partner for paying bills and emergency savings.

Of the 2 accounts which one is 'better'?

The Santander one will probably be better money wise (slightly) because of the cashback which offsets the account fee and reduced interest rate.

However, is Lloyds generally better for customer service? I would rather sacrifice a few ££ for better service if I need it.

Am I over thinking this?!

Thanks

InsideInsurance

Personal experience of both has shown both to be fairly shoddy, but even had poor service from the semi-legendary First Direct

As far as I can see, unless you've millions and so access to true private banking then they're all as bad as each other and just go with the one with the best benefits for you. Even private banks may be that bad, just dont have personal experience of them

grumbler

laughingboy wrote: »

However now I would like a joint account for me and my partner for paying bills and emergency savings.

A joint account has very few advantages (if any) against a sole one.
Are you aware of the problems it creates if any of you has imperfect credit history or you split in the future (hopefully not, but things happen)?

InsideInsurance

grumbler wrote: »

A joint account has very few advantages (if any) against a sole one.

For package accounts it normally comes with the benefit of both names getting all the benefits of the account but only paying a single fee -v- each having to pay the fee by having two single accounts.

For the likes of the Lloyds Club it allows an extra £5k to be saved at 4% as they allow 1 per person plus one joint.

There can be the issues of creating a linked financial history which may been the benefits are outweighed by the disadvantages but I wouldnt agree that it has "few advantages"

laughingboy

Thanks both.

We already have a mortgage together.

If I kept the account in my name, could we set up direct debits to pay for my OH outgoings? A particular example I can think of is her car HP payments, could they come out of an account in my name?

Thanks

InsideInsurance

laughingboy wrote: »

Thanks both.

We already have a mortgage together.

If I kept the account in my name, could we set up direct debits to pay for my OH outgoings? A particular example I can think of is her car HP payments, could they come out of an account in my name?

Thanks

If you already have a joint mortgage then you already have the financial link and so the concern that Grumbler raised is not relevant in your case.

Most merchants dont give two hoots who's account is paying them just as long as the account owner has given their permission for the payments to come out of it, so yes, you could have her DDs coming from your account.

Of cause she remains on the hook for ensuring its paid so if you messed up and a DD bounced etc then she remains the one that gets her knuckles rapped/ fined etc by the merchant