Joint Bank Account

JS2006

My girlfriend and I have been living together for almost a year, with her giving me money every month as the direct debits are in my name as she moved in with me.

I was thinking that if we got a joint bank account then we can start to build up savings too. Does anyone have any suggestions for a bank account where I can transfer some of the direct debits and keep my old account?

Cheers.

Archi_Bald

You do not need a joint account to both start saving.

Search the forum for "joint accounts", there are quite a few people who regret that they ever took out current accounts.

Also google the web for joint accounts, or read the terms and conditions of any bank account, to understand what commitments you would make.

If you still believe a joint account is the right thing for the two of you: any bank does joint current accounts, and everybody can have more than one bank account, joint or sole.

grumbler

I don't think that one year is a long enough time for starting linking your finances and credit histories together.
There are plenty of horror stories about joint accounts when people separate. I don't see what benefits you can get with a joint account as against, say, two sole ones.

You can open as many accounts as you want with any banks/BSs:

• Best Bank Accounts

scattersong

Equally though, I guess it could get messy if all the savings were kept in one sole account...
Either way has its potential pitfalls

grumbler

scattersong wrote: »

Equally though, I guess it could get messy if all the savings were kept in one sole account...

That's why I suggested two sole accounts.
Few common DDs aren't a problem and can be dealt with easily independently of savings.

JS2006

grumbler wrote: »

I don't think that one year is a long enough time for starting linking your finances and credit histories together.
There are plenty of horror stories about joint accounts when people separate. I don't see what benefits you can get with a joint account as against, say, two sole ones.

You can open as many accounts as you want with any banks/BSs:

• Best Bank Accounts

Sorry Grumbler, we have been living together for a year, but have been together for years. I understand the pitfalls of having a joint account and linked finances etc.

It would be ideal if we could keep our own current accounts that our respective salaries are paid into and have an account thay all our Direct Debits and food spends can come out of. We could then set up standing orders from our accounts each month to cover bills and possibly joint savings.

I like the idea of knowing that we can both see where our money has gone, as currently my girlfriend transfers a set amount to my account which pays half of the bills. If we don't spend our budgeted amount for food that month for example, I sometimes feel as if she would think I was benefiting from her money (I know that sounds ridiculous). If we had a joint account though, at least any money left over could build up and pay for a meal or something.

grumbler

Everything you want a sole account can easily do.
The only small problem is a second debit card. Get a credit one with an extra cardholder for joint spending and pay it by a DD from the sole 'joint' account. Job done.

It's not that I am strongly against joint accounts. Personally, I have several - historically, but none is being used jointly now.

LplateSaver

grumbler wrote: »

Everything you want a sole account can easily do.
The only small problem is a second debit card. Get a credit one with an extra cardholder for joint spending and pay it by a DD from the sole 'joint' account. Job done.

Sorry but you've just told the OP not to get a joint account because presumably a) their files would be temporarily (until account closed and a disassociation done) linked or more probably because b) they'd be jointly liable for any fees/debts but then gone on to suggest a credit card with added card holder, the latter whom could rack up debts only the former would be liable for..


OP if you're set on opening a joint account (and only you know if your relationship is ready) I'd recommend going to a TSB branch and opening a joint plus account for the 5% interest.

grumbler

Unlike a joint account, an extra CC can be cancelled easily and instantly. And it doesn't create a financial association. How is it the same as or worse than joint account where both account holders are jointly and solely responsible for everything?

Both a joint account and a CC require some trust between parties, but the latter is far easier to manage and doesn't link the credit histories.

LplateSaver

grumbler wrote: »

Unlike a joint account, an extra CC can be cancelled easily and instantly.

A little late if the card has been maxed out. I don't see how it's difficult to close a bank account either, either person on a tsb account can close it.

And it doesn't create a financial association.

The association lasts a long as it takes to process a notice of disassociation. It's not the death sentence you're making it out to be.

Both a joint account and a CC require some trust between parties, but the latter is far easier to manage and doesn't link the credit histories.

No it just allows one person's credit rating the risk of being ruined while the others would remain blemish free if things ever did go sour.

colsten

LplateSaver wrote: »

The association lasts a long as it takes to process a notice of disassociation. It's not the death sentence you're making it out to be.

Have you ever tried to break an association? It involves a heck of a lot more than telling a CRA that you don't consider yourself associated any longer - - if you have a joint account, you stay associated for the life of that account. There are countless cries for help from people who are unable to close joint accounts, or get themselves removed from joint accounts. Not even a Decree Absolute will end any financial association with your ex-spouse.

For some people it may be straightforward and quick to break their associations. For many, it won't be, so it would be wrong not to point out the enormous risks an association bears.