Joint Bank Account

LplateSaver

colsten wrote:

All that has been said, in summary and paraphrasing, is that it would be very foolish to jump into joint accounts without fully understanding all possible consequences.

That same person recommended jumping into having an additional card holder without the same lengthy dramatic warning.

It is presently not clear to me whether you understood the need for understanding all possible consequences, but hopefully the readers will.

It's presently clear to me that recommending having someone you don't trust enough to open a joint account with be given a card with free access to spend your credit is completely nonsensical :rotfl:

colsten

grumbler wrote: »

To be fair, I said exactly this (except the second debit card).

That was stupid then, sorry. Even you should be able to see some advantages in joint current accounts - such as more interest etc. Not all relationships end in break-ups etc but of course I am not back-tracking from the need to understand what you commit yourself to. Far too many people don't understand it.

colsten

grumbler wrote: »

You misunderstood him either.

Que? Can you translate that into english please?

grumbler

colsten wrote: »

That was stupid then, sorry. Even you should be able to see some advantages in joint current accounts - such as more interest etc.

I agree and already added "ignoring bonuses" to my post. Let's add interest to this. All this is OOT.
The topic (and my point) was about advantages in terms of manageability and side effects (problems).

colsten wrote: »

Que? Can you translate that into english please?

A secondary cardholder of a CC can easily "ruin" the history of the main cardholder while keeping their own history "blemish free". If it's a joint account both histories will be ruined.

LplateSaver

LplateSaver wrote: »

Explain the risk with closing a TSB joint account where either party can give instruction to close the account?

Are you going to answer this or not Colsten? It would be a shame to close an account with 4k sitting in it gaining 5% interest but should I or OH so wish I don't see why either of us couldn't go to back tomorrow to do so. Once that was done I'd file the notices of disassociation.

The articles shown by Grumbler were
a) A person who was unable to close the account because the debt hasn't been paid off. I have stated before that this is no different from the ex racking up a credit card bill in the OPs name which would also need to be paid off by the OP.
A person who hadn't read the terms of their own account (Lloyds) which like TSB let's one party to the joint account close it.
C) another person who hadn't read their own terms and conditions so didn't know either could close.
D) The first one that required both signatures, and the OP didn't know.

Ignorance rather than a joint account seems to be their biggest problems. I think the OP is of sound mind to determine whether a joint account is right for him and if he does he's got two good suggestions in TSB and Santander.

grumbler

LplateSaver wrote: »

The articles shown by Grumbler were
a) A person who was unable to close the account because the debt hasn't been paid off. I have stated before that this is no different from the ex racking up a credit card bill in the OPs name which would also need to be paid off by the OP.

You stubbornly keep ignoring the fact that the second CC can be cancelled instantly without paying the debt off first.
No bank will close a current account with an outstanding debt. Neither will it change the account to sole because the other party is "jointly and solely" liable for the debt.

A person who hadn't read the terms of their own account (Lloyds) which like TSB let's one party to the joint account close it.

The point was that it could be not that easy as you implied. Also, your original statement was general, Lloyds was just suggested later.

Ignorance rather than a joint account seems to be their biggest problems.

Unfortunately, ignorance is equally common for customers and the banks' staff. This is the reality that you have to deal with.
I have never said that it was impossible to close the account. What I said was that a CC was much easier to cancel.

colsten

LplateSaver wrote: »

Are you going to answer this or not Colsten?

I suppose you will have to take this as an "answer this or not".

The T&Cs of some banks allow either party to a joint account to leave or close the joint account, some with few, some with no pre-requisites. From what I have seen on this forum

• even when T&Cs say either party can leave a joint account whenever they like, people found it difficult to leave joint accounts (plus, they invariably have huge problems repairing their credit histories)
  
  
• there seems to be an amazing number of people who are party to a current account but have no idea about the commitments they have made by taking out such a joint current account. The fact that there are probably millions more who have taken out a sole current account and have no idea about the commitments they have taken out is neither here nor there....but a sole account is way easier to handle than a joint one, even if you are in what is commonly described as a stable relationship

I got to admit, I have not investigated joint credit cards, so I my comments relate entirely to joint current accounts.

Dobbibill

LplateSaver wrote: »

Explain the risk with closing a TSB joint account where either party can give instruction to close the account?

Be careful if you attempt to close your joint account with TSB. You may find this statement in the T&C's applies.

(h) If we open an account for you jointly and you later
wish to take someone off, add another person to
the account or authorise someone else to operate
the account, you must all apply to do so.

You'll find the details here on page 15, section D, 12 (h)

I wouldn't want you to be caught out.

To the OP, this is just another idea.
If you are set on having joint savings then get a joint savings acc, that way there would be no debt as no overdraft would be possible.

Keep the bills going out of a sole acc, maybe a spare sole account (one that is used only for bills completely separate from your spending money) and transfer excess over to joint savings. Both can see the savings grow but lesser risk if things don't go to plan in the future.

DB

grumbler

Does this not contradict 12,a?:

Any of you can give us instructions independently of the others on your joint accounts. This means any one of you can, for example, withdraw all or any money on an account without the knowledge of the others, close an account...

And here the theory ends and practice/reality starts. LOL.

anotheruser

No wonder the rate of divorce is going up these days!

Look at most of the responses suggesting joint accounts are bad, you should keep finances separate... WARNING... PEOPLE MAY HURT YOUR CREDIT RATING!!! It's like people expect the worst to happen. If you expect it to happen, it more than likely will.


If you trust your girlfriend and plan to spend your lives together, get any old current account.
I recommend the Santander 123 account - and use it for it's purpose (IE, direct debits to companies). Costs money, but that's easily dwarfed by the interest/cashback payments. Our salaries go into our own accounts, then a standing order transfers 80% of it to our joint account. Thus we still have our own spending money but bills / food money / clothes all come from a joint pool of money.


Far too many people have been burned by mis-trusting partners.
That's their problem and they should not be "warning others" - THEY made the mistake of trusting someone who abused them. While warning others is a nice thing to do, there's a thin line of warning others and projecting their pitfall on to someone else.

My parents have a joint account - they've been together ever since I was born.
I have a joint account with my fianc!e - we plan to be together forever.
My family members all have joint accounts with their husband/wife - I seriously doubt they will split up.
Yes it's possible, but applying the same logic, you should never save anything because you could get run over by a bus tomorrow!


Don't listen to the sad people of this forum who have been hurt. Keep a positive outlook if you're sure you're ready to commit to this person for life. If you're not sure, don't bother with the joint account.