Should we get a joint account?

AsTheCrowFlies

If you love her, and want to get more serious in future, get a shared account! Might as well get started now

Seriously though, whatever the detailed concerns about how the account will operate, this is (hopefully) the beginning of a life together and how you work together to share money is really important (lots of stats about how money is a main reason for breakups) so get yourself stuck in doing the hard part now, knowing you'll be stronger for the future.

Do get your salary paid into your own single account though.

Mojisola

andrew_scfc wrote: »

Is that technically legal to give a non-named account holder 'access' to an account. Does that basically mean telling the other person your access details? Wouldn't you have no fraud recompense if the bank found out?

I was thinking of opening the account on the computer and both of you looking at it - no need to share passwords, etc.

The best mid-way solution would be for one of us to have an account in one of our names (don't care who) and the other has 'read-only' access to that account. That way it's transparent but has none of the awkward log jam problems if things go wrong. The standing order stops and whoever is living in the house continues to pay the bills. No weird joint sign-off to close the account stuff.

If that's what suits you both, go with it.

It's very much a case of doing what both people are happy with.

Archi_Bald

andrew_scfc wrote: »

Is that technically legal to give a non-named account holder 'access' to an account. Does that basically mean telling the other person your access details? Wouldn't you have no fraud recompense if the bank found out?

The best mid-way solution would be for one of us to have an account in one of our names (don't care who) and the other has 'read-only' access to that account. That way it's transparent but has none of the awkward log jam problems if things go wrong. The standing order stops and whoever is living in the house continues to pay the bills. No weird joint sign-off to close the account stuff.

It's against the T&Cs of current accounts to give someone else your online data, PIN code or card. Lots of people do it, nonetheless.

However, as per my earlier post, I don't think a bank account you can both have access to is really the right answer. You both want to have a record of what you have paid, and what is due to be paid. If you use a bank account for this you are bound to run into some arguments sooner or later.

Use YNAB, or just paper and pen, or a spreadsheet to manage your joint finances.

andrew_scfc

Mojisola wrote: »

If that's what suits you both, go with it.

It's very much a case of doing what both people are happy with.

Yep, end of the day, I'll discuss it again with her when it actually happens but I just wanted anecdotal experience and facts so I can be more informed when we discuss it

Purplesky_2

What my partner and I do is have bills that we individually are responsible for paying. I do the energy and council tax, both our mobiles and my transport costs. He does the mortgage, car costs, water and insurances.
We work it out so that the proportion of outgoings is the same for both parties. He ends up with more money in £ terms in a month for spends, but he also ends up paying more £ for the bills this way.
Companies are quite good at adding names to an account now, so energy, council tax (obviously), water, insurances and mortgage are both in both our names, so either of us can ring up and sort out problems - learned that one the hard way.

We've been together 6 years, had a mortgage for 18 months. We're "engaged" to appease religious parents. We intend to stay together forever, but no-one knows what could happen, so we keep our accounts separate.
We take the view that our fixed outgoings are OUR problem. Whatever we spend or save personally is fine with the other person, becasue we are quite similar in habits. Regularly saving 10% of our outgoings formally, while we gear up to be mortgage free/do work to our new house.
We have full access to all our documents in one filing cabinet. We don't scrutinise, but we could if we so chose. We work on goals together and compromise (i.e. come to an agreement) on timelines and amounts and write them down.
You are individually liable for any debt incurred in the joint account too.

tl;dr Having a joint account does not necessarily equal an easier time, and you don't need one to be on the same financial page. And it's one more thing to sort out in the event of a break-up when emotions are highly charged.

Bloomberg

andrew_scfc wrote: »

In the next few months me and my girl friend are going to move in together She will be moving into my house where I pay rent, bill etc currently.

We have discussed this and at the moment, we both think we should have a joint account. The main reason for this is psychological; we will have shared outgoings and we will both have take responsibility for paying for them between us. There will be a clear central place where the bills go out of, we can both see it and together we'll have to find a way of paying for them.

This is opposed to the alternative arrangement where my girl friend sends me all the money to pay the bills to my account. I think this is asking for trouble as I will receive a big block of money and she won't be able to see what I do with it. She trusts me of course but I'd rather we both take responsibility for the outgoings rather than me being the big bad man who asks for money for the bills!

The only financial negative I've found to this is that your credit scores are linked. We both have a good record so I'm not concerned about that personally.

The basic question is, should we get a joint account? I guess this a borderline relationship question rather than a financial one but I'm interested in both sides.

Thanks!

Another alternative would be to have an account for bills just in your name. You could then download the app on her smartphone too so that she can make payments and transfers and see what is in the account. This would in practice be a joint account but officially it wouldn't be and you would still be making her feel trusted by giving her access.

TartanSaver

Giving someone else access to your bank logins is bloody daft. I keep everything in my name, and my OH gives me half the costs back. It works well for us. I don't mind personal liability for all the bills - at the end of the day I know I will meet my obligations, and it's only my credit rating that will suffer if I don't.

In the unlikely event we separate, I'll give my 1 month notice on the flat and find a room for rent.

Bloomberg

TartanSaver wrote: »

Giving someone else access to your bank logins is bloody daft. I keep everything in my name, and my OH gives me half the costs back. It works well for us. I don't mind personal liability for all the bills - at the end of the day I know I will meet my obligations, and it's only my credit rating that will suffer if I don't.

In the unlikely event we separate, I'll give my 1 month notice on the flat and find a room for rent.

In that case you are saying that joint accounts are even more daft then the idea which I suggested. If you have an account which doesn't have an overdraft and the other person only has the app then they will not be able to add new payees.

lufc7

Get a joint account, it's part of a stable relationship. Everyone goes on about joint liability, this is true and so it should be, you have household bills that you both should want to jointly pay towards regardless of who's name they are in. Also a joint account is right at the bottom of testers to test your trust and compatability with each other, along with moving in together before you know it kids and mortgages will be further down the road. As with credit ratings affecting each other if the relationship broke down further down the line amicable close the account and then apply to the CRA's to have the financial link separated. Anyway good luck.

mrsammyp

I think what 'lufc7' has said is spot on, it's a good idea and the joint financial responsibility for both the running of the account and payment of bills is good step for your relationship.