Current Account/Savings Account for 3 people

DaveTheCrane

Hi,

I'm buying a house along with two friends, we'd like to set up a current account that all three of us have access to, to pay the mortgage, shared bills etc. Also, as there's initially quite a bit of building work to do, a joint savings account would be good as well.

I'm finding that a lot of High Street banks only support current accounts for 1 or 2 people (and that they aren't always aware of this until I've done a bit of digging!) I've ruled out Halifax and Lloyds so far, I'd be interested to know if anyone is aware of any banks that _do_ allow accounts for more than 2 people.

Thanks in advance!

Dave

grumbler

It would be a big error to create a financial association beteen three of you (linking your credit histories together) by opening a joint current account - this is ignoring possible problems with managing and closing it that even many married couples or partners face when splitting.

IMO, it's a delusion to think that a joint account can do something that single account(s) can't. You all three "having access" to the account doesn't stop any of you from withdrawing/spending all the money; i.e. a joint account doesn't provide any extra security that you want.

Save money in your single savings accounts.
Use some sole account for collecting money for all current expenses.

DaveTheCrane

Hi grumbler,

Thanks for the advice. I should have made it clear, this won't be anybody's main bank account, it'll just get money pushed in the day before the bills/mortgage payments are due, then taken out again. We'll all still have our own current accounts. The mortgage lender does want a single account for payments, rather than 3 separate direct debits.

Regarding the savings account, it will have money sitting in it, so trust is more of an issue. It's possible to set up accounts such that more than one signatory is required to withdraw from it, I think?

Thanks,

Dave

grumbler

DaveTheCrane wrote: »

Thanks for the advice. I should have made it clear, this won't be anybody's main bank account, it'll just get money pushed in the day before the bills/mortgage payments are due, then taken out again. We'll all still have our own current accounts. The mortgage lender does want a single account for payments, rather than 3 separate direct debits.

And? I said 'sole' account, not 'main'. Any of you can have dozens of current accounts. Just use one as a dedicated account for all payments related to the house.

badger09

grumbler wrote: »

It would be a big error to create a financial association beteen three of you (linking your credit histories together) by opening a joint current account - this is ignoring possible problems with managing and closing it that even many married couples or partners face when splitting.

IMO, it's a delusion to think that a joint account can do something that single account(s) can't. You all three "having access" to the account doesn't stop any of you from withdrawing/spending all the money; i.e. a joint account doesn't provide any extra security that you want.

Save money in your single savings accounts.
Use some sole account for collecting money for all current expenses.

If this is a joint (3 way?) mortgage, then there is already financial association :cool:

Sorry OP, I can't help with your question

badger09

A brief google (other search engines are available:p) revealed this.

Pages 12 & 13


http://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/common/banking-terms-and-conditions.pdf

DaveTheCrane

Ah, ok thanks, badger09, yes, here's the relevant bit:

"18.1 You may open an account jointly with one other
person. You may add additional joint account holders
once an account is open, but no more than four
people may have a joint account. "

And yeah, I've heard of google I hadn't tried the phrase "account holder" in my previous searches, I'd been using "customer".

Grumbler, yes, we could just open the paying account in one person's name (and trust that person), I guess.

Thanks again, both of you