Best joint bank account

edgordon1982

Hi,

Me and my boyfriend are about to buy a house and move in together, we are looking to set up a joint account for the bills and mortgage payments. Can anyone recommend a good one?

I couldn't see any reference to joint accounts in the normal 'best bank account' section, and a quick search of the forums found nothing!

Do all the same offers apply if it was a single person opening it to if it was a joint one? We would be looking for free money for opening, or other deals like travel or phone insurance (I'm already with nationwide so have travel for myself!).

Any help appreciated,
Thanks

colsten

Whether you use a bank account as a sole or joint one doesn't change the functionality of the account. All current accounts are available as joint accounts. However, the T&Cs pertaining to joint accounts differ from provider to provider. E.g. some allow that 1 party can close the account, others insist on both parties agreeing to the closure. You really need to examine the T&Cs for that.

Applying for, and holding a joint account creates a financial association that can be difficult / impossible to break. If one of you messes up, the credit worthiness of the other one is automatically also damaged. This might not be an issue for you but please read the forum about some of the difficulties people experienced when their circumstances changed.

If you go for a joint account, some of the offers will only be available to the two of you once, whilst if you went for sole accounts, you could have it twice. On the positive side, you can often hold a sole account each, plus a joint account, giving you access to higher totals for savings in current accounts, for instance.

Bottom line is that only the two of you can tell what is right for you.

grumbler

colsten wrote: »

... others insist on both parties agreeing to the closure. You really need to examine the T&Cs for that.

Any example?
(Assuming the account is in credit)

colsten

grumbler wrote: »

Any example?
(Assuming the account is in credit)

Actually, in theory it can be all of them as you can sign a mandate that specifies who can do what. Also, as soon as there is a dispute, any further actions, incl. closure, requires the written agreement of both parties.

It is a matter of reading the T&Cs before committing.

CLAPTON

edgordon1982 wrote: »

Hi,

Me and my boyfriend are about to buy a house and move in together, we are looking to set up a joint account for the bills and mortgage payments. Can anyone recommend a good one?

I couldn't see any reference to joint accounts in the normal 'best bank account' section, and a quick search of the forums found nothing!

Do all the same offers apply if it was a single person opening it to if it was a joint one? We would be looking for free money for opening, or other deals like travel or phone insurance (I'm already with nationwide so have travel for myself!).

Any help appreciated,
Thanks

In general it is unwise to have a joint account unless you own property jointly or maybe have children together.

Opening a joint a/c is easy but closing is much more difficult if the relationship doesn't work out.

Also a joint a/c links the two parties together: so if one has (or develops) a poor credit record then it affects both parties : again breaking the credit link is harder than forming it.

You have no need for a joint a/c : just sit down together once a week and split the bills (good practice to see whether the money is going)