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Looking to open joint account for bill payments

*Kat*
Posts: 1,829 Forumite


Hi
OH and I are looking to open a joint bank account for all our bills to come out of.
Any recommendations? I was going to open a 123 account, but see that the price has increased
OH and I are looking to open a joint bank account for all our bills to come out of.
Any recommendations? I was going to open a 123 account, but see that the price has increased

0
Comments
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It depends on what else you want to use it for and how much money you intend to keep there. For example, TSB offers 5% up to £2k and 5% cashback on all contactless debit card transactions, but might not be the best if you won't make use of those features.0
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We've just opened a Nationwide FlexPlus account. No need to for a monthly payment in for a specific amount (or any amount actually), though you would obviously be doing so, it pays 3% interest on balance up to £2500 so you would at least be earning something on you bill paying dosh while it's in there. No requirement for D/Ds to be set up either.
There is a £10 per month charge but it's great value for us as it includes worldwide multi trip travel insurance, which includes husband's raised cholesterol at no extra charge (AND we are 61 & 67 respectively). UK/Europe car breakdown, worldwide mobile phone & extended warranty for appliances cover. Something to help if your cards get lost/nicked worldwide (though I'm not sure I want to register all my cards anywhere). No fees for cash w/d abroad (apart from any which may be levied by the ATM provider).
As our travel insurance last year was £200, we are quids in with the £120pa charge for this account just on insurance savings, plus we'll get interest on the £2500 in it. For an annual additional fee of £4.50 there is no excess on the travel insurance.Seen it all, done it all, can't remember most of it.0 -
Are you and OH financially linked with any other account? If not the joint account would link you financially. Many posters have regretted making an account joint, which always seemed like a good idea at the time.
Having it joint achieves no more than having a sole account for bills.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
I was going to open a 123 account, but see that the price has increased0
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Presumably these bills will be paid by direct debit, so look for an account that requires a certain number of direct debits and rewards you in other ways. The one that springs to mind is Club Lloyds (4 per cent interest on balances between four and five thousand; and free cinema tickets or magazines).
The other accounts mentioned in this thread offer important benefits, but you could open these as well.0
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