Whats the best way Merge two accounts

jonnebravo

Hi all,

My partner is taking a career break to spend time with the kids and as such will not be working for a few years, as it stands all the bills come out of her account except for the rent which comes from mine. My partner has a current account and credit card with Yorkshire bank and because I have been a naughty boy in my younger days (money wise) I have a basic account.

What would be the best way to go about opening a joint current account, because our salary goes into my account but all the bills come from her account, it's not likely I will be able to get a current account despite all my debts being paid or up to date.

Is it possible to switch from two separate accounts?

What offers can we take advantage of ?

Thanks in advance.

colsten

A joint account would have a negative effect on your partner's credit file because she'd be linked to yourself. Leave as is, and pay whatever is required from your account into hers.

MoneySavingNovice

colsten wrote: »

A joint account would have a negative effect on your partner's credit file because she'd be linked to yourself. Leave as is, and pay whatever is required from your account into hers.

I agree with the above. But if you really want a joint account and are aware of the potential negative effect on your partner's credit file, I would be inclined to ask Yorkshire Bank to convert your partners existing bank account into a joint account.


In these circumstances I would not advise this however.


It might be worthwhile to check both of your credit files, Noodle will allow you to do this for free. Also check out the guide of MSE http://www.moneysavingexpert.com/loans/check-free-credit-report

System

Also, make sure she has converted her account to the direct version. It is a simple request via the website.

zerog

If your younger days were more than 6 years ago, then it should be safe to get a joint account, though perhaps not with your current bank or any previous banks that you may have used.

solentsusie

Firstly I would check all of your information with all of the credit reference agencies to get a true picture of what outstanding negative information is held on you. Then you can assess your current situation.

All defaults and CCJ's will drop off your credit files six years after they were issued. Anything less than six years old will still show.

If you have outstanding defaults, CCJ's or lots of late/missed payments then I would steer well clear of joining your finances with those of your wife otherwise this will severely affect her ability to obtain credit.

Why do you need a joint account? As previously advised, just arrange to transfer the money for the bills into her account, or alternatively have the direct debits etc. paid from your account. Having a Basic account does not stop you from arranging this.

Alternatively, if you really can't be bothered with the hassle of changing the direct debits, have your salary paid into her account and she can transfer over to you any money that you need for personal expenses.

Also, if you have held a Basic account for a while then see if you can get your bank to upgrade you to a standard account. If you have shown you can run the account sensibly many are happy to do this. Barclays usually offer this automatically after about 6 months and RBS, NatWest usually accept applications for full accounts after this time - unless your credit history is really still quite dire.

Rather than damage her rating perhaps concentrate on improving your own.

Good luck.