Joint accounts

The_grey_man_2

Good evening moneysavers.

My partner and I have decided that we want to open a joint bank account together so that we can better control our household finances. We would both like to keep a separate account so that we can pay into it a little 'pocket money' each month and still use a debit card. I know we can both get debit cards for a joint account but this risks one of us overspending and that is exactly what we are trying to control.

I would like to take advantage of the switching bonus but I suspect this means I will have to close my old account. Is this the case?

If so could we switch my account to a joint one and then I open up a separate one for my personal 'pocket money'?

Just looking for some friendly advice, and to hear your experiences with doing this.

grumbler

The_grey_man wrote: »

Good evening moneysavers.

My partner and I have decided that we want to open a joint bank account together so that we can better control our household finances. We would both like to keep a separate account so that we can pay into it a little 'pocket money' each month and still use a debit card. I know we can both get debit cards for a joint account but this risks one of us overspending and that is exactly what we are trying to control.

Are you saying that you don't want to use the cards of the joint account? If so, why can it not be sole? What's the point in creating a financial association (linking your credit histories together) if you can avoid doing this?

I would like to take advantage of the switching bonus but I suspect this means I will have to close my old account. Is this the case?

Yes - if you want to get the bonus. However, you can open a new account first and then switch it, thus keeping your old account.

If so could we switch my account to a joint one

Yes. It will possibly be easy to switch to a sole account and than covert it to a joint one.

and then I open up a separate one for my personal 'pocket money'?

Yes, theoretically you can have as many accounts as you wish.

The_grey_man_2

grumbler wrote: »

Are you saying that you don't want to use the cards of the joint account? If so, why can it not be sole? What's the point in creating a financial association (linking your credit histories together) if you can avoid doing this?
.

That's a really good point, I hadn't thought of that. I think we would both like to have access so that we are both fully aware of how much our bill cost etc and we are both financially accountable to each other.

Thank you for you kind response.

boliston

Never really seen the need for joint account as I tend to pay all the utility bills and council tax and OH sends me a BACS of 50% of this cost at the end of each month

tanith

We have a joint acc for bills etc and our own current accs for our own income. We transfer money into the joint acc each month to cover the bills+ and let the residue build up to pay for joint purchases or meals out accasionally we don't use it for anything else so no one overspends from the joint acc.