Just moved in with my Girlfriend, what is he best way to set up a joint pot?

Mega_Maniac

We have been going out a year, and I guess the obvious answer to this is a joint account. But I had a few other thoughts that I wanted to run by the collective expertise here.

- I have another 'spare' account left over from Uni, I was planning on closing it, but can I just get a second card for this account or is this something specifically reserved for joint accounts?

- What about wallet services? Do any of these offer two cards? I know there are digital wallet services coming to the UK that will use the contactless system, but I dont think there are any actually working yet are there?

-A credit card? This one is a bit out of left field, neither of us really like the idea of credit cards but if its sensible for small spending and will be paid off every month then maybe? Can we get a joint CC?

- Or any other ideas!

Cheers!

bigadaj

Stoving out a second card for your account would be against the terms and conditions.

A joint account is most logical but it means that your finances are then formally linked in terms of credit record, which can be problematic if the other person has had credit problems in the last, or even going forward.

Alternatively keep things separate and just agree who is paying for what, easiest for many.

int.student

I was in a similar situation. I had a spare account left from uni. We decided to use it only for rent and household bills. We would just transfer each month our share. We didn't need a second card for these type of spendings. For grocery and the rest, we would either take out money and put it in a joint physical wallet or use an app to share bills called splitwise. So, I would say no need for a joint account.

OneLeggedPig

We just use my account for rent and bills. She transfers her share at the end/start of the month. That works for us. Probably a joint account in the future when we have a mortgage.

AnotherJoe

First of all, open up a new account, switching from the old one, that will net you maybe £100 or more in incentives depending who you use.

Then change it to a joint account.

djpailo

Mega_Maniac wrote: »

We have been going out a year, and I guess the obvious answer to this is a joint account.

This is something that needs addressing urgently. Why should the length of time determine if you should get a joint account?

I understand from your title that your moving in together, but even then, you need to think very carefully about what you would need the joint account for. The moment you get a joint account, the pair of you are financially tied down together.

It might appear helpful for bills, but it might be easier for one of you to pay the full bill and the other one to set up a standing order to pay half back into your account. That way, you remain financially untied.

I'm not saying don't make a joint account, but I am just trying to understand your reasons for wanting one.

Robbieh

Been married 45 yrs. never had and never will have a joint account!

Mega_Maniac

Thanks for the replies so far.

To be clear the amount of time we have been together was just a bit of background. It has no bearing on my thoughts. I just assumed that a joint account was the obvious answer as it's the first thing you think of when it comes to joint finances.

We are both good earners, and neither of us miss payments or have debt. I have the worser credit history with a couple of arrears which i need to sort out. (only recently realized they were there)

I hadn't thought of the way a joint account may affect our finances and if it's more trouble than its worth then I'll avoid. The physical or digital wallet idea seems to be a better idea.

No_6

Been married for 44 years and have 2 joint accounts,
plus many more individual accounts and we are very happy

6+1