Joint Account

Timmo247

Hi all,

We are expecting our first child in June. I am looking into opening a joint bank account. The plan is to transfer a set amount of funds each month into this account from my own personal account (as I will be working full time) for predominantly baby things/trips etc. Me and my wife would have a card each for access to this account.

It wouldn't be a savings account as such, just a source of funding for the baby and it's needs etc.

I bank with Natwest so was going to enquire about opening up a joint account with them.

Does anyone have a joint account they can recommend with a bank? Benefits etc?

Any advice would be gratefully appreciated.

Thanks

Tim

grumbler

In terms of benefits a joint account is no different from a sole one: Best Bank Accounts

Are you aware of the financial association a joint account creates?

Timmo247

That's great thanks for the link.

I'm not aware of the financial association that a joint account creates. Are you able to elaborate?

Thanks

CLAPTON

Timmo247 wrote: »

That's great thanks for the link.

I'm not aware of the financial association that a joint account creates. Are you able to elaborate?

Thanks

a joint account created a financial association
so if e.g. one of you has a poor credit record then it will adversely affect the other
if you already have a joint mortgage say then you are already financially linked

Smedders11

There is a slight niche to when joint accounts add value over sole ones. Some current account packages including things such as breakdown cover, phone insurance and travel insurance allow you to share the benefits between two people whilst paying the same fee as a sole account. Not really worth it though as you can usually get better deals by buying the products separately.

Having a joint account between you and your partner would link your credit files, meaning each can affect the other. If you have a joint mortgage you're already linked.

xylophone

Perhaps a TSB Plus joint account would suit? You need to go paperless and fund the account with £500 a month (which can be in and out).

Interest of 5% on up to £2000.

ic

As above TSB is ideal for a small savings account.
Santander 123 is ideal for a large savings account (even better if you move your bills over to benefit from cashback on direct debits). Costs £5 per month.
Nationwide FlexPlus is a good offering in terms of benefits, and a reasonable interest rate. Costs £10 per month.