Best joint account

Coconut01

Hi,

I'm moving in with my girlfriend in about 6 weeks, both currently renting separately and moving into a new rental property. We've decided to get a new joint account for bills etc and keep our existing bank accounts.

I'm wondering which is the best bank account to get, my gf is already with Santander so i'm not sure we'd make the most of their cashback account as i understand money transferred between Santander accounts doesn't count towards the minimum income. My gf also has a DMP with NatWest so we don't want to use their cashback account.

We budget well and neither of us has an overdraft atm, plus i'm with First Direct so have a small free overdraft if needed.

I was looking at the Co-op current account that pays £4 a month, but wondered what else was out there.

Thanks

colsten

I don't want to put a dampener on your enthusiasm but you realise that a joint account application will result in you having a financial association? If you haven't read up about the potential pitfalls of joint accounts, now might be the right time to do that.

As to which account is best - in terms of the features and benefits of accounts, it doesn't matter whether they are held as joint or sole accounts.

Coconut01

thanks for the advice, so if we're financially associated then my credit score won't be affected but it might make it harder to get credit?

Would just getting a basic bank account with no savings or overdraft stop us being financially associated? are there any other alternatives?

takman

Coconut01 wrote: »

thanks for the advice, so if we're financially associated then my credit score won't be affected but it might make it harder to get credit?

Would just getting a basic bank account with no savings or overdraft stop us being financially associated? are there any other alternatives?

If you do some reading on here you will see your credit score is basically meaningless and all that matters is your credit history. So if you have a joint account they will take into account her history aswell as yours, which will be a big negative for you because of her history of poor financial management (DMP).

Your best bet is to just open an account in your name only, maybe through Natwest account that pays cashback on your Direct Debits then setup all your bills for this account. She can still pay into the account by transferring money.

No_6

Joint accounts are fine if you know your partner !
I run many joint and single accounts in both our/me/her names ?

Not really legal but is fun, as I do banking,

Oh has details incase I pop 1st
but we have been married for over 45 years !

Up to you ? nowadays I wouldn't.

No_6

PS
OH has a better credit score than me...which I ignore !!!!! meaningless !!
because, at the moment I have lots more £'s on my cards.

Will change shortly as a new round of cards for the OH are due.

colsten

No_6 wrote: »

Joint accounts are fine if you know your partner !

Knowing your partner well doesn't give them a decent credit history

benjus

In most cases, the choice of best joint account is the same as the choice of best single account.

The main thing I can think of that makes a difference is when you have fee-paying accounts that come with various insurance etc products, in which case you may get both account holders covered but only pay one account fee.

No_6

Knowing your own and your partners score, for what is it worth,
or more like when accounts are settled etc.
gives access to many repeat or even new CC's deals
or new bank accounts.
When the opportunity arrives.