Joint bank account

Legacy_user

Evening all.

I am looking for advise really and trying to find out what others do.

My partner and I are not married however we do live together and we want to look to manage our monies a little better.

We each have our own bank account, however I would like us to have a joint account for all monies to go, because basically at the end of the month we are not showing a true reflection of what we should have left.

We applied to add me as a joint user to his bank account, however the application was declined. I was so upset as I keep a good check on my credit score, never miss payments etc etc. So am do not know why it was declined...

Now we do not know what to do for the best...... any ideas/thoughts?

Thank you

CLAPTON

Lottie_1987 wrote: »

Evening all.

I am looking for advise really and trying to find out what others do.

My partner and I are not married however we do live together and we want to look to manage our monies a little better.

We each have our own bank account, however I would like us to have a joint account for all monies to go, because basically at the end of the month we are not showing a true reflection of what we should have left.

We applied to add me as a joint user to his bank account, however the application was declined. I was so upset as I keep a good check on my credit score, never miss payments etc etc. So am do not know why it was declined...

Now we do not know what to do for the best...... any ideas/thoughts?

Thank you

unless you have a joint mortgages or children then best not to have a joint a/c

whatever budgettting problem you have a joint a/c won't solve it.

No_6

There so many posts on this Joint Account thingy on this forum,
that Lottie unless you find them....you will be lost to the dark side.
forever

Mojisola

Lottie_1987 wrote: »

We each have our own bank account, however I would like us to have a joint account for all monies to go, because basically at the end of the month we are not showing a true reflection of what we should have left.

CLAPTON wrote: »

whatever budgeting problem you have a joint a/c won't solve it.

Agree with Clapton. Best to sort out your budgeting before thinking of getting a joint account.

For a month or two, keep a record of every single penny you spend; put it all on a spreadsheet and add up what gets spent where - you might be shocked at how much disappears on trivial things.

Also put an SOA on the Debt-free Board and get advice on how to reduce your spending.

No_6

MS Money works great on PC's if you enter ALL that you spend.

APPS someone may reply

grumbler

If you really need it, a 'joint' prepaid card can do the job.

E.g. Pockit. It does allow several cards linked to one account. Loading by a bank transfer is free, so are all purchases (some with cashback).
ATM withdrawals aren't free, but you hardly ever need them for 'joint' expenses.

You can easily make adjustments for several 'joint' DDs from your sole current account(s).

Aced2016

I'be been married 7 years and together 14. Never had a joint bank account and never will !

We have kids also, just split the bills 50/50. Works for us I like everything to be equal and straightforward. Never felt a need for a joint bank account, I have all his log in details for his online banking should I ever need them.

Works for us and a joint account works for others. But I think perhaps your both not spending wisely and don't see how a joint account changes that ?

Also how do you know you got declined ? Did you get a letter or did he tell you this ?

trailingspouse

Didn't have a joint bank account with first husband. Have had a joint bank account with second husband from the get go (we lived together for 10 years before we got married). You have to do what works for you and your OH.

Personally, I don't think sharing bills 50:50 can work if you're earning significantly different amounts - the person on the lowest income is going to be paying out a greater percentage of their income on bills, and that doesn't seem fair.

With a joint account, if everything that's earned goes in and everything that's spent comes out of that account, that seems reasonable to me, and it ceases to matter who's paying the gas bill. The important thing is to talk to each other so that larger expenses are discussed and planned for.

MyOnlyPost

We have a joint account and sole accounts. The bills and household shopping come out of the joint account and we each put in a proportional amount to cover these. I would never consider only having a joint account

badger09

OP

Lots of comments about the pros & cons of joint accounts, to which I won't add mine.

However, I suggest you get copies of your credit files (not credit scores) from all 3 CRAs and see if there is any problem with it which would explain why your application has been refused. Rectify any problem before applying for anything else.