Bank Account for Bills

Alexy

Good Evening Everyone,

I am currently renting a house in Central London with 3 others, one of whom is just about to leave. This individual sorted out the financials through a separate bank account dedicated to rent payments and bills. As they are now leaving it may fall to me to organise this for the future.

Would it make sense for me to open a single current account with a good return for pay-in amount and use this as the account to re-direct my other housemates rent/bill payments to?
Thus giving me a bit back in interest/rewards in the process.

Or, open a joint account with the other housemates and go down this route.

The individual leaving currently uses a Santander 123 account to get some extra rewards whilst using it as a billing account for us, and if I were to do the same it may be with Barclays using their Blue Rewards scheme.
What are the downsides/upsides? Would it be best to go down the joint account route?

Would greatly appreciate any advice on this!

Many thanks,

Alexy

ceredigion

Alexy wrote: »

Good Evening Everyone,

I am currently renting a house in Central London with 3 others, one of whom is just about to leave. This individual sorted out the financials through a separate bank account dedicated to rent payments and bills. As they are now leaving it may fall to me to organise this for the future.

Would it make sense for me to open a single current account with a good return for pay-in amount and use this as the account to re-direct my other housemates rent/bill payments to?
Thus giving me a bit back in interest/rewards in the process.

Or, open a joint account with the other housemates and go down this route.

The individual leaving currently uses a Santander 123 account to get some extra rewards whilst using it as a billing account for us, and if I were to do the same it may be with Barclays using their Blue Rewards scheme.
What are the downsides/upsides? Would it be best to go down the joint account route?

Would greatly appreciate any advice on this!

Many thanks,

Alexy

No
.................

Geoff1963

A joint bank account creates a financial link which can be very hard to break. It is the creditworthiness equivalent of having unprotected sex ; you really need to be sure of the person's past and future, not just their present.