Joint Account for spending money

2bFrank

Hello,

Myself and my wife have a budget that we try and stick too. Every month we budget £250 to spend on extras, usually this is things such as haircuts, clothing, meals out etc.

We take this money from the main joint account that we use for our main bills, the last few months, especially with the run up to Christmas we have been overspending on this budget. Can we open another joint account with another bank that we can use just for our spending money.

If so which bank will be best, we was thinking of a prepaid card, but this attract fees, so preferably we would like an account that is free to use. We will only be transferring the £250 a month so not sure if banks will accept us for this small amount. We don’t want a overdraft or anything.

Thanks.

18cc

The first port of call will probably be your existing bank, who probably will be more than happy to open a second account for you.

Or, if you really dont want to go overdrawn and are happy to use cash then maybe a Yorkshire Building Society cashcard account - withdraw cash from ATMs and fund it by a standing order from your current account

If you want a debit card rather than cash then try Starling bank you open it on your mobile phone.

Flobberchops

The short answer is: any bank.

Probably easiest is to use the bank you and/or your wife currently use as this may cut down on the time and documentation required to open an account. Beyond this, shopping around is unlikely to be worth your time and effort; a current account used solely for petty cash is unlikely to qualify for any cashback or reward schemes and even an interest paying account would only generate a pittance. Worst case scenario, if you go into a new bank and explain that you want an account but do your main banking elsewhere they may tell you to hop it.

xylophone

Why not just open another sole account each and transfer £125 a month each from your main account to the sole account?

It should be simple for each of you to do this with your main bank.