Choosing a bank account

JessG_Newcastle

Hi guys,
Me and my boyfriend are renting a flat together for the first time starting in April. We have decided that for the bills and rent -and to make it fair and equal- we will set up a shared/joint account for all these things. This way both our names are involved and we can have a separate account for household stuff as our own money is separate.

Really I'm just trying to decide if I should be using any specific bank or if it really doesn't matter?? We won't ever be putting enough money in the account that I feel a charged account (one that charges for extra services) is necessary, but really I don't know.

I currently bank with barclays and he banks with TSBC, in case anyone knows if that could make any kind of difference. Kind of just want someone with a bit of actual finance know-how to tell me getting a bog-standard account with any company is fine.

eskbanker

JessG_Newcastle wrote: »

Kind of just want someone with a bit of actual finance know-how to tell me getting a bog-standard account with any company is fine.

Getting a bog-standard account with any company is fine.

You're welcome!


To amplify on that a bit, chargeable accounts are suited to a small number of people who require the specific insurances that happen to be packaged and even then only if that's a more cost-effective way of acquiring them. For the vast majority of us, accounts that don't charge are best, and in fact an even better solution is to use one of the many banks that pay instead, either as switching incentives or in interest or cashback.

Check out https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/ for options....

SnowTiger

JessG_Newcastle wrote: »

Me and my boyfriend are renting a flat together for the first time starting in April. We have decided that for the bills and rent -and to make it fair and equal- we will set up a shared/joint account for all these things. This way both our names are involved and we can have a separate account for household stuff as our own money is separate.

Really I'm just trying to decide if I should be using any specific bank or if it really doesn't matter?? We won't ever be putting enough money in the account that I feel a charged account (one that charges for extra services) is necessary, but really I don't know.

I currently bank with barclays and he banks with TSBC, in case anyone knows if that could make any kind of difference. Kind of just want someone with a bit of actual finance know-how to tell me getting a bog-standard account with any company is fine.

A Santander 123 Lite or Natwest Reward account may be a good choice.

They both charge a small monthly fee, however you get cashback on Direct Debits for general household bills.

The Santander 123 Lite account also offers cashback on purchases at a list of retailers (that changes regularly).

ColdIron

Do either of you have a poor financial history or credit rating? A joint account will link you financially and a black mark against one may adversely affect the other

colsten

https://www.moneyadviceservice.org.uk/en/articles/joint-accounts

dmhzx

I've just opened a Santander 123 Lite. They give cash back on most household bills Gas, Electric, Phone, broadband, Council Tax water rates, and I would imagine that this will outweigh the £ monthly fee.
In my case, I also get that refunded for quite a few months.

EarthBoy

You could stay with Barclays and sign up for Blue rewards. The fee is £3 per month, but they pay you £3.50 for each of your first two direct debits a month, total £7.00, so you gain £4.00 per month overall. You can also earn cashback from various places if you go through the Barclays app, or their online banking site.

https://www.barclays.co.uk/current-accounts/blue-rewards/