Joint account while still having our own current account

cathy_s_93

Hi, I'm hoping somebody might be able to clarify this for me!

My partner and I would like to set up a joint account for household expenses etc. But, we'd still like our own independence and to therefore have our own current accounts too. When I've been looking at setting up new bank accounts online they all seem to say that you need to close your current account in order to switch a new one.

I don't want to do this - we just want to set up an entirely new account, from which we can pay a set amount into from our personal account. But it would need to be a current account rather than a savings account so that we can arrange for bills, mortgage etc. to be paid directly from that account.

Has anybody else done this and can anybody recommend a good bank to go with?

Thanks in advance :beer:

ColdIron

You are confusing switching for a bonus (which does indeed require the donor account to be closed) and simply opening a new account and retaining your current one(s). I think every bank will allow you to open a new joint account without switching

JGB1955

Why not just open an additional account with your existing bank? We have a joint account with Nat West. My husband transfers a set amount from his Nat West current account every month and I spend it for him! My sole current account is with Nationwide, but used to be with Nat West. No problems at all in setting up.

Zanderman

Not sure what you've been looking at - but yes just open a new account. With whichever bank suits you (have a look at the summary reviews on the man part of this site)

No need at all to close the old ones.

Closure only happens with switches - and you're not switching. Don't get misled by all the stuff about switching - it doesn't apply to your situation.

colsten

Consider opening the account with a new bank, one that neither you or your husband are with atm. Holding more than one current account at different financial institutions is a good idea as this gives you a certain amount of protection if something goes wrong with one of the banks.

xylophone

You don't have to switch to open a new joint account.

If the account will be for household bills (utilities/CT/ insurance etc), had you considered an account offering cashback? You might look at Santander 123 Lite or Natwest Rewards or Barclays Rewards etc?

Socajam

I agree with colsten, open a new bank account with a different bank.

cathy_s_93

Thanks very much, I get the difference now!

cathy_s_93

Ooh thank you very much for those suggestions, that's exactly what I'm after! I will look into them.

PRAISETHESUN

The banks often like to promote account switching as it forces you to use them as your main bank after that (and they can make money off of you that way), however as outlined above there is absolutely no requirement to actually switch when opening a new account. All the ideas above are good, and I would actually recommend you open sole accounts with your existing bank and then use this account to switch to other banks - you can usually bag yourself some free switching bonuses and end up with a bank you actually want to bank with! See below: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

ac17

I was just about to post a thread but found this instead. This is exactly what I’m aiming to do right now.

My partner and I have been in our house a year, but the mortgage and bills all come out of my account. She has one or two direct debits as well, but I want us to be much more in control of our money and know what’s going out. If we have a joint account for all regular outgoings, we can more clearly see what we have left, and to share the costs more evenly!

I really want to get the benefits of the switching service, which probably means the £125 at First Direct. Equally, I don’t really want to leave NatWest due to having this account for 10+ years and my partner is similar.

I don’t think there’s a quick fix for this, other than just doing it and grabbing the bonus and forgetting about the long term association. I guess the longer term approach is to open a joint account with NatWest now, then switch it once everything is set up, to then get the bonus?

Has anyone done anything like this? And does the switch bonus still apply if you’re switching a joint account?

Thanks in advance!