Basic bank account

motivated

Hi all

I would like some advice/information if possible please.

Myself and my husband have a joint account that both wages are paid into. All direct debits and standing orders go from there also.

Alongside this we have 5 online savings accounts within the same bank which we save for Xmas, car, emergency fund etc.

My question is: Is there a bank account that we could open for hubby which we will transfer £xxx every month as his spending money as such. The reason I'm asking and I know it sounds very childish to do this but we are trying to get debt free and hubby is worse than useless with money. He draws out of the cash machine willy nilly without giving a thought about DDs or SOs which may be about to go.

I have tried to keep on top of it but to no avail. So I was thinking if we openedi another simple account online where he will have a card to use for withdrawals and paying in shops etc.

I've heard of Monzo and starling but not sure if they are appropriate and will accept immediate transfers from another bank k
Apologies if my question is not clear.
M

MEM62

Any current account would serve that purpose.

18cc

yes i would recommend monzo - set up a standing irder to pay a set amount each month (or week or whatever) to the monzo account.

you will need a smartphone if course for the monzo account

motivated

MEM62 wrote: »

Any current account would serve that purpose.

18cc wrote: »

yes i would recommend monzo - set up a standing irder to pay a set amount each month (or week or whatever) to the monzo account.

you will need a smartphone if course for the monzo account

Thankyou both

I think the Monzo account will be the one and I will set up a standing order each month.

Thanks for the advice:)

colsten

What would stop your husband from continuing to use the joint account?

motivated

colsten wrote: »

What would stop your husband from continuing to use the joint account?

Nothing I would never stop him using it. It's just that he is very flippant with money and this way at least he will have his personal spends separate and know how much he has to spend etc.
M

Flobberchops

As above - any current account, even a sole account with your existing bank, would fit the bill.


Speaking of bills, if he's that poor with money, consider removing his access to the joint utilities account? I don't mean take his name off the account (his employer may not want to pay into an account not in his name) but maybe voluntarily block his card, or put it in the back of a drawer, etc. I've heard some people even put their credit card in a bag of water and then freeze it solid in the freezer, that way you can eventually get the card if needed but no chance of impulse buys...

mab3000

Me and my other half just recently opened a joint cash account at Metro Bank. We just wanted an account we could put a bit of money in each month to use for spending money for stuff we do together. This account is perfect for us for this purpose. You can’t set up any direct debits or an overdraft on this type of account. We both have a debit card for it which was printed in the branch there and then.

And yes this account accepts immediate transfers from other banks

motivated

Thank you all for you advice. We've opened a Monzo account for him the card should come in a couple of days. We will transfer a set amount monthly and then he doesn't need to touch the joint account. Less stress I hope lol

Thanks again
M

TheShape

Flobberchops wrote: »

I've heard some people even put their credit card in a bag of water and then freeze it solid in the freezer, that way you can eventually get the card if needed but no chance of impulse buys...

How thick would the ice need to be to prevent a contactless transaction?