Moving In Together Financially!

harrietflorence

Need some advice regarding savings / current account

Moving in with BF, We need a Joint account of some sort so we can set up all direct debits / standing orders for Rent, Council Tax, Water, Electric, Broadband, TV Licence & Also that we can use that card itself for a food shop each week (so don't need to withdraw physical cash!)

HOWEVER

My Other Half, has got credit card debt & not as good credit rating at all compared to myself. I don't want to be getting anything that ties us financially through credit checks/ history. Due to me working my socks off to establish my score & I can't have mine being affected!

I have read that current accounts will tie you jointly, but savings accounts don't?
Please can someone give me an answer, also can we use the savings account (or whatever you guys recommend!) as somewhere to pay bills etc!
Thank You x

colsten

You can get financially linked if you have accounts in joint names for utilities and broadband. To avoid this, you'd do better if those were in just one name.

You are correct, joint savings accounts don't create a financial association. I don't know of any, however, which are capable of paying bills via DDs.

To manage your joint finances, you should use a personal finance manager. That's a better way, in fact, the only way, to manage finances - you should never use a current account to do this. Look at Yolt, Money Dashboard or YNAB. By all means, have a separate current account which both of you pay your share into, but keep that account in one name.

xylophone

If you would prefer not to establish a financial link, open an account in your name which will be used solely for household purposes.

Santander 123 Lite/ Natwest Rewards /Barclays Rewards might suit - you could check the information on these current accounts on line.

Your boyfriend would set up a monthly standing order from his own current account to pay the amount required to service the bills/food shopping.

This leaves you with doing the shopping if you want to use the debit card - if he has to do it, you just reimburse him from the bills account.

Zero_Sum

You dont 'need' a joint account.
Just open one in your name & you both contribute to it

jonnygee2

My Other Half, has got credit card debt & not as good credit rating at all compared to myself.

Just to sense check this - what do you mean by 'credit card debt'.

If he has CCJs, bankruptcies, multiple payday loans etc then association could be harmful. If he's just using credit within his approved allowances and his 'credit score' just shows as a bit lower than yours, then there's really no reason to keep it separate.

[Deleted User]

You’re fretting over a score/number that lenders do not see or care about.

If you need a joint account then get one.
Yes you’ll be financially linked but down the line if you get a mortgage together then you’ll be linked anyways.

Having utilities in joint names can also financially link you if they report to the CRA’s