Best Joint Bank Account Options??

LouuBeeeLouu

My partner and I are moving in together and want to open a joint account (we will both retain our existing current accounts and will transfer money into the joint account to cover bills etc to ensure financial independence). I'm after some advice on the best bank account to go for. Are there any with deals out there? A lot of banks seem to be offering cashback when you switch, but as we are opening an additional account rather than switching this would not apply to us. Lloyds seem to offer some (minimal) interest on a balance and rewards (cinema tickets etc), and Santander 123 offer some cashback but this seems to be very minimal. Is there a better option out there that anyone has come across? Or does anyone have a good experience of the bank they are currently with, outside of rewards - decent customer service, online banking services etc. Many thanks for any advice you can provide

eskbanker

If you're going to decide based on financial return, i.e. cashback/interest/rewards, then you'd need to work out the benefits for your own estimated balance and spending profile, with some assistance from the options listed at https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

If you're more driven by customer service or online services, those are largely subjective, so you'd get a variety of opinions on here, but there's reasonably objective data published at https://www.ipsos.com/ipsos-mori/en-uk/personal-banking-service-quality-great-britain-august-2021

Daliah

I reckon you have basically read the market correctly, though you could also have a look at Virgin Money. None of them will pay you for just opening an account, whether a sole or a joint one. But if you want to bag a switch bonus without switching your existing account, just open what's known on this forum as a donor account and switch that one. Both you and your partner could consider doing that, and bad a switch bonus each.


Make sure you have evaluated all the pros and cons of joint accounts before you commit.