Best joint account?

waterhouse_melons

My partner and I are about to have a mortgage on our first home. For years we've been using my bank account for shared expenses. My question is, is there a best joint account to take at the minute? Or are they much of a muchness? 

grumbler

I don't think there is any essential difference. And you can keep using your account for shared expenses. The mortgage doesn't change anything in this respect (unless you deliberately used a single account to avoid having your credit histories linked together).

If you still want joint, it's easier to open it with the bank where you or your partner have a single account with.

Daliah

The only joint accounts which might be offering something you value over and beyond having a standard joint account are the chargeable packaged accounts, such as Nationwide FlexPlus. Standard joint accounts are like standard sole accounts, just for 2 (or sometimes even more) account holders.

 https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

Don't apply for a new current account before you have sorted your mortgage.

Rob5342

Starling and Monzo are good as you can split things into pots which is useful for budgeting. They are also app only so you never have to mess around going to a branch for anything. Santander give you cash back on bills which you bought like.

Daliah

Rob5342 said:

Starling and Monzo are good as you can split things into pots which is useful for budgeting. They are also app only so you never have to mess around going to a branch for anything. Santander give you cash back on bills which you bought like.

Starling does have online banking in addition to their app.

PRAISETHESUN

There's not much in it to be honest, but the Santander 123 Lite is good for offering some cashback if you're paying household bills by DD. Outside of that, packaged accounts often represent good value for money for joint account holders as a single monthly fee will provide cover for both the named account holders. In any case don't apply for anything until your mortgage is sorted!

Marchitiello

Nationwide FlexiPlus is a good suggestion as is the Santander 1-2-3 offering (with utility bills being so high and interest rates on the way up, it may become even more convenient going forward).

One thing to note is that some banks will offer you a joint account to go with a joint mortgage (that is how my wife and I got our first joint account together, now we have four) so you may get it that way but without additional benefits of a package account or cashback on utility bills.

Rob5342

Look at switching bonuses too, if the bank you choose has a switching bonus then open another account first and switch it to the bank you want.

PRAISETHESUN

Rob5342 said:

Look at switching bonuses too, if the bank you choose has a switching bonus then open another account first and switch it to the bank you want.

I wouldn't usually recommend using a joint account for switching bonuses. Usually (but not always), the T&Cs state that only one bonus is paid per account, including joint accounts, and receiving a switch incentive into a joint account will disqualify both account holders from future offers. Usually it's better to have both account holders switch into sole accounts to take advantage of the switch offer individually, and each get paid out the incentive.