Joint account questions

anticlaus105

I would like to set a joint account up with my wife. We have never had a joint account before, so have no experience how they work. The idea is I want us both to have mobile banking access. Is a joint account required for this, or could I grant her online access to an account in my name?

If we did get a joint account, if say I want my mobile phone direct debit to come out of the account, do both account account holders need to authorise it, or would I be able to do on my own?

TadleyBaggie

Every joint account I've ever had only require one of the account holders to authorise direct debits and the like.

grumbler

anticlaus105 said:

I would like to set a joint account up with my wife. We have never had a joint account before, so have no experience how they work. The idea is I want us both to have mobile banking access. Is a joint account required for this, or could I grant her online access to an account in my name?

You can (online access), but this is against the T&C. Why ask for a trouble? Not sure about mobile apps - with some banks you can have it activated only on one device.

If we did get a joint account, if say I want my mobile phone direct debit to come out of the account, do both account account holders need to authorise it, or would I be able to do on my own?

The latter.

Rob5342

Normally with a joint account you can both do anything on your own. That's how ours works

You might be able to add her to your account and make it joint, but some banks want you to go into a branch to do that so it would be a lot less hassle to just open a new joint one

Dobbibill

A joint account functions just like a sole account but with 2 people having access and liability. 

If you open a joint account with Bank A and already have an account(s) with them - you would then see any sole accounts you have plus the joint account and if your wife also banks with Bank A they will also see any sole accounts they have plus the joint account on their internet banking/mobile app. Neither of you would see the other persons sole accounts but both will see the joint account. 

Either person can authorise a DD on a joint account. 

This will create a financial link on your credit files (if you already have a joint mortgage this will already be created anyway).

Daliah

https://www.moneyhelper.org.uk/en/everyday-money/banking/joint-accounts

anticlaus105

Thanks all. One of the cons listed is that if one of you damages their credit rating it affects both people. Is this correct and is it not the same as having a joint mortgage, or does that no link you together in the same way a joint bank account does?

Daliah

anticlaus105 said:

Thanks all. One of the cons listed is that if one of you damages their credit rating it affects both people. Is this correct and is it not the same as having a joint mortgage, or does that no link you together in the same way a joint bank account does?

Correct. Whether a partner lets you down on a current account or on a mortgage is the same at the end of the day: They have let you down. Your CRA files will remember for 6 years that this has happened.

anticlaus105

Sorry. Just to clear. Say I took out a credit card in my name and defaulted, as we have joint mortgage would this also affect my wife's credit score, and if so would it have the same affect if we just had a joint account and not a joint mortgage?

I get that not paying the mortgage or going overdrawn/bouncing DD will affect us both if we have the corresponding linked product, but would defaults on individual products also affect both, and would the effect be equal for different joint products?

grumbler

IMO, it's more clear to say that a joint account creates a link between two credit files/histories. As this link already exists because of the mortgage, a new joint account will have no effect.

Also, the same as for a mortgage, both account holders are jointly and solely liable for any debt (overdraft) in this account.

Dobbibill

A mortgage together means you are already financially linked and any credit providers could search on both files when considering an application for credit. 

You will see your wife listed as financial connection on your report and you on hers. 
Have you looked/checked both your files? It's free to do.