Current Account for Housewife with no income or credit history 29 September 2022 at 6:32PM in Budgeting & bank accounts 9 replies 494 views

JamTomorrow

My Wife has not had her own bank account for nearly 20 years although she does have a FD Joint Account with me.

Having recently switched my First Direct Offset mortgage to a fixed rate product with Nat West I am looking to invest our previous FD offset savings elsewhere and in my Wifes name so no tax will be due. 

Given her lack of credit history or income what is the best option for opening a current account?  Would Monza be a good place to start?  I would then transfer momey from my current account to her Monza current account and from there into still to be set up instant access savings accounts or fixed term savings in her name.

In addition, I would also like to take advantage of some of the current account opening cashback offers that are available.  Is my Wife likely to be accepted for the Nat West current account without any income or credit history? 

Thanks in advance.

grumbler

All offers I know are for switching an account, not opening.

Why does she need a current account if you want to "invest ... previous FD offset savings" ?

If she really needs a sole current account, FD is the easiest place to open it.

JamTomorrow

grumbler said:

Why does she need a current account if you want to "invest ... previous FD offset savings" ?

This was because I was thinking the savings account I open in her name would need funding from a current account in her name alone; not an account in my name or joint names.  This was because some savings accounts (eg Atom bank) say no joint accounts.  If a savings account in her name can be funded from an account in my name then I agree she wouldn't need a current account but I am not clear on this.

grumbler said:

If she really needs a sole current account, FD is the easiest place to open it.

My thinking here was open a CA with say Monzo and then in the future she could transfer from this burner account into FD and get the FD account switching bonus as well, rather than just opening a sole current account with FD.

grumbler

JamTomorrow said:

grumbler said:

Why does she need a current account if you want to "invest ... previous FD offset savings" ?

This was because some savings accounts (eg Atom bank) say no joint accounts.  If a savings account in her name can be funded from an account in my name then I agree she wouldn't need a current account but I am not clear on this.

Don't know about Atom, but a joint account isn't an "account in your name".

JamTomorrow said:

My thinking here was open a CA with say Monzo and then in the future she could transfer from this burner account into FD and get the FD account switching bonus as well, rather than just opening a sole current account with FD.

FD: Sorry, we can only offer this to people who haven’t previously held an account with us,

She did have an account with FD - a joint account.

xylophone

although she does have a FD Joint Account with me.

The account is as much hers as it is yours. She is an existing customer of FD.

Daliah

JamTomorrow said:

grumbler said:

Why does she need a current account if you want to "invest ... previous FD offset savings" ?

This was because I was thinking the savings account I open in her name would need funding from a current account in her name alone; not an account in my name or joint names.  This was because some savings accounts (eg Atom bank) say no joint accounts.  If a savings account in her name can be funded from an account in my name then I agree she wouldn't need a current account but I am not clear on this.

You are right, most savings accounts require a linked account, and you can only make deposits and withdrawals from/to the linked account. A sole account in her name is therefore the logical thing to get.

In any case, it seems reasonable for your wife to have a current account in her name.

Her name might well be on the Credit Reference files if she was on a joint account with you but even if it isn't, getting a current account should be no issue provided she is on the Electoral Register, has a government issued photo ID (passport or DL), and proof of address (which she would have with a statement from your joint FD account). All banks publish ID requirements on their websites.

Monzo, Chase and Starling don't do a hard credit. But perhaps the very easiest would be a sole account in her name at First Direct. As mentioned, she wouldn't be entitled to a switch bonus from FD but in time, she could use her FD account to go after other switch offers.

ZeroSum

If its purely to fund savings accounts, then could look at tescos clubcard plus account.

where_are_we

Myself and my OH have a had a joint current account for years. Neither of us have ever had a problem funding umpteen savings accounts in our own respective names from our joint current account using it as our nominated account.

There is no need for an "in between current account " in her name just to fund a savings account.

By all means get her to open a new current account in her name in order to benefit from one of the many switching offers that come up from time to time.

JamTomorrow

where_are_we said:

Myself and my OH have a had a joint current account for years. Neither of us have ever had a problem funding umpteen savings accounts in our own respective names from our joint current account using it as our nominated account.

There is no need for an "in between current account " in her name just to fund a savings account.

By all means get her to open a new current account in her name in order to benefit from one of the many switching offers that come up from time to time.

Thanks.  Just opened an account with Charter Savings Bank for my Wife so will try funding that from our FD Joint Account.

jbuchanangb

My wife has an account with Charter Savings Bank, and there has been absolutely no problem having our joint current account as the nominated linked account.