Joint bank account

olaf2014

Me and my husband both have separate Barclays basic bank accounts. I'm wanting us to get a joint account where all our bills can come out of this so we can put in the money to cover all our bills and then don't don't touch it once a month can anyone recommend a bank account don't really want to pay for it.

Also is it easy to switch do we have to contact people to tell them or can they do it?

Thanks in advance 

Zanderman

Most (probably all I think) banks do free accounts - have a look at the options here https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

As for switching why do you ask?  The logical thing, surely, is simply to open a new joint account in a bank - possibly even Barclays as they know you both - rather than altering your existing current accounts. No reason not to keep those, even if you use them less.

But yes, if you do switch the bank does the switching.

Rob5342

I usually say Starling or Monzo if you want a modern bank with a good app with lots of budgeting features, or Santander if you want cash bank and don't mind a crude app. The other banks are much of a muchness - all a bit old fashioned with no noteworthy features.

grumbler

olaf2014 said:

Me and my husband both have separate Barclays basic bank accounts. I'm wanting us to get a joint account where all our bills can come out of this so we can put in the money to cover all our bills and then don't don't touch it

Why does it have to be joint, not just another sole - with the same Barclays or some other bank?

Also is it easy to switch do we have to contact people to tell them or can they do it?

Switch what? The DDs? Yes, you have to change the details with each company. With many this can be done online, without contacting any people.

[Deleted User]

I would suggest you both keep your separate current accounts and then open a joint account for bills and other expenses. Both of you can set up a standing order to send an amount monthly to the joint account. You can then keep your own accounts for personal spends and savings etc…
This has worked very well for myself and an older relative who shares my own with me for over 20 years.

Robin9

You really ought open a joint account with another bank - puttings all your eggs in one is not a good idea (remember TSB)


It may be easier to intially open that joint account with Barclays as they know you and then switch your indivual accounts using the Switching Scheme  and take advantage of any bribes going.

SadieO

grumbler said:

Also is it easy to switch do we have to contact people to tell them or can they do it?

Switch what? The DDs? Yes, you have to change the details with each company. With many this can be done online, without contacting any people.

The back will sort all this out for you. You don't need to do anything yourself. Look up "current account switch service".

Make sure the new account you choose is offering an incentive, if you're going to do it anyway you might as well get something out of it! 

grumbler

SadieO said:

grumbler said:

Also is it easy to switch do we have to contact people to tell them or can they do it?

Switch what? The DDs? Yes, you have to change the details with each company. With many this can be done online, without contacting any people.

The back will sort all this out for you. You don't need to do anything yourself. Look up "current account switch service".

What 'back'? And my understanding is that the OP wants a new account and doesn't want to switch the bank account(s) they have:

olaf2014 said:

....so we can put in the money to cover all our bills and then don't don't touch it once a month ...

pridehappy

If you're looking at free bank accounts, I'd go for Virgin Money M Plus or Nationwide FlexDirect/FlexAccount. Good service and a wide range of other products which are excellent in terms of offering. 

Both banks are easy to set up with joint accounts and have benefits for each:

Virgin Money:

• Highly regarded as having some of the best credit cards on the market.
• 3.03% on joint M Plus Instant Access Saver if you wish to start saving together.
• 3.75% on an Exclusive Cash ISA if you wish for instant access to Cash-ISA.
• Great mobile app and customer service.
• Up to 5.2% fixed for 1/2/3 years on a Cash ISA if you want to save without touching.
• Cashback on selected retailers using your debit card.
• Ethical.

Nationwide Building Society:

• Highly likely £200 a year just for using them and holding £100 in savings (individually or joint).
• 2.5% on an instant access Flex Instant Saver.
• 5% on the current account for a year if you choose FlexDirect.
• Free overdraft for a year if you choose FlexDirect.
• Plenty of other member offers are done routinely.
• Plenty of other member-only products are superior to banks offering.
• 4.75% on a 2-year bond.
• Outstanding customer service on the app, online, in-branch or over the phone.
• Ethical.

You can also check out other banks and their offerings, although they may not be as superior.

If you're not looking to switch your individual bank accounts, you can either:

• Complete a partial switch which will transfer all your direct debits and balance, although keeps your Barclay's accounts open. You will both need to transfer your own balance back after the switch, but it's easily done.
• Contact each organisation you have direct debits with and switch them all to your new current account.

Jami74

pridehappy said:

Nationwide Building Society:

• Highly likely £200 a year just for using them and holding £100 in savings (individually or joint).

How do you get £200 a year for using Nationwide and holding £100 in savings please?

Mojisola

[Deleted User] said:

I would suggest you both keep your separate current accounts and then open a joint account for bills and other expenses. Both of you can set up a standing order to send an amount monthly to the joint account. You can then keep your own accounts for personal spends and savings etc…

If you use a different bank to where your accounts are now, it will give you some flexibility to access money if one bank's systems go down.