Opening A Joint Bank Account

Misteeq

Hi,

My partner and I would like to open a Joint Bank Account together but I have a poor credit rating (approximately 510) due to the unfortunate circumstances of going into an IVA in January 2022. Prior to the IVA I had never missed a payment on anything (mortgage, credit card, previous loans etc). Since the IVA I have also not missed any payments on anything, including the IVA.

I have done my own research and it seems that most banks require a credit check on both of us and our scores will be combined together. My partner has an excellent credit history and has no debt whatsoever (his house is paid for in full). 

We only want to open a basic bank account for savings purposes. Are there any banks who will give us a basic bank account without a credit check? I really don't want my partner to be linked to my low credit rating as that would be totally unfair on him and something I don't want to do.

Hoping someone can advise

Many thanks. 

WillPS

You don't have a score and lenders may or may not consider the finances of a linked party when making a credit judgment, but the key point is they could.

If it's for savings purposes, how about just a joint savings account? Savings accounts shouldn't impact your credit record at all. Ask your local building society if you want to keep this completely separate from your banking relationships.

eskbanker

Misteeq said:

We only want to open a basic bank account for savings purposes.

Why not just open a (joint) savings account for savings purposes?  They aren't reported to credit agencies so wouldn't create a financial link between you....

Misteeq

eskbanker said:

Misteeq said:

We only want to open a basic bank account for savings purposes.

Why not just open a (joint) savings account for savings purposes?  They aren't reported to credit agencies so wouldn't create a financial link between you....

Thank you - We only want a joint savings account together. Can I just check that my low credit score would not impact his if we were to open this type of account? 

Do Banks / Building Societies do a credit check for a joint savings account?

It was an extremely difficult time for me when I went into the IVA (of course I was very thankful this kind of help was available to me), but it has impacted me negatively on my credit file and I don't want my partner to be linked to my past mistakes. He knows all about my IVA.

Many thanks.

eskbanker

No credit check (or credit file footprint) for savings accounts, as they don't entail any credit provision.

Misteeq

eskbanker said:

No credit check (or credit file footprint) for savings accounts, as they don't entail any credit provision.

Thank you so much!

Rob5342

Paragon seem quite good at the moment:

https://www.paragonbank.co.uk/savings/savings-accounts

Newbie_John

First question, why do you care so much about the credit score? Unless you're planning to get a mortgage etc. in near future (which doesn't look like is the case) then for now it's just a number that nobody cares about. When you will attempt to get a mortgage together then this score again is useless, as your combined financial situation will be assessed in the future.

Secondly, you can always open two saving accounts - one in each other name. So instead of putting £20k into one account - you can put £10k in each.