Recommendations for a Joint Bank Account ?

Minnie_Mad

After being single for several years I’ve started a new relationship and we’ve been together for 6 months.  We both work full time, and have good jobs. I’m mortgage free, although not much savings. He has a small mortgage and savings from an inheritance.  We have no plans to live together or unite our finances.  We both have adult children with former partners.  

We pay for everything we do together on a 50/50 basis.  We would like to organise a joint bank account together that we pay money into like an old fashioned kitty. It would be for meals and drinks out, hotels, holidays and outings.  We don’t need an overdraft.  It would be nice if the account had low or no fees to use abroad.  

We just got back from our first holiday together and I used my Chase account while away. I emptied it out and we each put £300 in and I used the card whenever money was required until it was all gone.  Chase would be ideal but they don’t do joint accounts. 

I know it could affect my credit rating if we are linked together but we both know enough about each other to be certain it won’t be an issue.  We won’t be at the same address either.  

Any recommendations for best and most suitable accounts?  

Thanks

400ixl

Starling may do what you want.

elsien

Star!ing are good but would need both people to have a personal account with them first.
https://help.starlingbank.com/joint/topics/setting-up-an-account/how-do-i-apply-for-a-joint-account/

Other option is a connected card although that will come with limits on spending on the second card.  
https://www.starlingbank.com/features/connected-shopping-card/

Have to be honest, I wouldn't be opening a joint account after such a short space of time. 

Rob5342

I always suggest Monzo or Starling as their apps are so much better than anyone else's. Monzo also has a very useful split the bill feature ehich might be good useful for sharing costs without linking your finances.

savagelyric

Having been in a similar relationship (not living together and no intention to, everything paid 50/50), I would recommend using the Splitwise app rather than a joint bank account. 

DullGreyGuy

Minnie_Mad said:

We have no plans to live together or unite our finances. 

Minnie_Mad said:

We pay for everything we do together on a 50/50 basis.  We would like to organise a joint bank account together that we pay money into like an old fashioned kitty.

Creating a joint account does start the process of uniting your finances.

Would echo that Starling works well for us. Looking on my credit report can only see the single name account and not the joint one there, neither has an overdraft. Can't say if its created a financial link because have had a joint mortgage for longer and so the link already existed. 

Nasqueron

We use Starling joint and I have not got a financial association on Equifax or TransUnion, don't have a free access to Experian so can't check there

jimjames

savagelyric said:

Having been in a similar relationship (not living together and no intention to, everything paid 50/50), I would recommend using the Splitwise app rather than a joint bank account. 

I was also going to suggest this. Ideal way of keeping track of finances without needing an account and can just pay off equally once you know the total.

PRAISETHESUN

If you're set on opening a joint account then my recommendations would be to look at either the Santander Edge account to get cashback on your bills, or maybe a packaged bank account if you would make use of the associated extras. Packaged accounts tend to be good value for joint accounts as one monthly fee gives cover for both account holders. Otherwise Starling as discussed above is a fairly quick and easy one to set up

Minnie_Mad

Thanks everyone I’ve got some food for thought there.