I need a bank account to share with my Dad, without sharing credit scores or anything else

thundyuk

Hi aallllll -

I'm kind of struggling with how to phrase this question really so ...maybe if I describe it you can help me.

I want an account that doesn't affect my credit rating that my Dad can access. I'll put money in the account every month that we can both access- the idea being that we only get the money out if need it. And his bad credit does not affect my good credit!

An example of use would be we need to get some paint from the shop, my Dad can go down and get it but if the account runs out of money it doesn't make my credit rating look crap!

Not sure if this exists but hey, if you have any ideas please let me know! 

lr1277

Deleted post as I later realised my suggestions wouldn’t meet OP’s needs.

M25

Give him cash.

marcia_

thundyuk said:

Hi aallllll -

I'm kind of struggling with how to phrase this question really so ...maybe if I describe it you can help me.

I want an account that doesn't affect my credit rating that my Dad can access. I'll put money in the account every month that we can both access- the idea being that we only get the money out if need it. And his bad credit does not affect my good credit!

An example of use would be we need to get some paint from the shop, my Dad can go down and get it but if the account runs out of money it doesn't make my credit rating look crap!

Not sure if this exists but hey, if you have any ideas please let me know! 

 If you have joint accounts you will be financially linked and there is no way around that. Yes give him cash. 

Dobbibill

Take a look at this thread about pre-paid cards - it looks like the recommendations may be what you are looking for.....

https://forums.moneysavingexpert.com/discussion/6391470/joint-prepaid-preloaded-card-for-monthly-shopping

SandyShores

I agree that a pre-paid card might be what you are looking for.  I had one a few years ago when we were on our debt-free journey and I wanted to restrict spending.  

I can't remember the one that I had but MSE has a few suggestions here.  This Pockit one looks like it might be useful as you can have more than one cardholder, but bear in mind some prepaid cards don't let you withdraw cash and its worth being aware of the fees charged, so have a shop around.  

Olinda99

If it were me I would open something like a starling bank account and set the overdraft slider to zero so it can't go overdrawn and give him the debit card. I would put money in it as was needed.

Yes there are those who will say that giving someone your debit card is against the rules which is probably is but they're not going to shoot you for buying a can of paint

Zanderman

Another vote for a pre-paid card - which is not actually a bank account but can be used like one for spending. 

And won't impact anyone's credit rating or create financial links. 

PRAISETHESUN

Is it always going to be the situation where you are giving him money? Or will there be situations where puts in money that you are going to spend? IMO the simplest way would be to just reimburse each other when one makes a purchase for the other using their own accounts, given you suggest it's likely to be an infrequent occurrence.

Alternatively, could you consider setting up your father as an additional cardholder on an existing bank account/credit card that you hold?

Rob5342

A Starling account with a connected card might suit you:

https://www.starlingbank.com/features/connected-shopping-card/

As PraiseTheSun says though, why not just transfer money between your existing accounts as and when you need it, making a transfer only takes a few seconds. I sometimes ask mu daughter to get things for me and I'll either reimburse her or transfer enough to her to cover it and she'll transfer back the difference. 

Petriix

Assuming that his credit rating isn't so bad that no organisation will give him a basic bank account... Get him to open a new account which you can put some money into each month for him to spend. Keep your own money separate and do your own spending from your own accounts.

I'm not sure if there would actually be any benefit to having the account in both names.