Do we need a joint account?

AdmanPea

Hi all. My partner and I (getting married later this year) lived together and she recently got added to the mortgage as a full partner post a remortgage with our lender.

My question is, for her own credit purposes, would it be best to have a joint account for bills that we pay for everything for? I earn a fair bit more than her and we currently have it so I pay for all the bills (as I always have) but she direct debits me an amount each month that contributes. 

I think she's nervous that all of her financial independence has now gone (in theory) and didn't know if it was beneficial to be a joint-name on an account that covered such things just in case anything happens to me etc...

Thoughts?

eskbanker

AdmanPea said:

I think she's nervous that all of her financial independence has now gone (in theory) 

Surely her financial independence hasn't now gone if you both still have your own current accounts?

Entirely up to the two of you if you wish to use one or more joint accounts, they're certainly not needed as such but many couples prefer them - even if opening one, there's no need to stop using individual sole accounts too though....

AdmanPea

I think she (we to be fair) were thinking for credit purposes should it ever be needed would it be an issue to not have her on a named account that is paying out on bills. 

Nasqueron

I am not on my partner's mortgage (might have ended tbh) but we have a joint account with Starling for bills, both pay in, shopping, bills etc come out of it. Chose them as they pay interest on the current account, will need a savings account now but it's easily managed.

Jami74

Joint account might be useful if something happened to one of you, the other continues to operate it to make sure the essential bills get paid.

I am the higher earner/contributor in our relationship and we have a joint account which my partner has full access to so he can see what things cost and how 'our' money is spent. If he just gave me an amount each month that would feel like he was my lodger. We discuss when things go up, eg internet and whether we both want to put a bit more in or switch provider etc. I very much expect him to be part of those decisions. Although I know he'd be quite happy not being involved.

We both have our own accounts and pay for our own cars, phones etc.

eskbanker

AdmanPea said:

I think she (we to be fair) were thinking for credit purposes should it ever be needed would it be an issue to not have her on a named account that is paying out on bills. 

From a credit perspective, she'd need to be named on the bills themselves rather than the account they're paid from.

steven141

We have a joint account for our mortgage and household bills. We each have our own accounts as well which we pay our own individual bills like our mobile phone etc. it’s down to what works for both of you. Some people prefer to separate the bill others like all in the same account.

Emmia

We have our salaries paid into our own accounts and then have joint accounts to pay the mortgage, bills, groceries and to save for maintenance type expenses. We just transfer over an agreed amount each month (or weekly for groceries) into the accounts.

The rest of the money we earn is to do with as we wish.

Personally I wouldn't want it "all in" I like to retain control of my money.

penners324

We've gone all in. Joint current & savings accounts. Works for us 

Ergates

You don't *need* one, and some couples don't.  But I would recommend it - it makes join bills etc *so* much easier to manage.

Rich1976

We used to have a joint account for the household bills and separate accounts for anything else but a few years ago decided to go all in so everything now is in joint names.

it was a game changer for us because it’s easier to see everything coming out in one place and no quarrels about who owes who for what or person A is running low on funds so person B has to sub them until pay day.

our savings are in both our names too and it makes it easy now to save up for shared or individual things such as holidays, home improvements as well as the annual bills, both individual and shared.

We just have one spreadsheet for budgeting and both our incomes are combined into one household income. When you are married there’s no mine and yours money but it is our money and has led to far fewer disagreements the way we do it now.

Each couple is different and you will find which way is preferable to you .