student money qu's

pavlovs_dog

some hypothetical questions for you...

does anyone know how (and even if its possible) to set up a joint account, with one of us (me) being a student and my OH having a normal current account? what would we stand to loose/gain in terms of interest rates, overdraft facility etc

also, how would we stand if we were to get a mortgage

a) if we were to have the aforemention joint account
b) doing it as we are now, him with his current account, me with my student current account?

thankies

newfoundglory

AFAIK this is not possible. For one, most student accounts can only have a single account holder, not 2 or any more. You can assume banks do this with student accounts, to prevent liability of the overdraft being spread between two account holders - boyfriend/girlfriend breaking up could be kinda messy. The bank would reserve its right to persue both or one of the account holders for the total amount owed.

Of course, there is nothing stopping you opening a normal joint current account with your OH. But there would be nothing stopping you opening a joint current account, then a student account in your own name (so you would have two accounts).

Lending, ie mortgages, is based on credit score and income. Most current accounts aren't listed on credit files (there are a few exceptions)... therefore a current account wouldn't generally help you in terms of that, but it might help with an application at the bank the account is held with.