New domestic bank account - no switching

jmcsta

Hi, I'm new these parts.

I've just moved in with my girlfriend and she wants us to have a joint domestic bank account to cover household expenses whilst we each retain our existing accounts for personal stuff.

We'll do that with a different bank to either of our current ones (she's with NatWst, I'm with HSBC)

Whilst we'll move most of the Direct Debits, neither of us will be closing our current ones so it doesn't really count as switching.

Please can someone advise which banks might offer the best deal there? I should imagine there'll be roughly £2,000 in and out each month, never overdrawn. Need credit and debit cards each, no frills needed. Or perhaps just pick one that has a local branch manned by humans?

Isthisforreal99

Plenty of choices, nearly all banks have what you need. Do you need add on such as mobile phone cover, travel insurance?

No such thing as a credit card btw and won't be linked to the current account.

eskbanker

If local branches are important to you then yes, picking one from your high street is likely to be worthwhile, especially if it's busy.

There aren't generally any deals for non-switchers, except perhaps from cashback sites, but there's nothing to stop either of you from opening a secondary account with your existing bank and switching that, in order to benefit from an incentive without closing your existing account.

Or read this guide for inspiration: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81909449#Comment_81909449

There very much is such a thing as a credit card! Perhaps you meant no such thing as a joint credit card?

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/comment/81909459#Comment_81909459

Indeed I did

Brie

What is the requirement for a credit card?

Is it to pay for groceries or similar and have them easily accounted for on the bank account? The only way to do anything close to that is for one of you to apply for a credit card and the other be given an associate card. The worry with that of course is that the one that applies is responsible for the entire debt on the card, not just for the things that individual buys. Not a problem if everything is fine but not if there's a problem between the two. To keep things under control then the solution is to have a relatively low limit on the card - maybe £1k - to just cover the groceries. That way the one with the associate card can't start doing any excessive online shopping or booking themselves a cruise around the world for one. Only the one that is responsible for the card will be able to raise the credit limit.

huw01

Have a look at Santander. Some of their current accounts have cashback for direct debits. Also you could get the edge saver which has 6% savings interest on up to £4000 balance.

https://www.santander.co.uk/personal/current-accounts

PRAISETHESUN

You might get some cashback for opening a new current account via TopCashback or Quidco, but they are nowhere near as generous as the bank switching offers. Even then, you're better off doing sole switches to maximise the incentives rather than joint ones.

In terms of the best account, my usual recommendation is a packaged account if you'll use the insurances, since a single monthly fee on the joint account will cover both accountholders. Failing that, something that pays cashback on spending such as Santander Edge.

Rob5342

I always recommend recommend Monzo and Starling when this question comes up, they are nice modern banls with apps that are better than anything offered by the old fashioned banks. They don't have branches but when did you last use one of those? Most people never do.

There's no need to have a credit card with the same bank, there are countless options for credit cards.

steven141

Nationwide pay a fairer share payment every year and give 5% interest for the first year on the FlexDirect account. They also have loads of branches.

The Club Lloyds account is also great and you get free cinema tickets or Disney+ and access to a regular saver account with 6.25% interest.

It all depends on what you want.

Emmia

https://forums.moneysavingexpert.com/discussion/6658007/new-domestic-bank-account-no-switching

Personally I'd just open a joint account with one of the banks you already have an account with, and have separate credit cards which you're responsible for individually.

We opened a joint account for groceries after we moved in together an approach we maintain even though we're married now - separate accounts for wages, and most savings and a couple of joint accounts for groceries, mortgage payments and maintenance.