Is Starling a good bank for a joint account?

dllive

Hi

My girlfriend and I would like a shared 'Holiday Fund' account. We would each make a monthly payment into the account. These funds would then be used for holidays, spending overseas etc

Ive done a little research, and it seems Starling has no fees at all, including for spending abroad. It uses the Mastercard exchange rate too (which is a good thing?).

Before signing up wit hthem, I just wanted to get other peoples opnions on whether Starling was the best bank for what we intend to use it for, or whether theres an even better bank?

Not sure if it matters, but I currently have accounts with Lloyds, and Chase.

Thanks

bagand96

Starling is very easy to use. You'll firstly both need to join and set up individual accounts, after that you'll be able to open the joint account.

As you say it suits your needs well for overseas spending. Been with them years and never had any issue, app is simple and easy to use, lots of notification options etc.

flaneurs_lobster

Does your Lloyds current account have fee-free spend on its debit card overseas (needs to be one of the 'premium' level accounts)?

Just thinking about having more than one card for overseas use is always a good idea.

Who does your GF bank with?

That Sterling option would probably work well as a spend option.

Don't know how much money you intend stashing away but it's always good if it can be earning as much interest as possible.

dllive

My GF also banks with Lloyds. We both have Lloyds Club accounts. From memory theres a fee if you spend over £100 abroad.. or something like that.

I think I settled on the conclusion to use Starling as the main card overseas, then - as you say - use Lloyds as a backup if needs be.

Starling's interest rate looks pretty good, although TBH, any interest earned will be minimal as we're looking to contribute a combined £400pm each into the join account.

GavCB

and don't forget, that if you open a joint account, you will have a financial 'link'……..

flaneurs_lobster

My GF also banks with Lloyds. We both have Lloyds Club accounts. From memory theres a fee if you spend over £100 abroad.. or something like that.

Club Lloyds current accounts? They come with no fees for using the debit cards overseas (no limit).

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82039241#Comment_82039241

I do need to check Experian as Starling use them but Equifax and TransUnion do not report a financial association when we created one between me and the other half

@dllive we do this, pay our monthly money in (mine is sort of rent as it's her house and she earns a lot more) and pay bills out of it. I have the every day saver thing where I dump our spare cash until needed and they have a half decent year saver (rates can be beaten though - just for convenience I put it there). It's simple and easy to manage and yes the fee free foreign stuff is good if we travel

dllive

Thanks so much @Nasqueron . Im glad your thinking aligns with mine (or vice versa!).

Bigwheels1111

Joint accounts are ok but as above you will be linked together. If you or her get into debt etc, it will affect both of you. Why do you need a joint account, do you not trust each other ?.

I’m not having a go at you, but I remember when my best friend got divorced, his wife drained all the accounts.

Took him 5 years to get back on track. Why not get a regular saver each and put £200 into one each.

dllive

https://forums.moneysavingexpert.com/discussion/comment/82041358#Comment_82041358

Thanks. Valid concerns for sure.I have a very good credit score, so dont want to jeopordise that.

So perhaps a regular savings account where we both have the login details? (Ill set the overdraft limit to zero)

flaneurs_lobster

So perhaps a regular savings account where we both have the login details? (Ill set the overdraft limit to zero)

Two points

• savings accounts don't have overdraft limits because they can't go overdrawn
• you will be breaking the terms if you give login details to anyone else for a sole account

No problem for a second party to have the account details and pay in from their own account.

You've both got Club Lloyds accounts - just each put your funds into your own Club Lloyds Regular Saver - gets you 6.5% and 2 x £400 max/mth, pretty much as good as it gets.

Or do you really need a special "holiday" account?