Best Joint Account?

rossobianchi

Hi there, I used the search facilty but couldn't find a relevant thread on this topic so I've created one.

My girlfriend and I would like to open a joint account together where money automatically transfers from our own personal accounts into the joint one each month. I work full time, she is in her final year of Uni though she'll be doing a Masters too. We won't be throwing loads into it; just enough to help go towards wedding / travelling / etc in the future - I'd say around £50-£100 each per month.

The thing is - I know very little about the best account offers out there and interest rates, so if someone could point me in the right direction it would be much appreciated :j

rossobianchi

Anyone? Advice is much needed! Thank you.

lolarentt

My partner and I use a Nationwide Flexaccount for this, well we use it as a sort of holiday fund really, putting in extra cash received for odd presents, a few share dividends and agreed larger sums when circumstances allow. Any reasonable balances I move across to a Nationwide e-account online which pays a good interest rate. We also have a N'wide credit card (best for foreign use as they don't levy the usual 2.75% charge) so if we use a cc when on holiday abroad it came be paid online direct from the N'wide Flexaccount. You can of course set up a standing order to pay regular sums from your respective current accounts elsewhere into a joint a/c such as this.

CLAPTON

Are you looking for a joint SAVINGS account with a good interest rate or a current account?

Personally I would discourage you from getting a joint currrent a/c because (and I know this is unromatic) its such a potential pain should the relationship not work out. Also it establishes a financial link between you and should one of you have a poor financial record then it will affect the other.

The most tax efficient savings are ISAs as you pay no tax on them so if you haven't used your allowance this year (3k) then consider theses first. They can't be joint however.

Also consider the tax status of you GF.. if she has no income then she can register for interest to be paid gross whereas you can't. Some saving a/c allow the interest to be half and half (half taxed and half not)... but it complicates the issue.

Sorry for complicating things and I haven't answered your actual question but I dont know if you have considered theses issues when you said you wanted a joint account.

margaretclare

Don't have joint savings accounts! Max out your cash ISA allowances first (to increase to £3,600 from April).

IMHO a joint account is only useful for paying household bills, where both contribute. Otherwise, no.

Margaret