Joint Account

ilnf

Hi.

My OH and I are in the process of buying our first home and need to sort out some new financial arrangements. My thoughts are:

• Would it be wise to set up a joint current account and get both our wages paid into it and all bills / mortgage etc to come out and left over being spending money/ transferred to savings account?
• Alternatively would it make more sense to keep our exsisting current accounts, set up a joint account with a SO coming from both accounts to cover everything?
• Or...leave things as they are, get the mortgage and (some) bills coming out of my account and use my OHs account for the odd bills, living expenses and savings?

If getting a joint account is preferable, are there better banks out there than others when it comes to this? FYI, I bank with HSBC and OH Halifax, both operate accounts online.

Thanks.

Darka

I'd go for option 2, keeping your own current accounts with a joint "bills" account.

It keeps things simple and more importantly, should one of you die then that persons accounts will all be frozen potentially leaving the other persion unable to pay bills, etc.

Typically joint accounts will not be frozen so allowing bills to still be paid whist waiting for the deceased's estate to be finalised.

regards,

jimbo_the_jetset

I would get a joint account with A&L with 0% overdraft for 12 months us to buy house stuff or stick in savings. Plus 8% interest.

Keep seperate accounts into which you both get paid. Work out how much house costs will be, set up standing order from each of the current accounts to the new joint account to total household expenditure plus say a little extra. Pay all bills/mortgage from the joint account.

p.s. if buying lots of house stuff for the first time get a cashback credit card, you'll soon rack up some decent cashback