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Hi

My OH and I have completely separate bank accounts. We halve the bills and each pay DD etc.. out of each account. We've been together for nearly 6 years and have a mortage together (plus loans & cards).

Come June/July we are thinking about opening a joint account, put both our pays into it and having everything come out of the one account.

We will have a budget of course and both have access to the account. He's completely trustworthy and much much better with money than I am and I think this will help me when I'm held more 'accountable' for money when in a joint account.

We also think that putting our pays together we could take advantage of a bank account that pays higher interest/has good benefits due to the greater amount of pays combined.

Now, hit me with the pro's and con's please! And if anyone can recommend an account, please do! The more honest answers the better.

Thanks all.

GJ x

Hestia

As opposed to paying everything you both earn into one account, why not have a "household" account that you both put a set amount into and keep a degree of independence? Then you could also have a separate account for your personal account (and can apply to get one at higher interest) - and have the best of both worlds!

My H2B and I find that this works very well, and as he earns more than me I don't begrudge it when he wants to spend his money and vice versa, whilst still knowing that everything involved in keeping the roof over our heads is covered. We put in a little more than we need to, and when it's accrued enough we either have a weekend away (not so MSE!) or put into overpayments on the mortgage (very MSE!)

We have the Halifax high interest account, but that's because it was the best available when we looked on the market (we don't want to move account at the moment as remortgaging soon and don't want it to hinder our credit rating!)

poorandindenial

I agree with Hestia, personally I have never been a fan of totally shared finances, I would go for the jt account for everything that could come out and seperate accounts for all your 'own' money.

Hell1

Hi there,:j

Agree, keep some thing seperate! Then u have some control....
Good luck and I don't mean to sound cynical...

hell:j

SarahNeedle1872

OH and I have seperate accounts, all the bills come out of mine, and I transfer what I need, on payday, so it can't be spent for anything else.

I have previously tried to instill the DFW/MSE way into him, but it just doesn't work, so I have decided that I will let him get on with it, as will I, then there will be less arguements.

In a previous relationship we had a joint account, but I always felt under scrutiny with what I bought (I was the lower earner, and at the time, a shopper!) I am still the lower earner, but now I am the one doing the scrutinising, so that needs to stop, as it has caused resentment from OH.

OH and I are completely financially seperate, and the only joint thing I would have with him would be a mortgage.