Joint Account

mcmatt

Dear moneysavers,

I am planning on setting up a joint account with my brother in order to keep track of expenses as we set out on a modest business venture. The intention is to be able to keep track of costs and not have to constantly request money from the other as and when expenses arise.

We intend to stick about £1,000 each into the account to cover costs, and replenish the account when funds get low. We will each need a debit card and cheque book.

The problem is that I can't see much about joint accounts ANYWHERE! Ideally we'd like a reasonable interest rate, and not have to pay salaries in each month as one would for a standard current account.

So - here's the question: Does anyone have any suggestions of 'good' joint accounts out there, things to look out for (besides the obvious issues relating to all joint accounts as regards trust etc) and any other info that might be relevant?

Thanks in advance...

MC

all_change

in my experience joint accounts are simply any account which has two account holders, e.g. a normal current account. There doesn't seem to be a different product called a "joint account", although I guess there could be promotional ones sometimes.

You therefore usually have a wide choice of account types and can simply look up the charts of which account has the features you want - I think there are comparison tables on the main bit of this site.

It can sometimes be easier to open a joint account with a bank where one of you is already a customer, as you would only need to supply application info for one person. (Cue the normal banking ineptitude fiasco of opening an account!)

HTH

all_change

found the link to the MSE article on best bank accounts:

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

mcmatt

Many thanks all_change - I'll look into it and punt on another current account by the looks of things. Some creative financing might be required to get the minimum monthly throughflow lined up, but nothing that a standing order won't solve, I'm sure!

Thanks again.

MC

Dave_®f©

Just remember you'll be financially linked with one another by the credit reference agencies once you apply for the joint account. Have you both got good ratings? One will be effected by the other if one is bad.

Emmie_2

Dave_®f© wrote: »

Just remember you'll be financially linked with one another by the credit reference agencies once you apply for the joint account. Have you both got good ratings? One will be effected by the other if one is bad.

Dave- I am planning on opening a bank account with my partner as we move in together (for a diffrent reason than above- share bills etc) My credit rating is sure to be poor while his is good, will this then affect him do you know?

Thanks