Best Joint Account ?

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
4 replies 23.9K views
tipps_2tipps_2 Forumite
17 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
my girlfriend and I are in the process of buying our first house together... gulp... we have both got our own current accounts with different banks but have decided we need to set up a new current account for the mortgage payments (and bills)... guess we'll keep our own current accounts as well... are any particular accounts better than others for this purpose ? what would you experts recommend ? Thanks !!

Replies

  • mintymoneysavermintymoneysaver Forumite
    3.5K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Home Insurance Hacker!
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    I've got a HSBC AND a Halifax Account, both joint and never had any problems with either of them.
  • thanks for this... I was specifically wondering whether there are any types of joint account I could go for that suits my purposes or any providers that do anything specific... or are they all the same product ?
  • Mc4ndyMc4ndy Forumite
    142 Posts
    We do the same, ie both have individual current accounts and we trasfer an amount each into a joint account to cover all joint costs, mortgage, bills and food etc.

    Here are my thoughts on your question:

    I would say one with a good overdraft interest rate because this is the account that could go overdrawn if you have higher bills than expected, or spend a bit more on food or something.. so you get the overdraft limit with a good rate, and the buffer is there for this eventuality without costing an arm and a leg. A+L again or Nationwide are good choices. Nationwide is a good choice for when you go on holiday, you can put your holiday money in it and use your cards without the loading or poor exchange rates other banks screw you with.
    Why do today what you can put off until tomorrow.
  • trets77trets77 Forumite
    2.9K Posts
    me and my wife have this exact arrangement. were with (cringe) Barclays but they were rubbish !!!!!!

    we are now with First Direct who are excellent.if you are a busy working couple they get my vote for Convience and service

    they are U.K only telephone bank ( u.k staff only and NO automation) so you can do EVERYTHING on the phone ANY TIME. phone is answered on the first or second ring EVERY SINGLE TIME I CALL !!!!!

    you can also pay cash in direct at any HSBC if and when the need arises. it does not work the other way around with a HSBC account though you don,t get the First Direct treatment and services with a HSBC account so i,m at a loss why anyone would get a HSBC account when they could have a First direct account!!!!

    if you are not planning on keeping large amounts of credit or making VERY large amounts of overdraft ...... then what little you gain with all the others will be wiped out by the hassel and expense (petrol and parking to name 2) of going into branch to do certain things IMO.

    if you want to wait in line with everyone else and not be able to do anything on a weekend then sign up to high street branch by all means.

    the benfits of nationwide account are really only the foriegn currency thing but if they are as much hassel as the credit card i say no thanks read my horror story from a while back on Nationwides telephone service

    http://forums.moneysavingexpert.com/showthread.html?t=234206

    .....get the new Post office card (superb i have found !!) for your HoliBobs spending and Travelex for your money.
    Better in my pocket than theirs :rotfl:
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