Joint Account & Internet Banking?

Exodi · 21 January 2019 at 2:35PM

Howdy All,

So as it is now, I'm all set to be buying my first house with my partner (of almost 10 years) in March. :beer:

Currently, we have bank accounts with different providers and I feel it may be easier to change my existing Lloyds current account to a joint account so we can essentially cut out the "you owe me 75p for bread but I owe you £23.50 for the meal last week" shenanigans.

I mean, ideally I'd like her to manage all the finances so she can essentially 'look after the house' whilst working part time, she'd have her wages paid into this account - she's happy with this arrangement, don't worry!

One thing I'm wary about is that if I give her details to log on to online banking, she would then have access to all my savings accounts, etc and could move all money in every account freely.

That's not to say I think she's going to rob me :rotfl: but I want to future-proof myself should we ever break up (I know the naysayers will express that I shouldn't get a joint account if I'm making plans in case of a break up but it's just being sensible) by at least seeing that she can't empty every single one of my accounts in minutes.

Do/can you have separate logins for Lloyds internet banking? If not, what do you guys recommend? Open a separate bank account and transfer 'me money' there? Or just don't give access to Internet Banking (but then I'm essentially managing finances).

Brewer20 · 21 January 2019 at 2:46PM

Just going on our joint account (First Direct) we have different log-in passwords. We also have our own single accounts with the same bank, so I can't access her account and she likewise can't mine, it's the same with individual savings accounts. We both of course can see the joint account and only our own single accounts.

So if setting up a joint account you just do the above, is this what you mean?

Good luck with the house purchase and life together.

xylophone · 21 January 2019 at 2:48PM

How about a new joint account for household bills?

https://www.santander.co.uk/uk/current-accounts/123-lite-current-account

cloud_dog · 21 January 2019 at 3:07PM

Exodi wrote: »

Howdy All,

So as it is now, I'm all set to be buying my first house with my partner (of almost 10 years) in March. :beer:

Currently, we have bank accounts with different providers and I feel it may be easier to change my existing Lloyds current account to a joint account so we can essentially cut out the "you owe me 75p for bread but I owe you £23.50 for the meal last week" shenanigans.

I mean, ideally I'd like her to manage all the finances so she can essentially 'look after the house' whilst working part time, she'd have her wages paid into this account - she's happy with this arrangement, don't worry!

One thing I'm wary about is that if I give her details to log on to online banking, she would then have access to all my savings accounts, etc and could move all money in every account freely.

That's not to say I think she's going to rob me :rotfl: but I want to future-proof myself should we ever break up (I know the naysayers will express that I shouldn't get a joint account if I'm making plans in case of a break up but it's just being sensible) by at least seeing that she can't empty every single one of my accounts in minutes.

Do/can you have separate logins for Lloyds internet banking? If not, what do you guys recommend? Open a separate bank account and transfer 'me money' there? Or just don't give access to Internet Banking (but then I'm essentially managing finances).

Ah, I'm so glad to be of a slightly older generation

For us, being together means sharing. Everything.

We have a joint account which both of our salaries are paid in to (OH p/t working), and which all the bills, savings, expenses, investments, etc come out of. In addition we each have our own individual current account, and from our joint account we pay each of us an equal 'allowance'; which we can spend however we choose.

We have a joint CC, which if either of us buys ourselves anything 'frivolous' (for want of a word) then we discuss it and pay the money in to joint account (where the joint CC money is taken from).

From knowing what each of us is paid in an allowance, and in seeing how much the bills/expenses are costing we can then decide on what should happen with any excess money, i.e. savings, specific savings (Hols, etc), additional contributions to a pension; who's (where do we gain better longer-term value).

I will say that all savings accounts are in OH name, as a non-tax payer. I know that is less of an issue since the introduction of the 0% tax band for interest up to £1k (or £500 for HRT) but that is how we've structured it (for now).

I very much appreciate what works for us may not work for others and each to their own (as the saying goes) but, it is really is quite straightforward, there isn't any concept of I've paid more for X, or I paid for Y last time.

EssexExile · 21 January 2019 at 3:08PM

The wife & I have various accounts with various banks, some joint & some not. As Brewer says I can only see the joint accounts & my personal accounts, she can only see the joint accounts & her personal accounts.

Unless I log in as her of course.;)

HappyHarry · 21 January 2019 at 3:10PM

Do/can you have separate logins for Lloyds internet banking? If not, what do you guys recommend? Open a separate bank account and transfer 'me money' there? Or just don't give access to Internet Banking (but then I'm essentially managing finances).

Yes, Lloyds will provide you with separate online logins, where you could see your own accounts plus any joint accounts.

i.e. You would both be able to see your joint account and your sole accounts with your own login, but would not be able to see the other person's sole accounts.

newatc · 21 January 2019 at 3:27PM

If you have these concerns then the best option surely is to have a joint account. Your partner will not be able to view your sole accounts (savings) only joint accounts and any sole accounts in her name.

Like cloud_dog I have always regarded our money (though wife hasn't worked for most of our 40+ years together) as joint. That said when we first got together I kept my saving accounts in my sole name because i saw no reason to change them at that point.

Joint Account & Internet Banking?

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