Question Joint bank account

[TrueBlue]

Right it looks like me and the other half are going to be together for a long long time and we want a joint bank account where we can transfer money into the 'pot' pay bills etc also want to link a savings account to it so we can both save each month just need to know what bank to go with??

My credit rating is crap hers is fine I bank with Natwest and she banks with barclays

Any advice would be nice

 

[Benfleet A1]

Right it looks like me and the other half are going to be together for a long long time and we want a joint bank account where we can transfer money into the 'pot' pay bills etc also want to link a savings account to it so we can both save each month just need to know what bank to go with??

My credit rating is crap hers is fine I bank with Natwest and she banks with barclays

Any advice would be nice

Was that the young lady I met you with at Crawley? If so I would say you have landed yourself a very nice catch there.

 

[TrueBlue]

Yes mate properly loved up

 

[DTS]

What advice do you need?

All banks offer a default account for people with poor credit ratings. If you looking to save long term use an investment ISA.

Anything else?

 

[TrueBlue]

Just any particular bank?

 

[BrettieAngell]

Dont do it!

 

[tottenham541]

Right it looks like me and the other half are going to be together for a long long time and we want a joint bank account where we can transfer money into the 'pot' pay bills etc also want to link a savings account to it so we can both save each month just need to know what bank to go with??

My credit rating is crap hers is fine I bank with Natwest and she banks with barclays

Any advice would be nice

yeh put it under the matress, and the money :omg:

 

[OldBlueLady]

I echo BA's advice, don't do it! By all means set up a joint savings account but keep your main accounts separate!

 

[TrueBlue]

I never said our main accounts would be linked I want a joint current account so we can transfer money into from our own personal accounts where we get our wages and then linked to that joint current account a joint savings

 

[Pubey]

I think joint savings is quite unusual, we looked for one and couldn't find any. I'd advise not having joint savings. Set up a joint current account which has good online banking and then it's easy to both have an online savings account which you can manage online.

 

[Vange Shrimper]

I echo BA's advice, don't do it! By all means set up a joint savings account but keep your main accounts separate!

We don't have any joint accounts, just our own separate bank savings and normal accounts. I find it easier that way. Although, if you get a mortgage, don't you have to get a joint bank account then?

Also, how does the saying go... "Whatever mine is mine, and whatever his is mine too" :winking:

 

[DTS]

If your saving long term you would be a mug to save in cash as the rate will be less than inflation.
Use an Investment ISA and give yourself potential growth and tax free returns.

All banks much of a muchness in terms if the most basic accounts which I think you will be limited too.

 

[OldBlueLady]

We don't have any joint accounts, just our own separate bank savings and normal accounts. I find it easier that way. Although, if you get a mortgage, don't you have to get a joint bank account then?

Also, how does the saying go... "Whatever mine is mine, and whatever his is mine too" :winking:

I can tell you from experience, I found absolutely NO truth in that saying! I think it's certainly useful to have a joint account if there is property and therefore bills involved as it gives both parties the power to pay bills. If there isn't a joint account and some unforseen problem arises (like hospitalisation of the person who normally pays bills) then there won't be any problem.

 

[Pubey]

but why did you advise a joint savings and not a joint current account? surely you'll have more in your joint savings which means if things go tits up they can claim it as theirs. seems more risky to me. also agree with DtS, get an ISA so ensure you get the best value.

joint current account makes sense for property and bills and stuff. we also have different pay days so it means that generally there is money in there for unforeseen expenses (car, house etc). we then move money across to savings every few weeks.

 

[OldBlueLady]

Because it's only early days in their relationship yet and I wouldn't expect them to build up huge amounts so soon. If they want to save for stuff like Christmas, holidays together then I still think that is best. On a joint account you can obviouskly opt for BOTH parties to sign on withdrawals and select a lower cash machine withdrawal if prefered.

 

[Onion_Bag_Dave]

Sometimes I love this board. Actual advice. Brilliant stuff!

 

[Pubey]

Because it's only early days in their relationship yet and I wouldn't expect them to build up huge amounts so soon. If they want to save for stuff like Christmas, holidays together then I still think that is best. On a joint account you can obviouskly opt for BOTH parties to sign on withdrawals and select a lower cash machine withdrawal if prefered.

Doesn't sound very flexible, I assume you wouldn't be able to transfer money across online.

I'm out

  Spoiler:  

 

[Matt the Shrimp]

Steady on, Kay - I don't think Scott is suggesting pooling all of their resources immediately - and I don't think anyone would suggest that for a minute.

It sounds like, instead, you're looking for a joint "fun" account - somewhere where you can both chuck a wee bit of spare cash, for nights out, holidays, wee joint treats - that sort of thing.

I've got an account with Citibank that fits that bill - it has four linked accounts: Sterling current, sterling savings, euro current, dollar current. They're all instant access accounts, so the interest rate on the sterling savings is pretty rubbish, but it at least keeps pace with inflation. The exchange rate offered is pretty good - usually better than I can get on the high street, and with no commission. So, when I go to Europe, I transfer some of my savings into Euros, link my bank card to my Euro account, and then withdraw Euros from that account when I'm in Europe, so I don't pay any withdrawal charges or commission. Beats farting around with travellers cheques, safer than changing money before you go, and cheaper than being stung for commission every time you withdraw from a cash-point.

I happen to pay for this account - £10 a month - but that also gets me free travel insurance, free mobile phone insurance (albeit which only covers the wife's phone, as the iPhone4 isn't covered, which is a bit cack), and one of those "key and credit card" security number thingys.

On balance, I think it's a pretty good deal. In fact, looks like the charge is now only £8/month - less than £100/year.

http://www.citibank.co.uk/personal/banking/bankingproducts/currentaccounts/sterling/plus/index.htm?merchant=citi

 

[TrueBlue]

Steady on, Kay - I don't think Scott is suggesting pooling all of their resources immediately - and I don't think anyone would suggest that for a minute.

It sounds like, instead, you're looking for a joint "fun" account - somewhere where you can both chuck a wee bit of spare cash, for nights out, holidays, wee joint treats - that sort of thing.

I've got an account with Citibank that fits that bill - it has four linked accounts: Sterling current, sterling savings, euro current, dollar current. They're all instant access accounts, so the interest rate on the sterling savings is pretty rubbish, but it at least keeps pace with inflation. The exchange rate offered is pretty good - usually better than I can get on the high street, and with no commission. So, when I go to Europe, I transfer some of my savings into Euros, link my bank card to my Euro account, and then withdraw Euros from that account when I'm in Europe, so I don't pay any withdrawal charges or commission. Beats farting around with travellers cheques, safer than changing money before you go, and cheaper than being stung for commission every time you withdraw from a cash-point.

I happen to pay for this account - £10 a month - but that also gets me free travel insurance, free mobile phone insurance (albeit which only covers the wife's phone, as the iPhone4 isn't covered, which is a bit cack), and one of those "key and credit card" security number thingys.

On balance, I think it's a pretty good deal. In fact, looks like the charge is now only £8/month - less than £100/year.

http://www.citibank.co.uk/personal/banking/bankingproducts/currentaccounts/sterling/plus/index.htm?merchant=citi

I love you - you make me moist

Kay - go do one

 

[OldBlueLady]

I love you - you make me moist

Kay - go do one

Charming. You ask for advice and then when you are given some you don't agree with that is your reaction. As you would expect I am giving cautionary advice, advice that would protect both parties. Personally, I think it's far too soon to be thinking about joint accounts but then what do I know?