Question Joint bank account

[TrueBlue]

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?

Indeed what would you know! you presume to know but you dont what I know is that you (wrongly) got taken for a lot of money from your ex so maybe you are looking at things with some distrusting view.

 

[bucket&spade.f.c]

Personally Scott I think you be a bit foolish to do something like this at this early stage of your relationship (as much as I like her)

On a day to day basis I have to listen to individuals bang on about how the current/ex partner has **** on them and clearned them out or who put what money in and when!

Personally if your both looking to save then open seperate savings accounts and just set a S/O up at a set amount that you both agree to and can both afford!

you have to crawl before you can run

 

[Yorkshire Blue]

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

Matt - am pretty sure you can get a much better deal than that without paying a fee - the fact that they aren't bragging about their interest rates suggests that they must be particularly stingy. I looked into it about 6 months ago and IIRC the best ones were Santander Zero (no yearly fee, no charge to withdraw abroad - but you need to have a mortgage, investment or savings with them to qualify for it), Nationwide (free withdrawals within Europe) and, I think a Post Office one. They'll usually bung you £100 or something to switch as well and offer you an introductory rate.

 

[tottenham541]

Personally Scott I think you be a bit foolish to do something like this at this early stage of your relationship (as much as I like her)

On a day to day basis I have to listen to individuals bang on about how the current/ex partner has **** on them and clearned them out or who put what money in and when!

Personally if your both looking to save then open seperate savings accounts and just set a S/O up at a set amount that you both agree to and can both afford!

you have to crawl before you can run

good advice that, best bet this one.

 

[DTS]

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

Sorry to **** on your chips but if your credit score is bad as you say then you are unlikely to get one of these types of accounts. You may be restricted to the most basic account until you prove yourself credit worthy. Could be wrong so give it ago but having been around banks all my working life this is normally the case.

 

[DTS]

For what its worth I would both save into an ISA. As the name suggests they are individual only which is the perfect way to save for a new couple and its tax free. Also youi are both then directly responsible for what you put in so if you do break up then you have your own money and a nice clean break.

 

[ian_the_girth]

What bills? You live at your parents & they pay for everything!!

 

[Cricko]

What bills? You live at your parents & they pay for everything!!

He shoots, he scores..:smiles:

 

[TrueBlue]

What bills? You live at your parents & they pay for everything!!

Which will not be the case when I dont

 

[duncan bulgaria]

If its only to pay bills and not to save up a big lump sum , why don't you or your missus just open up a No 2 account and then each month 'said ' person transfer's whatever is agreed , they then pay the bills from that account , job done ??

That sounds to simple and thats what my other half does , if it goes t1ts up , she stops paying into my no 2 account , back to square one . Wait until your credit rating improves , by paying off silly amounts on any cards that offer you a bit of cash etc .

 

[ian_the_girth]

Id start by sorting yourself out & your own debt before taking on additional outgoings.

 

[bucket&spade.f.c]

Id start by sorting yourself out & your own debt before taking on additional outgoings.

That is the best advice ......you be better off in the long run! start paying what you owe off and take a back seat on the partying and going out and in no time at all you be debt free... like myself

 

[Pubey]

being debt free is one of the best feelings ever. it took me ages to pay off my student overdraft but if you really put your head down and save then it's worth it. in the long run it helps with things like bank accounts, mortgages and other stuff.:thumbsup:

 

[pickledseal]

When I lived with my ex, who for the record, I thought was 'the one' for several years we never even came close to setting one up... part of the reason was she had a joint account with her ex from uni who she lived with. This caused a load of hassle which put me off. He used over draft after she'd signed to close it, thought he had (he said he had, naive on her part) for example plus when she got her credit rating stuff when we half thought about buying... His name was all over it! I had a second account, I bunged £350/month in, as did she and all our DD came out. We both had our own ISAs and slung same amount in for holidays etc and it all worked fine. When we did split up, it was a piece of **** to sort out, because there was no finical ties. I did have to give her £20 for the points on the Nectar card which was joint though!

 

[Matt the Shrimp]

Matt - am pretty sure you can get a much better deal than that without paying a fee - the fact that they aren't bragging about their interest rates suggests that they must be particularly stingy. I looked into it about 6 months ago and IIRC the best ones were Santander Zero (no yearly fee, no charge to withdraw abroad - but you need to have a mortgage, investment or savings with them to qualify for it), Nationwide (free withdrawals within Europe) and, I think a Post Office one. They'll usually bung you £100 or something to switch as well and offer you an introductory rate.

Ooh - thanks Matt. I will look into it.

That said, what's annual travel insurance for a family of 4...? £100? Probably why I've not done an awful lot to change the account...