Joint account?

[sofia1991]

Hello,

Me and my husband are both 31 and have around £2500 in savings 🤣 we spend a lot on home decor and meals out so have decided to track our spending for the month of November. We have eaten out once this month so far which is a big change for us as it used to be a 3-4 times a week before!

Anyway, we rent our property which takes a huge chunk of our income (around £1300 including bills) - we bring in £3,000 a month together.

We were thinking of opening a joint account as it will make expenditure easier and saving our money and seeing exactly where it goes... we don't intend to buy a property just yet, maybe in 2 years. My credit score is perfect and my husbands is good... what are the pros and cons of opening a joint account and having everything on there from now on? We share finances anyway and don't have 'my money' in our household anyway!

Is there any accounts you recommend? I had a google and came across starling bank, are they good? Any UK banks with perks or benefits?

Thanks x

Just make sure you have a separate account for yourself because the shit may hit the fan one day.

And you might need it.

NEVER depend on a man to do the right thing by you. You may have a child.

No end of dead beat dads on here who leave women to take care of it all.

I'm one. LOL. All good now.

We have been together since 16 and in a good relationship... I understand your point but thankfully we have always been on good terms 😬

We will continue to have our separate accounts but any recommendations for joint account banks? I've had issues with Barclays so unsure who to go with now

We have been together since 16 and in a good relationship... I understand your point but thankfully we have always been on good terms

And that's great. But the poster is talking about being prepared for a time you may not be on good terms. It's good advice.

I find starling bank the best. All online.

Is there customer service online too if we have payment problems or fraud reporting for example?

We have a starling joint account. We like the app and you can have saving spaces so you can see what your saving for. We have ones for annual car insurance and presents where we save monthly for things like Christmas as well as space for bigger savings.

We had originally wanted Monzo, they also have the savings pots but also have better savings rates at the moment so maybe try them.

Monzo didn't give us a joint account despite excellent credit scores so had to go with starling instead, very happy with starling now though

Thank you

Do all shops/retailers/online accept monzo though? I've heard that in some places you can't pay with monzo?

@sofia1991 yes, its all really secure, more than my HSBC tbh. It has spaces for savings, gives tips on which accpunt suits you according to what you want ie save, have different spaces for bills etc. the way its laid out is really easy and trackable.

And yes, numbers to call and chats online.

Do all shops/retailers/online accept monzo though? I've heard that in some places you can't pay with monzo

Of course, it's just a standard debit card, so what you heard was nonsense.

You ask about perks. A lot of bank accounts give you cashback each month, eg Chase, Santander, Natwest, Halifax. Have a look on Moneysavingexpert.com.

Also look at the budgeting advice for help with working out where your money goes, how to account for annual and irregular expenses and the importance of opening a LISA each for help with saving towards your house deposit.

Agree with other comments about keeping your own accounts as well as a joint account for joint costs. You need a few accounts for different expenditure and savings. Which will also maximise the perks and mean you're never stuck if you lose the card for your main account or the bank has service issues.

Good idea in principle, as long as you maintain your own accounts and financial independence too. A joint account can be used as an instrument of scrutiny if things should go wrong. Hopefully they won't.

All High Street banks do them as far as I know.

What you've heard about Monzo not being accepted everywhere is correct. I have a Monzo single and joint account. There have been 3 or 4 times I've come across Monzo not being accepted. Once was by Tui on a plane. I also recently couldn't withdraw cash over the post office counter in our village with it as " we don't accept Monzo."

However, accepted in about 90% of cases I would say. And I do love Monzo. The savings pots are great, and other things such as being able to draw my salary 2 days early. They're way better than the traditional high street banks.

Definitely keep your own accounts as well as having a joint account. DH and have been together for 30 years, married 25 yrs, and we still have our own accounts. Joint account is used for household costs . You never know what’s going to happen, job loss/accident/illness.