Advice on opening a joint account?
Discussion
Not sure why it's taken so long, but I think it's about time I open an account that (mostly) I will pay into, but both Mrs UTH and I have access to, food shopping etc.
I assume this is easily done, but are there any out there better than others for any perks and such like?
I imagine I'll be putting between £250 and £500 a month into it, she may be able to add a little too.
I'm a bit old school and would want a debit card each linked to this account, but assuming these days maybe it's all done with virtual cards on your phone etc?
Just writing some of this is making me feel old.....
I assume this is easily done, but are there any out there better than others for any perks and such like?
I imagine I'll be putting between £250 and £500 a month into it, she may be able to add a little too.
I'm a bit old school and would want a debit card each linked to this account, but assuming these days maybe it's all done with virtual cards on your phone etc?
Just writing some of this is making me feel old.....
It's not really any different to a sole account to be honest and I don't know of any accounts which don't come with a physical debit card (even the newer online only 'challenger' banks).
With regards to perks, I would expect any account opening perk (like £150 to open an account and the like) will require you to set up a certain amount of direct debits and/or pay in a certain amount per month, effectively making it your 'main' account. Or they will have a monthly cost and you'll get ongoing perks (insurance, breakdown etc.). Sounds like you don't really want either of those things though so I'd just get a basic account with a decent interest rate or cashback etc.
ETA: I'd check money saving expert for the best bank accounts currently. It will tell you what they all offer and what you have to do to get it.
With regards to perks, I would expect any account opening perk (like £150 to open an account and the like) will require you to set up a certain amount of direct debits and/or pay in a certain amount per month, effectively making it your 'main' account. Or they will have a monthly cost and you'll get ongoing perks (insurance, breakdown etc.). Sounds like you don't really want either of those things though so I'd just get a basic account with a decent interest rate or cashback etc.
ETA: I'd check money saving expert for the best bank accounts currently. It will tell you what they all offer and what you have to do to get it.
Monzo. You’d have all that done in about 5 minutes. Cards in the post the following day.
It’s a brilliant bank IMO. We have been using it as our main account for all spending and bills for 4 years now. Use pots to separate out bills and allow a refresh of budget every week that is automated. Spend appears immediately and the app and reduces balance accordingly and the spend categorisation isn’t bad either. We also have it round up all transactions to nearest pound so it accumulates in our bills pot. Not unique to them but another nice touch.
Also can easily pay other users via Bluetooth, send payment links, all sorts. I don’t know what else I could need really, I keep a large high st bank for credit cards and account my salary goes into on the side but truly it isn’t needed. All the insurances etc that people mention above are a factor, I get that with private banking via NatWest but not sure if Monzo offer all that, not sure. They’ve just hired someone I’ve worked with before to run ‘insurance’ so maybe it’ll be coming
It’s a brilliant bank IMO. We have been using it as our main account for all spending and bills for 4 years now. Use pots to separate out bills and allow a refresh of budget every week that is automated. Spend appears immediately and the app and reduces balance accordingly and the spend categorisation isn’t bad either. We also have it round up all transactions to nearest pound so it accumulates in our bills pot. Not unique to them but another nice touch.
Also can easily pay other users via Bluetooth, send payment links, all sorts. I don’t know what else I could need really, I keep a large high st bank for credit cards and account my salary goes into on the side but truly it isn’t needed. All the insurances etc that people mention above are a factor, I get that with private banking via NatWest but not sure if Monzo offer all that, not sure. They’ve just hired someone I’ve worked with before to run ‘insurance’ so maybe it’ll be coming
Edited by okgo on Thursday 18th January 09:06
Me and Mrs CO share a joint account we put a set amount in each month. The account is with Natwest and we get EU wide Breakdown, Phone insurance, world wide Travel insurance etc included. Bonus is the price for the joint account is the same price as a personal account but we both get the benefits 
Comes with 2 debit cards and both of us can use the banking app to transfer money in / out of the account.
Comes with 2 debit cards and both of us can use the banking app to transfer money in / out of the account. Crudeoink said:
Me and Mrs CO share a joint account we put a set amount in each month. The account is with Natwest and we get EU wide Breakdown, Phone insurance, world wide Travel insurance etc included. Bonus is the price for the joint account is the same price as a personal account but we both get the benefits Comes with 2 debit cards and both of us can use the banking app to transfer money in / out of the account.
Same here, me and my wife have had the Natwest (Platinum I think?) joint account for about 12 years. The fee has gone up from around £15 to £20 a month in that period but worth it for the benefits. The main perks for me are 2 x phones covered on insurance policy (have claimed on this in the past year and it is a straight forward process), breakdown cover and travel insurance. Comes with 2 debit cards and both of us can use the banking app to transfer money in / out of the account. Wife and I have had a joint account, and nothing else, since 1964. Always with Barclays. No fee at all. Several freebies at various times.
Barclays used to operate a system of monthly top ups to the joint account from other Barclays accounts (eg a Barclays savings account) but that facility has now ended, so this becomes a simple once-a-month 30 seconds job for me to manage.
She and I both have our own debit card for the joint account.
R.
Barclays used to operate a system of monthly top ups to the joint account from other Barclays accounts (eg a Barclays savings account) but that facility has now ended, so this becomes a simple once-a-month 30 seconds job for me to manage.
She and I both have our own debit card for the joint account.
R.
AndyAudi said:
Me, I wouldn’t get excited about accounts with benefits or interest rates if it’s purely a place to put the “housekeeping” for want of a better word until it’s spent.
Get something that’s easy/familiar to administer - potentially with the same apps you/they are already using.
Exactly. Get something that’s easy/familiar to administer - potentially with the same apps you/they are already using.
Anyone who isn’t ancient will easily ‘get’ Monzo for example as it feels like any other app a younger person would use.
AndyAudi said:
Me, I wouldn’t get excited about accounts with benefits or interest rates if it’s purely a place to put the “housekeeping” for want of a better word until it’s spent.
Get something that’s easy/familiar to administer - potentially with the same apps you/they are already using.
Having the same app is v handy. Only reason I stuck with NatWest so long is that I could do my accounts, our joint acc and my mum's acct (LPA) on the same app. Makes life simple. Get something that’s easy/familiar to administer - potentially with the same apps you/they are already using.
Now Mum has died I should change really, but CBA;)
David_M said:
Not relevant to the original question, but we have moved more and more of our savings into joint accounts - mainly because if (when) one of us dies the funds are still accessible by the other party without delay.
Easy to do for bank accounts but what about other things like council tax, utilities, insurance etc which might be in sole names? Should really have LPAs in place (Financial as well as Health) with each spouse acting as attorney for the other - so 4 in total.Somebody said:
Easy to do for bank accounts but what about other things like council tax, utilities, insurance etc which might be in sole names? Should really have LPAs in place (Financial as well as Health) with each spouse acting as attorney for the other - so 4 in total.
It's true - although a lot of such accounts can either be put into joint names, or have a "named person" added. There should really be a better and easier to access mechanism to deal with this.All of this was prompted by the death of my father a couple of years ago and the painful amount of admin to deal with even very basic / simple / low value things where he was the sole account holder.
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