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Seperate 'house' account for bills etc?

When my flatmates and I signed our lease we had to turn over all the forms and money within about a day and a half as we were racing another group for the place (so dramatic haha) and for easiness sake, put down my bank account details on the form stating where our rent would be taken out from. I don't think it's a good idea to have my flatmates paying the rent into my personal bank account as I don't want to be responsible for any mistakes (like what if I accidentally spent the rent?!) and would hate to end up out of pocket in the unlikely event that someone didn't pay in.

SO I think setting up a seperate bank account for the flat is the best way to go. Do other people agree? Just wanted to check this is a rational idea as a couple of the flatmates are a little bit wary. Also, is it ok for this account to be in one person's name or is it better to have a joint account? (not sure how setting up a joint account would work when we're all scattered across the globe right now...)

Thanks for any insight!

Reply 1

Kre

Well we were originally going to set up a joint account in everyone's name but decided it would be easier if just one person makes a new 'house' account which we all put money into it. It all worked out fine.

Reply 2

DavidCarpent

It will be good for you to make a joint account with all your flatmates. If you pay from your personal account and if any one of your flat mates leave the flat or do not want to pay, than all money will deduct from your account. So the best option is to pay from joint account. So that each of you are responsible for paying the rent and you won't have burden for it.

Reply 3

tehFrance

Get a community account, HSBC and Lloyds offer one, otherwise if you trust the other person then pay it all in to their account and let them pay it off.