Hey there! Sign in to join this conversationNew here? Join for free
    • Thread Starter
    Offline

    1
    ReputationRep:
    Hey, just wondering whether you share your money with your partner (have a joint bank account) and how it works out? Or is it better to have separate accounts?


    Posted from TSR Mobile
    Offline

    19
    ReputationRep:
    Nope, I don't think we're remotely serious enough yet (or if we will be) to do that.

    Joint bank accounts have their place definitely but they can be a credit risk as you basically fuse your credit rating together. So if one of you has bad credit it can negatively affect the other. And then there is sometimes the hassle of closing the bank account and removing your partner from your credit score if you break up in the future.

    I would only ever recommend a joint bank account for a couple who are in long term stable, trusting relationship who will likely remain that way for a long time. As well as only if both have a decent credit score.

    https://www.moneyadviceservice.org.u...joint-accounts
    Offline

    18
    ReputationRep:
    We're hoping to get a house together this year, our plan is to have a joint bank account for all living costs (I've done a reasonably accurate calculation of what that'll be), putting a bit more in than they'll be, then disposable income after that will be in our own accounts. Obviously if an extra expense occurs we'd share the cost.
    Offline

    15
    ReputationRep:
    (Original post by TSRsteven)
    Hey, just wondering whether you share your money with your partner (have a joint bank account) and how it works out? Or is it better to have separate accounts?


    Posted from TSR Mobile
    we have our own accounts but we share money, we are planning on opening a savings account together
    Offline

    13
    ReputationRep:
    (Original post by Justmoll28)
    we have our own accounts but we share money, we are planning on opening a savings account together
    Just curious. What advantages does a joint savings account bring as opposed to two separate savings accounts?
    Offline

    2
    ReputationRep:
    (Original post by ImNotSuperman)
    Just curious. What advantages does a joint savings account bring as opposed to two separate savings accounts?
    I suppose psychologically it feels like you're both saving towards something together, rather than separately - and I find the urge to spend money is less as it's "ours" rather than "mine". I think joint savings accounts are taxed 50/50, too, so it could be beneficial if one of you is a higher rate tax payer.
    Offline

    15
    ReputationRep:
    (Original post by ImNotSuperman)
    Just curious. What advantages does a joint savings account bring as opposed to two separate savings accounts?
    we can put money in it together like a shared piggy bank for holidays/a car/flat etc for the future
    Offline

    2
    ReputationRep:
    (Original post by TSRsteven)
    Hey, just wondering whether you share your money with your partner (have a joint bank account) and how it works out? Or is it better to have separate accounts?


    Posted from TSR Mobile
    Unless you're married no reason whatsoever to conjoin your finances, and even when married it's not really necessary, i.e. there's no reason why you cant have separate accounts, if neither partner is stingy and you just communicate to each other about your spending.
    Offline

    18
    ReputationRep:
    We've been together 5ish years and live together. At the moment we just pay some stuff each and then pay each other back if necessary to make it 50/50 but we keep saying we need a joint account too just for rent/bills to come out of, just haven't got around to opening one yet. To be honest it makes little difference, it's easy enough to pay back any extra one person pays over another.
 
 
 
Poll
Do you agree with the PM's proposal to cut tuition fees for some courses?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.