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Bills between 4 of us - bills package or joint account? Watch

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    Hey guys,

    Four of us will be moving into a house this upcoming September and we're still a bit unsure about what to do with bills. Our house contract doesn't include bills so we have to sort it out ourselves. I was wondering if anyone here has any idea which option is cheaper. Is it bills package (such as SplitTheBills) or a joint bank account and setting up bill payments ourselves? I already checked the prices of bill packages so everything would work out about £12-15 per week per person (Gas, Electricity, Broadband, Water, TV licence, Sky TV). I'm wondering how much we're looking at if we split the bills ourselves.

    I would appreciate any advice.
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    (Original post by daryZ)
    Hey guys,

    Four of us will be moving into a house this upcoming September and we're still a bit unsure about what to do with bills. Our house contract doesn't include bills so we have to sort it out ourselves. I was wondering if anyone here has any idea which option is cheaper. Is it bills package (such as SplitTheBills) or a joint bank account and setting up bill payments ourselves? I already checked the prices of bill packages so everything would work out about £12-15 per week per person (Gas, Electricity, Broadband, Water, TV licence, Sky TV). I'm wondering how much we're looking at if we split the bills ourselves.

    I would appreciate any advice.
    I would set up a joint bank account which can only be accessed when more than one of you is there, then set up direct debits into and out of the account as needed. If you've got a third party package you trust then that's fine too, but I'd imagine you could get a better deal by steering clear.
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    Doing it yourself is cheaper but riskier
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    Do not set up a joint bank account.

    Having a joint bank account puts your credit score at risk, as you're linking your credits together. Also I'm not aware of any banks that will allow 4 people joint for 1 bank account. Like seriously don't do it, it's a monumentally bad decision.

    I used splitthebills this year, they are a decent service (costs 99p a week, so not exactly breaking the bank for a year). Cheaper of course to just pay the bills yourselves through one of you. But it is a lot of hassle, can cause a lot of headaches and is financially riskier if someone decides not to pay their share. So I recommend a bill splitter service like splitthebills
 
 
 
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