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Managing your money in a joint account

By AdFeatures  |  Posted: November 16, 2012

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If you’re married or living with your partner you might find it easier to manage your money together in a joint current account. Find out how joint accounts work and what you need to do to open one

A joint account can be particularly useful when you’re paying for things you share such as the mortgage or rent, utility bills and shopping.

How do joint accounts work?

It’s essentially a current account you share with a partner. With most joint accounts, you’ll usually both get a debit card and can order your own chequebook so you can pay for the things you need.

And you can arrange for direct debits and standing orders to come from the account too so your mortgage or rent, bills and any regular expenses are covered.

Most accounts give you both the freedom to spend your money however you like, although some banks can set a limit with any sums over that amount requiring both of you to agree before it can be spent.

With some joint accounts you can use your debit card, write cheques, use cash machines and apply for an overdraft without your partner’s consent.

Others however will need consent from both parties for some actions like overdrafts or spending over a certain amount.

Of course, overdrafts are subject to your status, so not everyone will get one, and the bank can ask you to pay it back on demand so it’s a good idea to discuss this with your partner first.

Before you get started

Managing your finances in a joint account is a big step, and there are some important things to consider before you decide whether or not to do it.

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