3 Things To Consider Before Opening A Joint Bank Account

Brits wait an average of three and a half years before opening a joint bank account with their partner, according to MoneySupermarket. While the study found 59% believed doing so made managing their finances easier, nearly one in 10 said it made it more difficult, with nearly half of this group stating it’s because their partner spends without discussing it first. So think carefully before taking the plunge…

- Rebecca Gamble

1 Think it through

‘Opening a joint bank account is an important decision in a relationship,’ says MoneySuperMarket’s Sally Francis-Miles. ‘It requires trust and honesty and shouldn’t be made lightly.’

2 What are the downsides?

‘It’s vital to remember you’ll be financially linked to the other account holder, so if they have a poor credit rating, yours is likely to suffer as a result,’ she explains. ‘Similarly, if the other person makes the account go overdrawn, both account holders are liable. If either of these are concerns, it may not be the right option for you,’ she adds.

3 Set ground rules