You are here: Home - Saving & Banking - News -

Coy couples missing out on current account cash

0
Written by:
01/10/2008

Over a quarter of British couples could be missing out on higher credit interest rates by not pooling their current account cash, according to Lloyds TSB.

While 72% of couples do have a joint bank account, over a quarter choose not to join forces financially despite the fact that in doing so, they could make their money work harder for them.

Of those couples who don’t have a joint account, 39% say they either don’t trust their partner to spend responsibly or don’t want their partner knowing what they earn or spend their money on.

Those couples who do have a joint account say they have one for practical reasons – 90% say it helps them manage household bills and expenses, while 88% also think that as a couple they should share money. Over half say it helps them to save money together.

Catherine McGrath, director of current accounts at Lloyds TSB, said: “In these testing financial times, it’s never been more important to make your money work as hard as it can for you.

“But, up until now, there has been no real financial incentive for couples to pool their current account cash. The Lloyds TSB Vantage account has changed this. It pays up to 5% credit interest on balances up to £7,000, making Vantage suitable for joint accounts, where two incomes are going in each month.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Parents feeling the pinch

British parents are going into debt and making significant personal sacrifices because they don’t want their children to miss out,...

Close