Coy couples missing out on current account cash
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.”