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

Couples wait more than three years to open a joint account

0
Written by:
12/02/2020
The average Brit waits three and a half years to open a joint account with their partner, while one in ten waits more than a decade, a survey shows.

Despite the lengthy delay, 59% of people think having a joint account makes managing finances easier.

However, one in 10 people said it made managing money together more difficult, with nearly half saying their partner spending money without discussing it first caused problems.

Other people said joint accounts led to more arguments about money and difficulty agreeing on what to spend money on.

Nearly half (47%) of 18-24-year olds said they felt anxious when opening an account with their partner – more than all other age groups combined.

The survey by MoneySuperMarket found major life decisions often prompted couples to open a joint bank account, with 39% opening one after they got married, 27% taking the plunge when they moved in together, and 22% waiting until they bought a property.

More than two in five (42%) couples have never had a joint bank account.

Sally Francis-Miles, money spokesperson at MoneySuperMarket, said: “Opening a joint bank account is an important decision in a relationship. It requires trust and honesty and shouldn’t be made lightly.

“A vital thing to remember is that you will be financially linked to the other account holder. In other words, if they have a poor credit rating, yours is likely to suffer as a result. Similarly, if the other person makes the account go overdrawn, both account holders are liable. If either of these are a concern, it may not be the right option for you.”

For more, see: The pros and cons of joint bank accounts

Related Posts

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.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week