Joint account for 3 people?
Discussion
Hi does anyone know if I can have a joint bank account for 3 people?
Or an account where I can have 3 named people who would have a debit card each?
My dad who is 85 wants to pay about £250 a month into an account where myself and my 2 sisters can each do some shopping for him as and when he needs things. .
I was thinking a new account just for this purpose with the 3 of us as cardholders would be so simple and easy.
We could easily see how much my dad has paid in and the only thing it would be spent on is supplies for my dad.
Thanks in advance for any help!
Or an account where I can have 3 named people who would have a debit card each?
My dad who is 85 wants to pay about £250 a month into an account where myself and my 2 sisters can each do some shopping for him as and when he needs things. .
I was thinking a new account just for this purpose with the 3 of us as cardholders would be so simple and easy.
We could easily see how much my dad has paid in and the only thing it would be spent on is supplies for my dad.
Thanks in advance for any help!
bigtomski said:
Hi does anyone know if I can have a joint bank account for 3 people?
Or an account where I can have 3 named people who would have a debit card each?
My dad who is 85 wants to pay about £250 a month into an account where myself and my 2 sisters can each do some shopping for him as and when he needs things. .
I was thinking a new account just for this purpose with the 3 of us as cardholders would be so simple and easy.
We could easily see how much my dad has paid in and the only thing it would be spent on is supplies for my dad.
Thanks in advance for any help!
It might be easier to have a credit card with additional card holders, and a corresponding credit limit and direct debit to pay off in full each month.Or an account where I can have 3 named people who would have a debit card each?
My dad who is 85 wants to pay about £250 a month into an account where myself and my 2 sisters can each do some shopping for him as and when he needs things. .
I was thinking a new account just for this purpose with the 3 of us as cardholders would be so simple and easy.
We could easily see how much my dad has paid in and the only thing it would be spent on is supplies for my dad.
Thanks in advance for any help!
They're not too common, but they do exist.
A quick internet search turns up this comparison: https://www.finder.com/uk/current-accounts/more-th...
A quick internet search turns up this comparison: https://www.finder.com/uk/current-accounts/more-th...
Do either of you hold POA / LPA for your Father as that may be another alternative ?
He could keep his existing bank account intact and you could use said account for shopping and whatever else he needs.
A permanent record of your spending etc would be instantly seen by all users including your Dad.
He could keep his existing bank account intact and you could use said account for shopping and whatever else he needs.
A permanent record of your spending etc would be instantly seen by all users including your Dad.
durbster said:
The useless solicitors we used for a house sale asked for me to set something like this up, with three people on the account. When I asked Halifax and Nationwide about it they both told me they're simply not a thing banks do. Credit card is probably a better bet.
Think you picked the wrong outfits to ask.
Nationwide think they are a bank, but they should let others be the judge of that.
One of my accounts (a British international bank) has three account holders.
Originally it was a designated account ie. joint parents Re XYZ.
When it was time for our daughter (XYZ) to take control, I wanted to continue the same account because it would allow regular incoming payments to continue without fuss.
A visit to the bank branch added our daughter, as the third account holder.
These days that visit can be a palaver, because of all the safeguards, but it was all arranged eventually.
Probably best to make one change at one visit.
As already suggested, a credit card (with rewards) seems easy to add an additional account holder.
Purchase transactions show on the account, importantly including who used the card.
I have never added more than one additional card holder, but presumably two additionals are allowed.
AMEX are at present offering an inducement, to add an additional card holder.
Most financial accounts these days will create a record on your credit file as most providers supply data to one or more credit reference agencies.
Additional card holders on credit card accounts are just that, additional card holders. The only credit reference agency update is for the account holder and, its the account holder liable for any debt.
Current accounts with a debit card with multiple people named on the account trigger updates to the credit reference agencies for each person on the account. That creates a financial association i.e. your credit files become linked and are taken into account on future credit applications. Any named party on the account is liable for any debt. Note its easy to build up a debt even if no overdraft is in place.
Unless you are married / life partners you should think very carefully about having any form of joint current account.
I would always suggest the credit card route.
Additional card holders on credit card accounts are just that, additional card holders. The only credit reference agency update is for the account holder and, its the account holder liable for any debt.
Current accounts with a debit card with multiple people named on the account trigger updates to the credit reference agencies for each person on the account. That creates a financial association i.e. your credit files become linked and are taken into account on future credit applications. Any named party on the account is liable for any debt. Note its easy to build up a debt even if no overdraft is in place.
Unless you are married / life partners you should think very carefully about having any form of joint current account.
I would always suggest the credit card route.
Jon39 said:
durbster said:
The useless solicitors we used for a house sale asked for me to set something like this up, with three people on the account. When I asked Halifax and Nationwide about it they both told me they're simply not a thing banks do. Credit card is probably a better bet.
Think you picked the wrong outfits to ask.
Nationwide think they are a bank, but they should let others be the judge of that.
One of my accounts (a British international bank) has three account holders.
Spare tyre said:
Dave. said:
You could add his credit/debit card to your phone(s) rather than a physical card .?
Simplest and cleanest id sayThis is PH so I’m going to question, is it worth the hassle to set something up for run of the mill stuff £250 over 3 siblings a month isn’t too much is it.
My siblings pick up shopping, takeaways etc for our folks, (bigger stuff we sit down & help order with their own accounts which you could look at more)
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