Setting up joint account

[oyster]

So how does this work if I've got an offset mortgage.
I want as much cash in the account as possible, so can't go setting up another bank account for salary and bills, as the mortgage is the biggest bill and it comes from the offset account.

Has anyone worked out a way to do this?

[Rocksteadyeddie]

Is the mortgage in joint names too? Or just yours?

If the former then I'm not sure what the problem is.

If the latter, and you can persuade the missus to let you use her money to offset your interest, then all power to you. All our accounts are at HSBC and you can notionally "link" any two accounts together that you like.

HTH

[llewop]

Offsets (ours at least) normally allow you to have a number of accounts under the same umbrella. To take ours as an example: we have a 'current account', the mortgage element and a 'saving account', but you could have more if you wish, I think. You obviously don't earn interest on the savings, but you're paying less interest on the mortgage.

You can usually move the money quickly and painlessly between the different 'pots' too.

But it makes the most sense if you are able to maintain a reasonable balance in there, both in terms of average balance and savings, to minimise the interest paid, so having other accounts elsewhere would detract from anything you're trying to do with the offset. We also generally (when in the UK) use a credit card for everything we buy, to keep the current account balance as high as possible as long as possible, then making sure you pay off the credit card at the end of the month.

[V8mate]

Rocksteadyeddie said:

All our accounts are at HSBC and you can notionally "link" any two accounts together that you like.

Your employer still insisting that you keep your money elsewhere then?

[Rocksteadyeddie]

V8mate said:

Rocksteadyeddie said:

All our accounts are at HSBC and you can notionally "link" any two accounts together that you like.

Your employer still insisting that you keep your money elsewhere then?

All eggs. Many baskets.