Can we have a joint student account?
No, not usually. In most cases banks won’t allow you to open a joint student bank account. But, there’s nothing to stop you from having a regular joint account as well as your student account, or sometimes more than one student account.
If you’re house sharing, having a joint account can make splitting household bills easier. All of you can set up a standing order from your own student accounts into the joint ‘house’ one and all your bills get paid from it. This definitely cuts down on the problem of collecting money from ‘forgetful’ housemates and it also means easier budgeting for everyone each month.
The alternative to having a joint account is to pay bills the old fashioned way where each housemate takes responsibility for one thing such as gas, electricity and water. One of the drawbacks of doing it this way is that you’re all relying on each other not to forget to pay the bill. Even if you’re all really organised and have Direct Debits set up – it’s pretty useless if you haven’t got money in your account to pay for it. You’ll just end up eating into your overdraft and chances are you’ll forget to reclaim what you’re owed leaving you even more in the lurch.
Plus, loads of deals are now bundled together such as your TV, phone and broadband, and you’ll probably find buying them in a package more cost effective – another good reason to have one joint house account.