Mistrust and selfishness behind reluctance to open joint accounts

Being territorial over money, being secretive over purchases, and not trusting a partner with joint finances are common reasons why people in serious relationships will not open a joint current account with their partner, research from N&P (Norwich & Peterborough Building Society) has revealed.

While six in ten Brits (61%) have had a joint account in a serious relationship, with most having one because it is convenient for bills and the ease of keeping track of money, the view that ‘my money is MY money' and not wanting the hassle of opening a new account are cited as the main reason Brits resist opening a joint account.

Ewan Edwards, head of current accounts at N&P, said: "The vast majority of people who have had a joint account seem to have had a positive experience, but there is a reluctance to open a joint account with a partner because one person does not want to share their money, is concerned that their loved one will spend more than they are entitled to, or it is too much hassle to set up in the first place.

"There are many good reasons why a joint account works well in a relationship. Those who have their own individual accounts plus a joint account for household bills do so because it is the easiest way of keeping track of their household finances. You can separate your money so you can keep what is yours separate, but also know that all of your bills are covered, and you can keep your purchases from your individual account secret too, if that is important to you.

"There is also a myth that opening another account is ‘too much hassle', which must be dispelled. An online application can be completed in as little as 15 minutes, with a transfer of Direct Debits and standing orders from individual accounts to the joint account happening virtually seamlessly. Within a few weeks, with minimal effort your current account for household bills could be up and running. That account could also give you a free overdraft, free overseas debit card transactions and £50 if N&P's side of the Direct Debit switch doesn't go smoothly.