Can we open a joint bank account with our in-laws and get four debit cards for shared family spending?

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We live close to our in-laws and both our families regularly work together and split the cost or expenses.

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Often things get forgotten, people can’t remember who paid for what, or whether a family owes money.

My sister-in-law came up with the idea of ​​giving us some money each month to get a joint bank account and make a kitty to spend, with a bank card for all four adults to use.

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Can we get a joint account in two families, which will give us four bank cards, or can a joint account be opened by only two people, or just one family?

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Joint bank accounts usually have two account holders, but it is possible to have more depending on the bank.

Ed Magnus of this is money reply: In theory, setting up a joint bank account can be a great way to top your shared family spending.

This would mean that all your communal payments in and out of the account are in one place and can be viewed on the bank statement for all family members.

Theoretically all account holders would have access to the account and be able to make bank transfers, while each would have independent debit cards to spend.

But while all banks serve joint bank accounts between two people, not all will do so for more than two people.

For example, Nationwide, Lloyds and Halifax, as well as challenger banks Virgin Money, Monzo and Starling Bank all currently allow a maximum of two account holders per bank account.

But other banks such as RBS, Barclays and NatWest, for example, offer joint accounts for two or more people.

For example, up to four individuals can be named in a joint account with Barclays, each with the option of having their own debit card, and they do not need to be from the same household.

But while this may seem like a no-brainer given your situation, it’s important to remember that every family member will be liable for the bank account, which can potentially have implications for each person’s credit file if the account is misplaced. manner is handled.

Michelle Stevens of comparison site Finder.com said: A joint account can be opened by more than two persons, who may not necessarily be from the same household.

It is more common for couples or people living at the same address to open a joint account to share income or pay household bills.

However, in this scenario, where there is a need for joint spending, it may not be a wise move.

‘This is because opening a joint account creates a financial relationship between all account holders, including the credit report, which means that a poor credit history of one party can affect the other account holders.

Also, if any one of the four cardholders accidentally causes the account to be overdrawn, all the designated account holders shall be liable for the same.

‘These two families might be better off with a prepaid digital account, like one from’ pocket Which issues additional debit cards.

‘This type of account usually opens quickly, can be managed online and does not require a credit check.

‘However, keep in mind that there may be additional charges involved, such as monthly account fees or ATM withdrawals.

“However, in the long term it may prove to be a more convenient and less risky way of operating a multi-card account.

‘You can also consider the bill splitting facilities of digital banks like Monzo, Starling and Revolut.’

What types of bill splitting facilities are available?

Ed Magnus, This Is Money, says: One of the suggestions above was to use the bill splitting facilities offered by some current accounts instead of opening a new shared account.

Monzo’s Shared Tabs function could be one such solution, although it requires the entire family to be a Monzo Banking customer, each couple can do this as two separate joint accounts.

You can open a Monzo Bank account from your phone, and then create a tab in the Payments tab, give it a name, and then add your in-laws.

You can add any number of payments to split into tabs for when you spend on your Monzo card.

This will split the cost equally among the people on the tab – or you can change the amount if someone spends more or less on something and states who owes what.

It’s possible to organize anytime in the Monzo app and you can even add one-time payments, such as the restaurant tab, or recurring payments, such as a water bill or TV license.

Monzo's Share tab function allows its banking customers to split or separate amounts equally among the people who contribute.

Monzo allows you to organize tabs or keep tabs running.

Monzo’s Share tab function allows its banking customers to split or separate amounts equally among the people who contribute.

Another option could be Starling’s ‘settle up’ function.

This in-app feature allows its customers to stay on top of IOUs, pay friends and family, and settle bills.

The app allows you to send and receive money instantly, so if you pay for a shared cost you can tap into the app to send your link to family members so they can share the cost.

They also won’t need a Starling account or your account details to make payments.

Monzo also has a similar ‘split the bill’ function, which lets you split the bill with any of your phone contacts without them needing to have a Monzo account.

What about other bill splitting apps?

There are several bill splitting apps including Splitter, Settle Up and SplitWise.

splitwise Maybe there’s a pick of the bunch.

It’s a free app that makes it easy to record and split bills and costs shared with friends or family.

It organizes all shared expenses and IOUs in one place, so that everyone can see what they owe.

One person would need to sign up and invite other family members to join a group, which in turn would prompt each person to sign up, download the app.

Once you’ve created your group, you and your family can start adding up all the shared expenses.

You will be asked for various details about your expenses, such as the total cost, who paid, and how much…

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