Martin Lewis speaks about ‘particularly good’ bank account for couples | Personal Finance | Finance
Martin Lewis has spoken about a bank account that comes with some key perks (Image: ITV)
Martin Lewis has highlighted a bank account that may be a good choice for couples. In a wide-ranging recent episode of his BBC podcast, the savings expert shared many tips for your household finances.
Listeners were also invited to send in their own words of wisdom to be featured on the show. One piece of advice was sent in encouraging people who are coupled up to have their own individual bank account, rather than just having a joint account together.
Mr Lewis said there has been a change in attitude here in recent decades. He explained that joint accounts were previously “much more common”, particularly back in the days when men were the primary breadwinners for families. He said: “These days we tend to couple up later and people are more financially independent once they get into a relationship, and are used to having their own money.”
Mr Lewis went on to say that each partner having their own bank account can avoid “friction” in the relationship, such as if one person is more of a spender while the other prefers to put away more into savings. But he said that having a joint account to paying your regular expenses may be a good idea.
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He explained: “You can still have a joint account for your bills, as long as you both have a decent credit score, otherwise that can affect your credit scores with each other.”
On this note, he pointed to one joint account that may be worth looking at. The consumer advocate said: “Santander Edge is particularly good for that. It gives you cashback on bills paid by direct debit and it’s currently paying switchers at the moment.”
With the Santander Edge current account, you can get up to 1 percent cashback for certain household bills that you pay by direct debit from the account, up to £10 a month.
You can get the cashback for your bill payments for these five regular payments:
- Council tax bills
- Mobile and home phone bills
- Broadband and paid-for TV packages
- Gas and electricity bills
- Water bills
You can’t get the cashback when paying for TV licences, LPG or Calor gas, maintenance contracts, such as for boiler repair cover, or for bills for a commercial use.
Customers have to pay £500 a month into your Santander Edge account to get the cashback. You also need to have at least two active direct debits on the account to qualify.
£200 bonus payments
Santander is also currently offering £200 if you’ll switch over your current account to them. This includes when switching to an Everyday Current Account, a Santander Edge account, a Santander Edge Up account or a Santander Edge Explorer account.
To get the bonus, you have to complete the switch within 60 days of your request and have at least two active selected household direct debits, and pay in £1,500.
Sharing his opinion on joint bank accounts, Mr Lewis said: “Generally I think for the modern generation, keep your own bank account, as well as possibly having a joint one, if you trust each other.”
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