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Bank charges: Brits keep finances separate after moving in together

A large proportion of couples may keep their bank charges separate from one another after moving in together.

That is according to research by first direct, a telephone and internet-based retail bank, which found that 58 per cent of couples that moved in together did not set up a joint account for household finances.

Richard Brown, senior savings product manager at first direct, said: "Couples are remaining more independent with their finances when they do.

"But while couples may feel that there is no longer any need to pay for everything jointly and that a measure of financial independence from each other is healthy, it would still benefit them to pool their savings as the larger their pot, the higher the interest rates on offer."

The research showed that 21 per cent of couples set up a joint account for bills, while just 20 per cent decided to unify their money and the control of their finances from a joint account.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

 ADNFCR-2776-ID-800524774-ADNFCR



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