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Fewer than half of UK couples share current accounts PDF Print E-mail
News - Banking
Tuesday, 09 August 2011 07:07

Fewer than half of couple in the UK share a current account and nearly a quarter admit to having a bank account that their partner doesn't know about, new research shows.

The Nationwide Building Society research into how couples manage their day to day money also found that only around 10% have changed their current account recently.

However, when it comes to finance the research reveals that there is a disparity between what people say and actually do'  When asked what they expect most from a relationship, unsurprisingly, couples say that honesty, 43%, and trust, 32%, are the most important. However, over half, 53%, do not pay their salaries into a joint bank account and nearly a quarter, 22%, have accounts that their partners know nothing about.

‘It may seem surprising that, in this day and age, most couples are not pooling resources in a joint current account and appear to be keeping accounts secret from one another. This could be a deliberate attempt to hide their financial affairs from their partners, or more likely, symptomatic of a lack of financial organisation,’ said John Crossley, head of current accounts at Nationwide.
 
‘As we move into new stages in our lives we should be taking the opportunity to re-organise our finances, shop around to look at new accounts which may better suit our new lifestyles and close those we no longer need,’ he added.

Nearly half of the couples interviewed agreed that getting married, 44%, and moving in with a partner, 32%, was a key time to review their current account arrangements. Despite this, nearly half, 41%, said they had never changed their current account and when asked why they stay with it, 88% say they set it up years ago and have either never thought to change it or say they're still happy with it.

‘It's understandable that people don't want the perceived hassle of changing their current account, but as we go through life, our financial needs change. Without regular financial reviews we run the risk of living with a potentially costly and outdated current account which no longer serves our needs,’ said Crossley.

‘Switching to a new current account provider is so easy these days. All we need is your name, sort code and account number and we'll do the rest for you, within 10 days,’ he added.

Also, some 64% of couples surveyed said they don't expect additional services or products for free when they take out a financial product. In fact, the current account market has changed significantly over the last few years and many products now offer free benefits and special offers as standard. Those who do not regularly review their current account could be missing out on money saving extras, added Crossley.

 

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