Coy Couples Missing Out On Current Account Cash

2 months ago 01st Oct 16:39

Over a quarter (27 per cent) of British couples could be missing out on higher credit interest rates by not pooling their current account cash, according to new research from Lloyds TSB1.

While nearly three quarters (72 per cent) of couples do have a joint bank account, over a quarter choose not to join forces financially despite the fact that in doing so, they could make their money work harder for them.

Of those couples who don’t have a joint account, two in five (39 per cent) say they

either “don’t trust their partner to spend responsibly” or “don’t want their partner knowing what they earn or spend their money on”.

Those couples who do have a joint account say they have one for practical reasons - 90 per cent say it helps them manage household bills and expenses, while 88 per cent also think that as a couple they should share money. Over half (55 per cent) say it helps them to save money together.

Catherine McGrath, director of current accounts, Lloyds TSB said; “In these testing financial times, it’s never been more important to make your money work as hard as it can for you. But, up until now, there has been no real financial incentive for couples to pool their current account cash. The Lloyds TSB Vantage account has changed this. It is the only fee free current account on the high street which pays up to 5 per cent credit interest on balances up to £7,000, making Vantage ideal for joint accounts, where two incomes are going in each month.”

Vantage is open to both new and existing Lloyds TSB customers and is fee free2. To qualify, customers simply need to pay in at least £1,000 a month and stay in credit3.

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