Interest Rates

[Alex321]

We have two couples that we know who are married and both the girls have no job and hate having to ask for money.

How sad is that?

We have joint bank accounts, joint investments and where we have named investments eg when we used to use up both our full allowances for eg Isa's we have full access by our shared passwords etc.

Never even think about our money as my money or her money.

Yes, that is the way we have managed for over 40 years now.

As you say, the only things we have in individual names are ISAs, which have to be.

 

[jowwy]

She didn't have an offer.

"I was told my initial interest rate would be 4.5 percent. I was told today that the lender has pulled that offer"

Regardless, something doesn't ring true, no ones getting offered over 10% (yet)

So who told her the initial interest rate would be 4.5%, if as you say “she didnt have an offer”……

because your quoted response above doesnt make sense and do you have proof that no lenders are offereing 10%+ interest rates yet???

 

[Tom...]

So who told her the initial interest rate would be 4.5%, if as you say “she didnt have an offer”……

because your quoted response above doesnt make sense and do you have proof that no lenders are offereing 10%+ interest rates yet???

Maybe told by a friend, a family member, a colleague, an initial consultation with a mortgage adviser or her bank, or a rate she'd found online?

You're right, it doesn't make sense, because the Daily Mail headline is clickbait.

 

[FishFright]

Contains the clips from Question Time where the story came from

 

[CharlesF]

@SpokeyDokey, you think like me! Control of the money gives you freedom. I would love to “steal with pride” an anonymised copy of the forecast.

 

[oldwheels]

I can see both sides to this and have discussed it with work colleagues many times.

When I first met my Wife she had her own flat (rented) and had just qualified as a Nurse so fully self sufficient, this was in 1990 mind you.

As we got to know each other I would stop over more and more and eventually moved in, at this point all the household bills were in her name as you would expect so I simply 'bunged her a bit' towards them.

As time went on we decided to get Married and buy a house together (1996) so off we went and the rest is history as they say.

Now this is where the paying of 'joint' bills raised it's head, we obviously had a joint mortgage but all the utility bills were in her name and coming out of her bank from the previous flat so when we moved into the house she just carried on paying them and I set up a standing order for a set amount each month to cover my 'share'.

As time went by my contribution changed to reflect circumstances as she went from full time to part time to full time again to Sister as the kids came and grew and needed less of her time, never once having a joint account in all this time and things working perfectly.

I put this working down to being on an equal, give or take, financial standing to one another and both people having lived alone whereas the lads I work with are all the main wage earners so want to know where every penny of their wages are going.

I remember one conversation with a fella who reckoned my missus was probably 'squirreling away' all the money I gave her and not paying the bills and would one day leave me with a massive debt, I asked him how much his bills were each month and he replied " well, about £1200 and the wife buys the food" we had a similar mortgage at the time and both had 2 kids "I give my missus £600 per month so I doubt
she's making much".

As already said, whatever works for you

My wife and myself had one joint account for the whole of our married lives and both had unlimited access and there was never a problem as any largish purchases were discussed beforehand. We did have separate business accounts but standing orders were set up to transfer an agreed monthly amount into our personal account. This was for tax purposes as the main business was in her name and mine was more of a "profitable hobby" business.

 

[neil_merseyside]

Each partner having separate accounts is very stone age, I suppose it might help hiding a 'bike' addiction (swap word bike for alcohol/Hornby/control freakery/whatever) and that realisation explains all the neanderthal blokes I know/knew who still have! it that way (my dad definitely a control freak, but also of an age when it was 'normal'). I don't know any major wage earners/sole breadwinner (insert excuse here) that approaches 50% of the work of a family unit.

 

[Chislenko]

Each partner having separate accounts is very stone age, I suppose it might help hiding a 'bike' addiction (swap word bike for alcohol/Hornby/control freakery/whatever) and that realisation explains all the neanderthal blokes I know/knew who still have! it that way (my dad definitely a control freak, but also of an age when it was 'normal'). I don't know any major wage earners/sole breadwinner (insert excuse here) that approaches 50% of the work of a family unit.

To be fair Neil, me and Mrs C , together 30 plus years have always had separate accounts. No one is trying to hide anything, just the way it is.

 

[ebikeerwidnes]

I keep it going so that if I pop my clogs Mrs. C knows exactly where everything is, account numbers etc as she does not get involved in household finances.

And yes I have tried to get her involved.

I have the same problem with SWMBO
I keep meaning to write it all down and put it in a sealed envelope with my will
and important things like how to get onto the online bank account and such like

Probably along with information about where the kettle is and how to make tea
after all - if I have just died she can't kill me!!!!!
(although if I carry that note on too long she might just dig me up and try!)

 

[icowden]

To be fair Neil, me and Mrs C , together 30 plus years have always had separate accounts. No one is trying to hide anything, just the way it is.

Same here. We did have a joint account when we were first married, but we just found it didn't work well for us.

 

[Jameshow]

Opposite here she has more than one acc on top of the joint acc.

I wouldn't know where to start if she popped her cloggs I probably leave to the kids to sort out and put saddle bag on the tourer!

I'm certainly not remarrying an accountant to sort it out! She's not but gives them a good run for the money!!!

 

[PaulSB]

Each partner having separate accounts is very stone age, I suppose it might help hiding a 'bike' addiction (swap word bike for alcohol/Hornby/control freakery/whatever) and that realisation explains all the neanderthal blokes I know/knew who still have! it that way (my dad definitely a control freak, but also of an age when it was 'normal'). I don't know any major wage earners/sole breadwinner (insert excuse here) that approaches 50% of the work of a family unit.

Why? We have a joint account but I know plenty of people who have separate accounts. These people are far from "Stoneage."

Before retirement Mrs P and I both worked full time, nominally 40 hours/week. Roughly speaking net incomes were Mrs P 45%, me 55%. Today in retirement the ratio is 54/46% if I chose to take my full pension.

 

[neil_merseyside]

Why? We have a joint account but I know plenty of people who have separate accounts. These people are far from "Stoneage."

Before retirement Mrs P and I both worked full time, nominally 40 hours/week. Roughly speaking net incomes were Mrs P 45%, me 55%. Today in retirement the ratio is 54/46% if I chose to take my full pension.

Stone age because people clearly think (you included) that it's "my/her" money?

 

[Bonefish Blues]

Whatever works for the people involved. Different strokes and so on. Joint here, always.

 

[PaulSB]

Stone age because people clearly think (you included) that it's "my/her" money?

Where did I say it's "my/her" money? Show me that and you can call me stone age otherwise apologise. I know plenty of very forward thinking, articulate, intelligent couples who choose to operate separate bank accounts. This does not mean they don't share the financial responsibility but simply wish to run their accounts separately.

To my mind individuals who insist on all monies being in a joint account are distrustful and controlling of their partner by not allowing the partner the freedom to be involved in choosing how a contribution household finances is managed.