Consumer champion Martin Lewis has issued a timely financial alert for couples, focusing on a specific bank account that could deliver significant benefits depending on your relationship status. In a detailed segment of his popular BBC podcast, the money saving expert delved into modern approaches to managing personal finances within partnerships, offering practical guidance that blends monetary advice with broader lifestyle insights.
Shifting Attitudes Towards Joint Finances
Mr Lewis observed that societal norms around banking for couples have evolved dramatically in recent decades. He noted that joint accounts were once far more prevalent, especially in eras when men typically served as the primary household earners. "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," he explained.
The Case for Maintaining Individual Accounts
The financial guru suggested that each partner retaining their own personal bank account can help minimise potential "friction" within the relationship. This approach proves particularly useful when one individual tends to spend more freely while the other prioritises building savings, allowing both to maintain financial autonomy and reducing conflicts over money management styles.
A Sensible Approach to Shared Expenses
However, Mr Lewis acknowledged that establishing a joint account specifically for handling regular household expenditures can be a wise strategic move. He cautioned listeners about an important credit consideration, stating: "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."
The Santander Edge Account Recommendation
On this subject, Mr Lewis highlighted one particular joint account offering that could be worth serious consideration for couples. "Santander Edge is particularly good for that," the consumer champion affirmed. "It gives you cashback on bills paid by direct debit and it's currently paying switchers at the moment."
Cashback Benefits Explained
The Santander Edge current account provides up to 1 percent cashback on specific household bills processed through direct debit, with a monthly cap of £10. This cashback applies to five essential regular payment categories:
- Council tax bills
- Mobile and home phone bills
- Broadband and paid-for television packages
- Gas and electricity bills
- Water bills
It's important to note that cashback isn't available for television licences, LPG or Calor gas, maintenance contracts like boiler repair cover, or any bills related to commercial use. To qualify for these cashback rewards, customers must deposit at least £500 monthly into their Santander Edge account and maintain a minimum of two active direct debits.
£200 Switching Bonus Opportunity
Santander is currently offering a substantial £200 cash incentive for those switching their current account to the bank. This attractive bonus applies to switches to an Everyday Current Account, a Santander Edge account, a Santander Edge Up account, or a Santander Edge Explorer account.
To secure this £200 bonus, prospective customers must complete their account switch within 60 days of initiating the request, maintain at least two active selected household direct debits, and deposit a minimum of £1,500 into the new account.
Final Verdict on Modern Banking for Couples
Summarising his perspective on joint banking arrangements, Mr Lewis offered this concluding advice to podcast listeners: "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." This balanced approach allows couples to enjoy both financial independence and shared convenience for household expenses.
