Martin Lewis, founder of MoneySavingExpert, has issued a caution for anyone who has or is considering opening a joint bank account. He emphasises that a partner can legally withdraw all the funds without the other’s consent.
In an update on 29 September, Lewis explained that although joint accounts can work well for couples in long-term, trusting, and stable relationships, they pose significant concerns in the context of financial abuse.
He stated that joint bank or savings accounts may be suitable for those in healthy relationships if both parties agree on managing money this way. However, he warned that if a relationship changes, even without abuse, separating joint finances can cause considerable stress and conflict.
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Lewis highlighted the legal reality that either partner usually has full access to the account and could withdraw the entire balance without prior permission. To mitigate this risk, it is possible to request a change in the account mandate requiring both parties to authorise transactions. Yet, this may limit access to debit cards and online banking.
The MoneySavingExpert founder also suggested that keeping finances separate can help reduce tension, particularly if partners have different spending habits, such as one being a saver and the other a spender.
He reminded readers that a joint account links credit files, so if one person has a poor credit score, it can affect both. He advised caution in setting up joint accounts early in a relationship, especially if there is pressure to do so as a demonstration of love.
Lewis urged people to take their time getting to know a new partner before merging finances or transferring money, recommending seeking a trusted friend’s opinion as an impartial perspective.
On financial abuse, Lewis described it as a hidden form of domestic abuse involving unfair control through money. This abuse can be subtle or overt and includes behaviours such as taking cash without permission, coercive or manipulative actions limiting a partner’s independence, or pressuring someone to stay home while the other works.
MoneySavingExpert stressed that recognising financial abuse can be difficult, particularly when it occurs within a relationship based on love. They encouraged affected individuals to seek support from specialist charities that provide emotional and practical help, especially if facing immediate danger, advising calling the police on 999.
The organisation also noted the importance of recognising warning signs and thanked Women’s Aid and Surviving Economic Abuse for their guidance on domestic and financial abuse. MoneySavingExpert has produced an accessible guide to these issues for those seeking further information.