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Lloyds TSB life insurance firm warns on joint accounts
Lloyds TSB, provider of Lloyds TSB life insurance, released a new report on joint bank accounts today.
It found that 27 percent of British couples had not pooled their resources in this way - including many pairs who were already married.
In this way, they miss out on preferential credit interest rates - as well as the increased financial security that boosting accounts' balances in this way brings.
Moreover, 90 per cent of couples who had a joint account said that it aided them with paying the bills.
Despite this, almost four in ten of those who kept their accounts separate said that they "don't trust" their partner to spend their money responsibly - or that they "did not want" their partner to find out about their own spending.
Commenting on the report Phillip Hodson, a Fellow of the British Association for Counselling and Psychotherapy, commented: "I think some couples get married with their fingers crossed when it comes to that bit about ‘endowing thee with all my worldly goods' and they want to keep enough cash for themselves to escape if necessary."
Getting married is traditionally a time for taking out accident and life insurance products, such as Lloyds TSB life insurance.
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