STARTING MY OWN BANK ACCOUNT

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Forum -> Household Management -> Finances

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amother

Coral

Tue, Mar 31 2015, 3:37 pm

I am thinking of starting my own bank account just to have extra money set aside. If I do this without telling my husband, can it affect my credit? Can it affect our mortgage eligibility?

pesek zman

Tue, Mar 31 2015, 3:40 pm

Of course not! Go for it : it's always a good idea to have money of your own set aside

amother

Babypink

Tue, Mar 31 2015, 3:57 pm

The not telling your husband part can cause problems (shalom bayis, etc) were he to find out. Why don't you want him knowing about it? Are you doing it to plan a way out?

greenfire

Tue, Mar 31 2015, 5:52 pm

every person should have their own bank account ... have you ever seen the rain comin down a sunny day ... how I wonder who'll stop the rain
[it was a toss up so you get both songs Music

]

SRS

Tue, Mar 31 2015, 6:32 pm

If the account earns interest, you will get a tax document and blow your cover. You also will want to make sure the account is paperless. I'm not sure why you feel the need to have an account and not him know about it. There are lots of legitimate reasons, so I'm not knocking, just pointing out that secrets are hard to keep. Money is good for credit and good for qualifying for a mortgage. I think each spouse should have an account in their own name for practical reasons. But just be careful with your shalom bayis.

lucymaud

Tue, Mar 31 2015, 9:55 pm

If you just want a bank account without interest, see if you can find a no fee bank account. Choose to receive online statements, and as a precaution, open another email account that the statement gets sent to.

doctorima

Tue, Mar 31 2015, 11:08 pm

It should not affect your credit score, but theoretically could impact your mortgage eligibility or rate, as the bank will want to see how much liquid assets you have, so if you keep this hidden, it could have a negative impact if it's a significant percentage relative to your other joint assets.

FranticFrummie

Wed, Apr 01 2015, 6:09 am

Set up a Paypal account, and link it to your new bank account. Transfer all your funds to Paypal, and just leave the minimum in the bank. Apply for a Paypal debit card so you can access your funds easily.

Paypal is held off shore, so it won't count towards your assets, and there will be no way that your DH can find out about it if it's linked to a different email account that he doesn't know about.

If anyone is planning an escape from a bad situation, I always recommend this, because Paypal is good all over the world.

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