Additional account holder effect credit score?

6
Found 25th Jul
Hey

Weird question, basically I wanted to know if I add an additional account holder to my savings account will their credit score start affecting mine?

Essentially I am quite paranoid about dying.. lol, and if it should happen I want to make sure my family has easy access to my money because they could sure use it. I don't have a will or anything and I don't really want to make one for this specifically given that the account in question will be closed when I buy a house (cause it's just deposit money in there) so I'd have to update it again soon.

So I can add an additional account holder so I just want to make sure that my credit isn't going to be effected negatively cause I am house hunting at the moment as well, and my family isn't the best when it comes to their financial history.

Cheers
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Savings accounts generally would not require credit check or reporting; maybe just ID / anti-fraud check. If the performance of your savings account is not reported to CRAs, then no joint accountholder info will be reported, then credit file not affected.
When you opened your savings account and / or any directly related accounts, did you give permission for a credit check? If you add a joint accountholder, does the account provider demand a credit check? No permission for credit check = no shared info passed to CRA = credit file not affected.
You can or used to be able add a Third Party Signatory to any Current Account meaning they have access to your funds should something happen to you.

You really should make a will if you have Funds / Assets and Family, otherwise Probate could go on for Years
if the funds are for a house deposit they may be in either a help to buy ISA or lifetime ISA, if so these are sole customer accounts and you couldn't add a party to them , just in case that's relevant to you.
AndyRoyd2 h, 25 m ago

Savings accounts generally would not require credit check or reporting; …Savings accounts generally would not require credit check or reporting; maybe just ID / anti-fraud check. If the performance of your savings account is not reported to CRAs, then no joint accountholder info will be reported, then credit file not affected.When you opened your savings account and / or any directly related accounts, did you give permission for a credit check? If you add a joint accountholder, does the account provider demand a credit check? No permission for credit check = no shared info passed to CRA = credit file not affected.


to my knowledge there was no credit check so it sounds like I should be ok, thanks
tinkerbellian37 m ago

if the funds are for a house deposit they may be in either a help to buy …if the funds are for a house deposit they may be in either a help to buy ISA or lifetime ISA, if so these are sole customer accounts and you couldn't add a party to them , just in case that's relevant to you.


thanks for info, not relevant to me in this scenario but good to know for the future and maybe other people that stumble across this topic
No it wouldnt.

Only time if would be affected if you was opening a joint account. This person would then be linked to you financially.
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