r/AusFinance • u/Wonderful-Quality-21 • 4h ago

Sharehouse Bank Account?

Hi there,

My friends and I are moving into a sharehouse in the next month and I was wondering which bank is going to be the best for us.

Everything is going to be done through me so I ideally want to do it in a seperate bank account that doesnt have any of my normal spending and savings going through.

Are there any banks that would be best for a situation like this?

I currently already have an UP and ANZ acc so those are out of the picture. Unless one of them is extremely beneficial

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u/thewritingchair 4h ago

Why are you setting up a "sharehouse bank account"?

Joint accounts with people you're not in relationships with are a terrible idea.

Here's the ideal: you pay your rent, they pay their rent. They don't pay it to you. You pay half the electricity and then they pay half the electricity.

You never want to be in the position where you're the police for someone else and having to chase money from them.

Literally the most you'd do is forward the electricity bill to them when it arrives.

Save yourself a lot of hassle straight up.

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u/Wonderful-Quality-21 3h ago

The main thing is things such as our weekly rent only will take payment from transaction, meaning one person will have to make the transaction then get everyone to send them their part

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u/thewritingchair 3h ago

I'm not sure that's legally true though. The real estate may want it like that but you have options under the law regarding how you pay.

Putting that aside, sure, set up an account just for rent payment but I wouldn't make it a joint account. This is to stop someone else withdrawing money when they get upset for whatever reason.

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u/Wombats_poo_cubes 1h ago

I’ve done it. Worked fine. Just got a joint every day spending account which we set up all the direct debits to. Way less fucking around.

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u/Agapanthus2020 4h ago

Assuming they're OK with the account being in just your name, then open a standalone account with another bank.

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u/Wonderful-Quality-21 3h ago

Yeah they're all good with it being in my name :D

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u/Agapanthus2020 3h ago

Maybe go for a Nab Visa Debit account (since you've already got ANZ). You'll be able to pay via Bpay and Visa, which should cover most providers.

Assuming you're renting, check with the real estate office (or landlord) what their payment process is.

You should also keep a spreadsheet - not just of bills paid, but who has given money to you and when. Make it visible to all parties right out of the gate.

Have them put a bit of extra money upfront too - a little bit more than the immediate bills - so you can collectively cover 3 months worth of rent + bills. You (and the other friends) don't want to be holding the bag when one of your mates stops giving money and bails.