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For a joint account that means protection rises to £170,000.

Douglas and Heather Boneparth, who write the newsletter The Joint Account about relationships and money, saw temporary dips to their scores when they refinanced graduate school loans in 2016 and 2017 and a mortgage in 2020.

When she asked for a joint account, like other couples she knew, he said no.

Opening a joint account has drawbacks, too, such as what might happen if a friend wants to leave the group.

Depending on the bank, removing someone from a joint account can be tough or impossible without closing the account.