Many couples hiding savings and debts from one another

According to recent figures there are many couples in the UK that are hiding either assets or debts from one another through the use of a secret bank account that their partner has no idea about.

Information released by Abbey suggests that around fifteen percent of all current accounts are actually 'secret' accounts, equating to around seven billion Brits that now have one of these accounts. The accounts have become known as Cashflo accounts, which means Current Account Secretly Hidden from Loved Ones.

According to Abbey these secret accounts are used to cover up a multitude of sins, from assets and savings that one partner wants to keep hidden from the other, to high levels of debt that one partner may be totally unaware of. Those aged between 25-34 years are most likely to open a secret bank account and keep it from their partner according to figures, with older couples far less likely to keep this sort of information from one another. The accounts are equally as popular with both men and women according to reports.

In terms of area, Cashflos are most popular in the North East of England, and Scotland has the lowest number of Cashflo accounts. Officials from the Abbey state that those with a secret account may be taking things too far by hiding financial information from a spouse, although in some cases a partner may have no other option but to do so based upon their circumstances.

However, the Head of Banking at Abbey said that customers were very right to be cautious about other areas relating to their accounts. He stated: 'There are some things you should always keep to yourself. Never share your chip and pin with anyone, even if you share a joint account, and don't ever quote all your details over the phone. No bank staff would ever ask you to.'

Tom Smith
12.05.07

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