The Pros and Cons of Joint Accounts

Marriage is a promise of commitment and declares your lifelong promise to share all you have with your spouse - but should a bank account be part of that? Before signing on the dotted line, consider the pros and cons of opening a joint bank account.

The Pros of Opening A Joint Bank Account

For many couples, having a shared or joint bank account makes the most sense, especially amongst married partners. Sharing a life with someone you love usually means sharing expenses, which is one of the main reasons couples consider opening a joint bank account. If you’re thinking of opening a joint account with your partner, here are some benefits you can expect to enjoy:

• - one account makes monitoring the flow of money much easier
• - it is convenient to have all your funds in one place
• - it provides easy access to money for those in relationships where only one partner is earning an income
• - one account encourages teamwork; you can actively monitor your savings, which may be accruing for a future planned holiday
• - it will cost both partners a lot less in terms of bank fees
• - easier to share and pay for expenses
• - it streamlines legal affairs, such as those that occur after one spouse passes away.

The Cons of Opening A Joint Bank Account

While marriage does mean the joining of both spouse’s lives, not all couples consider a joint bank account as the best option for them. Consider the following downsides of opening a joint bank account with your partner:

• - loss of independence and autonomy
• - potential spats or disagreements over money, especially if one partner has a tendency to overspend
• - the account may be created with unequal contributions from either partner
• - potential problems in the case of a separation or divorce
• - it may be harder to surprise your partner with a gift if they can see every transaction!

Should I Open A Joint Bank Account?

Every couple is different, and each has different financial needs, thus the decision on whether or not to open a joint account with your partner should be made in light of the situation in which you find yourself as a couple. Consider elements like employment, expenses and expenditure, and whether or not you are willing to become codependent on each other for your finances.