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A Guide to Joint Bank Accounts






Managing one’s own finances can be a stressful and difficult thing – even more so when you’re in a relationship.  Couples who are in a committed relationship often open joint bank accounts to manage their funds together.

Before deciding whether to combine your current bank accounts into a joint one, there is quite a lot you have to consider. There are many advantages and disadvantages to holding a joint bank account, and it is highly advised that you go through the following points before you make any big decisions.


Pro: added convenience 

If you’re living with a committed partner in a serious relationship, a joint account will ensure that you’ll be operating your finances and bank account with a greater degree of convenience.

Your rent and bills can be paid off without the hassle of making sure that your partner has done the same with their own account. It will also be possible to collectively budget your funds.


Con: everything depends on your relationship 

Of course, all the added convenience in the world won’t matter if your relationship is going sour. The security of your funds will then be dependent on the state of your relationship.

This becomes murkier if you’re in a very serious relationship that’s about to end. If you’re going through a divorce and you have a joint account, you have to remember that your partner and his or her lawyers have access to your financial information.


Pro: cut down on arguments about money

If you both set up standing orders from your personal accounts into the joint account each month, there won’t be any room for bickering about finances or paying bills. Both of you will be paying the equal amount of money each month, so neither of you will be in the bad books.

You may even find a little extra cash in there if the account has a good interest rate. Some leftover funds that you haven’t spent yet can always be spent on something mutual that you’ll both enjoy.


Con: added responsibility that you may not want to have

With a joint account, it’s important to remember that if your partner fails to make a certain payment, or gets the account overdrawn, or incurs any debt, the responsibility falls upon you as well.

This may be especially hard to follow during a relationship breakdown. If the two of you cannot communicate, for instance, you will have to remember that your finances are at risk because of it.