Joint or Separate Bank Accounts?

@kokopelli (4842)
United States
October 24, 2006 7:40pm CST
Which is better for couples/spouses?
5 people like this
19 responses
@pumpkinjam (6945)
• United Kingdom
16 Jan 07
I think it really depends on the couple and how you intend to conduct the account. I think the ideal would be to have 3 accounts. One for you, one for your partner, and one joint. The joint one for most of your income to go into and your bills to come out, and each have another seperate account each for your own money. Of course, this wouldn't work for everyone, I wouldn't have a joint account with my partner but if it would work the way I would want it to then I would. I think you still need to have your own though, well unless you can totally trust each other to know what you are taking out and putting in. If you can make a joint account work well for both partners, then it's great, but I do think that the 3 accounts would probably be the best thing unless you have a completely useless partner who would take more out than he put in, then seperate accounts would be best.
4 people like this
@kokopelli (4842)
• United States
16 Jan 07
wow, those were my first 3. but i'd suggest a 4th acct if possible (numerous now huh? lol!), and it'd be another mutual fund, this time a saving for future trips and investments :)
@minty3 (592)
• Nigeria
30 Apr 07
The tpe of account to be operated by a couple should be one of the issues to be sorted out during courtship. This is to ensure that whatver option is chosen by both party will be aaceptable on the long run. Both options for me are good depending on the mutual relationship between both and the trust and understanding they have for each other. Secondly it depends on the spending habit of both too and how much each one relates with the other before spending. If these issues are taken into consideration and well sorted out then any choice made is acceptable and okay. cheers!
@kokopelli (4842)
• United States
1 Jul 07
excellent! can't agree more! this is exactly how my husband and i did it. at the onset we already talk about major issues and one of them is our finances, how we'd keep our bank accts, how we'd deal with our income and expenses, etc. now it's working very well :)
@elisa812 (3032)
• United States
30 Apr 07
I guess everyone has their own preferences, but for me, I like having joint accounts with my husband. For us, we want to share everything since we're married, so it would seem strange to us to keep our money separate from each other. Plus, since we both combine our money into one savings account, we make more interest. Our bank also gives us a higher percentage of interest depending on how much money is in the account, so when we combine our money and have more in the account, we get a better rate.
2 people like this
@kokopelli (4842)
• United States
1 Jul 07
good point! i agree, joint account would have higher balance than keeping your accounts separate, thus will earn more interest.
@MakDomMom (1474)
• United States
28 Feb 07
I totally believe in having just one checking account that both people put all their money in together and pay the bills out of together. I have seen so many people get into trouble with their accounts when they are trying to balance more than one checkbook. Writing it down in the wrong checkbook, forgetting to write it down at all, the list could go on and on forever.
2 people like this
@kokopelli (4842)
• United States
1 Mar 07
good point, several accounts could be confusing, lol!
1 person likes this
@mimatexas (1835)
• United States
27 Feb 07
To us it has worked having a joint account. We pay our bills and whenever I want money I just take out whatever I need and He won't question me.
@kokopelli (4842)
• United States
27 Feb 07
good for you. how about if he takes out money from it, do you question him? :P
1 person likes this
• Philippines
25 Feb 07
I believe that couples should have separate accounts, because it it is joint then problems will be frequent, maybe because there are expenses that both needed for themselves separately. But there should also be an account for savings.
@kokopelli (4842)
• United States
27 Feb 07
well, if they got joint bills, don't you think a joint account would be better? ;)
1 person likes this
@tmnjyk (3486)
• Canada
2 Feb 07
We both have a separate bank accounts. He pays all the bills. I don't pay anything in the house. All my income goes to mine. However I do help sometimes with paying the car.
@kokopelli (4842)
• United States
2 Feb 07
lucky us, my husband pays all the bills too. but once i get to work (which is soon), we agreed to share in the bill payment so we can start our mutual fund for future trips and investments :)
1 person likes this
@wyykidd (1460)
• Singapore
24 Jan 07
I have a separate account from my husband's. I know many couples maintain a joint account for household expense, other than the separate account they have for their private expenses.
@kokopelli (4842)
• United States
27 Jan 07
yes, it's taxing maintaining but easier for accounting :)
1 person likes this
@suedarr (2382)
• Canada
19 Jan 07
For my own situation I actually like having both a joint account and a personal bank acccount. The joint account is for paying bills etc, while the personal one is for my own savings. Cheers!
2 people like this
@kokopelli (4842)
• United States
19 Jan 07
same here :)
1 person likes this
• Philippines
30 Apr 07
well, it is much better to have a joint account and a separate account. The joint account should have the biggest amount so that both will have access to it. It really depends on the couple. Some couples would prefer separate and others joint account. BUt for me, i prefer joint account. Whatever may happen to me or my spouse, we still can get the money because we have both access. Goodluck!
@kokopelli (4842)
• United States
20 Aug 07
that's so good to hear, there must be complete trust and sharing between the two of you.
• Canada
30 Apr 07
I don't mind having a joint account with my partner provided we each have our own separate bank accounts. What's mine is mine, what's his is his, and what we contribute to the joint account goes for our joint household bills, and other joint needs. I don't want us to combine all of our money, just some of it.
1 person likes this
@kokopelli (4842)
• United States
20 Aug 07
i totally agree. only, i prefer to have one more joint account with 50-50 contribution and sharing (like the one for bills), but this time it would be for joint investments, travel, and fun =)
@stacyv81 (5904)
• United States
21 Mar 07
I think one joint and one separate. The joint one for bills and such and I think everyone needs their own. That is my opinion. Best of both worlds.
1 person likes this
@kokopelli (4842)
• United States
1 May 07
i agree.
@deeeky (3667)
• Edinburgh, Scotland
21 Mar 07
Always have seperate accounts. It is a lot less hassle if people split up and go thier seperate ways whether in a marriage or a partnership. Plus there are many tax benefits and incentives available by doing so.
1 person likes this
@kokopelli (4842)
• United States
1 May 07
i know about the convenience when partners split up, but i don't know about the tax benefits and incentives. can you share those with us?
@scorpio16 (1707)
• India
15 Oct 07
I believe in a joint account operated with a mode "Either or survivor". This has got flexibility of working with money. I have few accounts and 90% of those are joint with my spouse. It is always better to have joint accounts.
@Dolcerina (3379)
• Hungary
27 Aug 07
Separate of course.
@dbhattji (2507)
• India
23 Jul 07
it is better to have at least one joint account so that you can operate it in the absence of your spouse and it also shows trust in each other.
• Philippines
30 Jun 07
i think it is okey to have a different bank accounts. well that's in my own opinion, as me and my husband has different account,we decided to do that way. i have a bank account and he has his atm account
@limcyjain (3523)
• India
30 Apr 07
It would largely depend on the income tax rules in your country. Study them and see how they need you to maintain your account so that you dont end up clubbing each others income for tax purpose. I would say have individual accounts with each of you as nomminees.
• Philippines
30 Apr 07
it would depend on the couples' choices. for me and my husband, we have 3 bank accounts. one for each other and another for our joint account. we put our savings on our joint account and we can not touch the money in it, unless it is for emergency purposes. our individual accounts is for the salary that he is receiving and for other incoming money that we get. i think it is better for couples to have a joint account so that they can monitor their expenses for the family. they can track down the bills. this worked for us, i hope it works for the others too.