Bank Accounts



Often this topic is approached with various views by the parties involved. Some couples like to merge their bank accounts, others keep them separate, and some have a mixture of both. When maintaining a joint account, you can simplify record keeping and lower maintenance fees. However, this can be more difficult to keep track of your money when in a joint account, and two individuals are actively using it. 

Another option may be to set up a joint account for shared household expenses and separate accounts for personal spending. Whichever decisions you and your partner make as a couple, be sure to discuss it as early as possible in the marriage.


Pros of Joint Bank Accounts

  • Easier record-keeping and lower maintenance fees.

  • A clear view of where the money is spent and where there may be opportunities for savings.

Cons of Joint Bank Accounts

  • More difficult to keep track of how much money is in a joint account when two individuals have access to it.

  • Hard to keep spending on surprises or gifts a secret.


Pros of Separate Bank Accounts

  • Allow each spouse to have an individual degree of freedom over their finances.

  • Both spouses must be responsible for their accounts and budgets.

Cons of Separate Bank Accounts

  • Less visibility into spouse’s accounts and spending habits.

  • Difficult access to funds in times of emergency unless paperwork is filed in advance.

112618MMM Couples & MoneyCo-mingling Finances
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