A joint bank account will give you and your partner a single account to manage together. Money in this account belongs to both of you, which can lead to some financial benefits. The question on our minds is whether or not joint bank accounts are financially savvy for married couples. 

Should you look into this idea or keep your accounts separate? Let’s look at some of the potential perks or drawbacks of joint accounts, so you can slowly understand if they’re suitable or not.

Earn more interest 

Join accounts tend to have better interest rates and benefit from dual income sources. More money is in this account than each of your separate ones, meaning you earn more interest over time. If you’re looking to save money as a couple and build wealth together, this can be extremely handy.

Keep track of expenses

Think of all the expenses you’ll have as a couple: 

• Rent/mortgage payments
• Household bills
• Food 
• Clothes
• Subscriptions

If these expenses are split across two accounts, it’s much harder to keep track of everything. In turn, it’s harder to create a budget. When you have one account between two people, all expenses are in one place. You have a clear overview of what you’re spending and what’s coming in. Therefore, budgeting is far easier and it will open the door to more financial savings. You see how much money is left after all expenses, letting you know what you can afford to save.

Joint responsibilities

Both of you are responsible for the account, meaning you may have to do things you don’t believe you deserve to do. For example, if your partner spends lots of money and puts you in your overdraft, you’re technically responsible for helping them pay it. 

It’s also technically legal for them to withdraw all the money and run away. You’d hope they’d never do this, but it’s something that can happen and you’d struggle to fight a family law case against them before the account is technically in their name too.

Credit score concerns

If your partner has a bad credit score and isn’t savvy with their money, this can impact your credit score. Because the two of you have an account together, you’re associated with their bad credit. It can make things difficult if you ever need to apply for credit in the future on your own. 

Likewise, if you want to get a mortgage, it may be beneficial to apply without them as you have a better chance of being approved thanks to a better credit score. When your account is joined, this isn’t possible. 

Looking at the points discussed above, there’s a clear conclusion to draw about joint bank accounts. They are excellent financial tools for couples who want to save money and earn more interest. However, they only work when the two of you are on the same page and are equally good with money. If you don’t trust your partner to be financially savvy, then you shouldn’t open a joint account – it’s that simple.