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Should You Have A Joint Bank Account?

Based on a survey, 76% of couples said they have a joint bank account, and the rest keep their finances separate.

Husbands and wives usually merge their money for shared responsibility of paying bills or savings goals. Along with it is combining the paychecks or other funds into a single bank account. Let’s weigh the pros and cons of this type of bank account.


Sharing a joint bank account allows each account holder access to money when needed to. A debit card, a checkbook, and the ability to make deposits and withdrawals are usually provided to each account holder.

You could also have online access to account information and tools. This can streamline bill payments and other shared financial tasks.

Some of your legal affairs are more organised

If one of the spouses passes away, the other can still access the joint bank account without going through the legal system or referring to a will to claim the funds.

With a separate account, the surviving spouse may have to go through a lengthy legal process to claim the funds, depending on the state and local laws.

Smaller chance to encounter financial surprises 

For married couples, it’s easier to keep track of their finances with a joint bank account as all expenses come out of just one account. No missed account activity, like withdrawals and payments. It’s easier to balance the checkbook at the end of the month.


Freedom over your finances

We can agree that a joint bank account simplifies your money management system, but some may feel a lack of financial independence. In terms of maintaining an individual degree of freedom over your finances, you may be more inclined to have separate accounts.

Issues in the marriage

Having a joint bank account can cause issues in a marriage when there’s lack of communication about account activity.

Credit cards, student loans, child support, alimony, or other debt of one spouse can also be a source of problem when it’s time to pay with the joint funds. The other spouse may resent paying the debt as well.

Separate debts should be discussed in detail before couples decide on which kind of bank account works for both to avoid money arguments.

Difficulty in dividing the funds

Funds in a merged account can be hard to divide if the account holders decide to. Separate bank accounts prevent this, and it doesn’t involve fights to separate the finances.

If you liked our “Should You Have A Joint Bank Account?” and took away some valuable and useful information, check our blog space regularly for more tips on how to budget and updates on the best budgeting apps in Australia.