Joint Accounts

Discussion in Bank Accounts started by gracer • Feb 1, 2016.

  1. gracer

    gracerActive Member

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    When I got married, one of the first things my husband and I did was to open a joint account where we could both pitch in every time we received our salaries. We both have our individual ATM cards for the account but we see to it that we hardly ever withdraw unless it's really necessary.

    How about you guys? What can you say about joint accounts? Should a couple necessary open one or is it okay to have separate accounts? I'd love to hear your ideas and experiences on this. :)
     
  2. Denis Hard

    Denis HardWell-Known Member

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    While I certainly know there are some benefits to having a joint account is it's a lot easier to pay for shared expenses but beyond that I don't see any reason why couples should have joint accounts because one needs the autonomy to spend their money as they please. While I think it's better for couples to have separate accounts, they also should have one joint account. They could deposit 50% of their earnings in this account . . .

    They could then enjoy the benefits of having both separate and joint accounts.
     
  3. Lushlala

    LushlalaWell-Known Member

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    I think it all depends on different people and how they do their 'things'. My husband and i share absolutely everything equally, what's his is mine and vice versa. We currently have a joint account into which all our money goes. We also have separate pre-paid debit cards which we load up with the same amount of money at the end of each month, to allow us to spend on our own individual needs. As we're still trying to find our feet having moved to a different country in the last 2 years, when we finally feel that we're generating adequate money, we'll also open separate bank accounts but also keep the joint one.
     
  4. Zyni

    ZyniWell-Known Member

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    My husband and I don't really need separate accounts. Everything goes into the same pot, so to speak. We know which bills need to be paid when, and we trust each other not to overspend on unnecessary things. We each have a debit card that we use at our own discretion. If one of us wants or needs something that is unusually expensive, we would discuss it anyway, to make sure it wouldn't leave us short in some other area. It's not that we have to ask "permission," we just make sure it won't hurt the overall budget.
     
  5. Corzhens

    CorzhensWell-Known Member

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    Hmm, I didn't notice that I have no joint account with my husband. I actually have several bank account with each having its own purpose like for gasoline, for food expenses and household expenses, etc. My husband has only 1 bank account to speak of although he has another bank account that is a conduit for his pension. But in fairness, we have a joint credit card that we use for purchases pertaining to the needs of the house.
     
  6. Onionman

    OnionmanActive Member

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    I'm a bit on the fence with this. I don't have a joint account with my partner, though I can see the benefit from a convenience perspective. Maybe I'm just too independent too much in my thinking and I like the idea of us both having the freedom there. But it's all about what works for each couple, is my view. I don't really think there's any right or wrong here.
     
  7. remnant

    remnantActive Member

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    A joint account is a welcome idea since it encourages savings. Parties to a joint account don't make impulsive withdrawals since there is a level of consultation before a withdrawal can be made. However, one should only invest a portion of their income and keep a record of transactions to mitigate against future disagreements if one of the signatories becomes unreliable.
     
  8. Jasmin Cottontail

    Jasmin CottontailActive Member

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    I totally agree. My hubby and I would like to open a joint account as well but haven't got the chance yet due to our busy schedules. We both as well have our personal bank accounts and I think it's better to have one joint account. I believe that it would be convenient because we can use our personal savings account for ourselves and to buy things that we want while the joint account would be for utilities and groceries, as well as for the things that we do or like to buy together. We can also divide our earnings and deposit it to both our personal savings account and joint bank account.
     
  9. lucykey

    lucykeyMember

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    Well as for me it's better to open a joint account for specific purpose but not with the intentionof depending on it entirely. A joint account means that both the couple's to contribute to the same but does not necessarily help when one needs cash urgently due to the many restrictions imposed on it. So my take it to have a joint account as the last option if need be.
     
  10. Kiama

    KiamaMember

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    I do not think it is mandatory to open a joint account with your spouse. It is however advisable to open one with the aim of reaching or achieving your goals. You can for example open an account and save money for building your dream house. The account will not only help you achieve your goals together but will also increase the level of trust between the both of you.
     
  11. harijobs

    harijobsActive Member

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    I don't know about couples bit I and my father have a joint account which we opened when I was studying in college. We use that and I put up my salary in that account ad he will use that to withdraw and deposit money. In my opinion, it is always to have one joint account which will be helpful for investing their own share of money an the rest they can put it in their individual accounts and use it.
     
  12. Zero

    ZeroActive Member

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    Joint account might not seem much to a lot of people but to some it's a sign that the other person trusts you and is willing to share everything.
     
  13. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    Joint accounts are good idea for many reasons. One very important one is to be able to access the account any time now or in the future. If the person is single too, ask your bank how can someone you trust, per se for your last wishes, can access your accounts at the bank so the person can withdraw and close the acct. and pay for your end of life journey expenses. It is good to be prepared for everything in life as well so having a joint account will give you access, to funds you need always. If you're single, find out how the bank will let another access your acct. to pay for your end of life journey expenses.
     
  14. overcast

    overcastActive Member

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    It's good to get the joint account. If you can get it and manage it properly then it's well and good. But most of the time having separate account definitely helps. That is something we all need to learn over a period of time. I think to be safer on the financial side join account help can be done. That being said, join account has it's set of the issues. Better to keep nominee instead of join account.
     
  15. iamawriter

    iamawriterActive Member

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    With individual accounts with a provision to draw or deposit by either of us is what our choice was This way we could deposit or withdraw from either accounts. But we never used that option/ This option becomes useful if either partner dies.