Risks and benefits of sharing a bank account with a partner


Planning the economy well as a couple and doing it with the utmost transparency will help us better cope with household expenses. A joint account is an alternative that some couples consider to deal with common costs.

However, the data tells us that this is a practice that does not convince young people much: according to a Bank of America survey, 28% of couples Millennia They say they keep the finances separate.

What is a Joint Account?

A joint account is very similar to a regular account; The main difference is that the account is owned by two or more people (although in this case we will focus on the pair, the joint account is not booked for couples only).

Depending on the type of co-ownership, there are different obligations and responsibilities. In the case of a couple, the most common modality is usually vague or joint ownership, which gives the two owners complete freedom to exercise movement individually.

Therefore, the basic requirement is that he must recognize co-ownership, which means that both owners have the same rights and obligations over 100% of the amount.

When requesting a joint account with our partner, it is important to make sure that he / she has services such as the ability to reside on receipts; Deposit money by checks, as well as from ATMs or transfers; Be able to have two independent credit cards linked to the same account; Avoid possible expenses for making and receiving transfers.

It is also important to define what we want an account for. In most cases, they are asked to carry out day-to-day banking operations such as transfers, direct debits or ATM withdrawals. In this case, it is better to search the current account without commission.

Advantages of opening an account with two owners

Sharing finances on the condition that they both have the same power over money means that they are both co-owners. In this case, the main advantages of this option are:

  • A joint account is useful for paying common bills: it helps us pay common household expenses such as mortgages, car payments, supermarket purchases, family activities or children’s materials by direct debit. This is a quick and easy to use option.
  • Each owner can control the use of money: withdraw money or make payments from a single online account, allowing you to see how and for what the money is spent. The fact that the account is visible to both of you prevents you from losing more money than you agreed on unnecessary items or secret purchases.
  • No Mutual Permission Required: As account holders, anyone can access and withdraw money without asking each other for permission.
  • Managing long-term finances is streamlined and optimized: it makes it easier to achieve common goals, such as raising funds to invest in a home or go on vacation.
  • Both can access online banking: Couples can decide how to manage and use the account, who will receive account alerts, and whether they want individual banking profiles or shares.
  • In most cases it is not necessary to reside in the payroll or pay a fee.

What shortcomings can be found in the overall report

While sharing a bank account can make family financial management easier, there are also potential drawbacks:

  • The joint account bears its share of the bank bills: it must pay the costs associated with the card and the technical fee of the account. When activating two cards, if it is not possible to do so for free, we must make sure that they have the minimum possible value for issuance and renewal.
  • The co-owners are jointly responsible for the operation of the account, for better or worse: if one of the two owners overpaid and owes the account, the other owner will also be obliged to reimburse the bank and pay the incident costs. .

Keep personal accounts and add a joint

Before requesting a joint report, we need to consider some aspects to get the best option. For example, check that this is not related to requirements such as payroll accommodation; That the cards are free in both maintenance and issuance; That there are no commissions of any kind; And that online transactions are guaranteed.

One of the most commonly used options for couples is to combine a joint account with their own account, which experts recommend so that each can maintain some independence in managing their money.

This allows you to have your own money for personal expenses and, at the same time, have a common fund to cover household expenses and manage the family.

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Source: El Diario


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