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  • FIRST POST
    • shoaibs48
    • By shoaibs48 21st Sep 16, 6:07 PM
    • 8Posts
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    shoaibs48
    joint account or 2 single account for married couple?
    • #1
    • 21st Sep 16, 6:07 PM
    joint account or 2 single account for married couple? 21st Sep 16 at 6:07 PM
    Hi,

    I recently got married and am considering adding my wife to my account. Any people got any advice on this?

    Or is it better to keep both accounts separate for the time being as we live with my parents and so have little in terms of household expenses.
Page 1
    • p00hsticks
    • By p00hsticks 21st Sep 16, 6:19 PM
    • 4,847 Posts
    • 4,238 Thanks
    p00hsticks
    • #2
    • 21st Sep 16, 6:19 PM
    • #2
    • 21st Sep 16, 6:19 PM
    Be aware that a joint account will link the two of you finiancially, so if one of you has a bd credit history, it might be worth avoiding.

    But if this is not an issue, I'd recommend having a joint account in addition to (not instead of) your two individual ones.

    Then agree an amount that you each put into each month and then use it to fund joint expenses...
    • badger09
    • By badger09 22nd Sep 16, 12:09 PM
    • 4,093 Posts
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    badger09
    • #3
    • 22nd Sep 16, 12:09 PM
    • #3
    • 22nd Sep 16, 12:09 PM
    Different arrangements work for different couples.

    Many married couples immediately share their whole financial set up. For many people, any other arrangement is inconceivable. It works well for some but for others it is a disaster. Some couples keep everything totally separate, while others do as suggested by p00hsticks. I'm in the latter category

    You and your wife need to decide what will suit you. Do you have a similar attitude to spending and saving? If not, having a joint account might be a very bad idea. As p00sticks said, a joint account will link you financially. Would that be a problem for either of you? If you buy a home together with a joint mortgage, you'll create that financial link anyway, so that might be the right time for a joint account.
    • teddysmum
    • By teddysmum 22nd Sep 16, 1:34 PM
    • 5,111 Posts
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    teddysmum
    • #4
    • 22nd Sep 16, 1:34 PM
    • #4
    • 22nd Sep 16, 1:34 PM
    My husband and I have had just one joint account for many years (believing that as a couple, everything is shared), but now have that account and separate ones for savings purposes and cashback (TSB contactless cards).


    We are in out sixties and at some stage the joint account will be cancelled, in case one of us needs care, because joint accounts, of any type, are not advantageous when assets are calculated.
    • mt99
    • By mt99 22nd Sep 16, 2:44 PM
    • 53 Posts
    • 18 Thanks
    mt99
    • #5
    • 22nd Sep 16, 2:44 PM
    • #5
    • 22nd Sep 16, 2:44 PM
    One positive side to a joint bank account is that either person can (legally) access the money in it. This is not true for individual accounts, so you could not legally access the money in your husband's account and vice-versa, even if you knew their password, pin etc. (several scenarios come to mind but eg your husband had an accident and was unconscious for several days). Would this cause you financial problems?
    • Caladan
    • By Caladan 22nd Sep 16, 7:12 PM
    • 376 Posts
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    Caladan
    • #6
    • 22nd Sep 16, 7:12 PM
    • #6
    • 22nd Sep 16, 7:12 PM
    Two-edged sword - As already mentioned it makes you 'Financially Connected' so if one of you has credit issues it can/will affect the other. It also means you're both liable for any debt on the account, no matter how it is accrued so if you ever separate one of you can rack up a debt (or just empty it) without the other's permission.

    On the other hand, joint accounts can be very beneficial, not just for household bills but also for if one of you dies. A joint account will immediately revert into the name of the survivor, so they won't be stuck for cash whilst they wait for probate. Hopefully such an event is many years in the future for you but I've seen too many instances where (usually) husband has all the money in his own accounts and when he dies the wife is left with nothing. I've even seen it where husband is sole earner and kept most of the money in his Limited company for tax purposes and wife was literally destitute and unable to pay for utilities and food etc.
    • boliston
    • By boliston 22nd Sep 16, 7:16 PM
    • 1,523 Posts
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    boliston
    • #7
    • 22nd Sep 16, 7:16 PM
    • #7
    • 22nd Sep 16, 7:16 PM
    I can't see the point in joint accounts - it's a bit like couples who share an email address or share a toothbrush
    • EssexExile
    • By EssexExile 22nd Sep 16, 7:41 PM
    • 1,610 Posts
    • 1,058 Thanks
    EssexExile
    • #8
    • 22nd Sep 16, 7:41 PM
    • #8
    • 22nd Sep 16, 7:41 PM
    I can't see the point in joint accounts - it's a bit like couples who share an email address or share a toothbrush
    Originally posted by boliston
    We have joint accounts & each have sole accounts. We have a joint email address & each have sole email addresses. The toothbrush thing is going too far.
    Tall, dark & handsome. Well two out of three ain't bad.
    • shoaibs48
    • By shoaibs48 23rd Sep 16, 5:18 PM
    • 8 Posts
    • 1 Thanks
    shoaibs48
    • #9
    • 23rd Sep 16, 5:18 PM
    • #9
    • 23rd Sep 16, 5:18 PM
    neither of us are big spenders. Though I like to switch my savings accounts more regularly then she does. We are saving for a home deposit but this will be 5-10 years away unfortunately so I am looking to get her more interested in switching savings accounts
    • badger09
    • By badger09 23rd Sep 16, 5:30 PM
    • 4,093 Posts
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    badger09
    neither of us are big spenders. Though I like to switch my savings accounts more regularly then she does. We are saving for a home deposit but this will be 5-10 years away unfortunately so I am looking to get her more interested in switching savings accounts
    Originally posted by shoaibs48
    You've had 7 responses.

    Have you reached any conclusion?
    • xylophone
    • By xylophone 23rd Sep 16, 5:35 PM
    • 18,416 Posts
    • 10,334 Thanks
    xylophone
    We are in out sixties and at some stage the joint account will be cancelled, in case one of us needs care, because joint accounts, of any type, are not advantageous when assets are calculated.
    http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS39_Paying_for_care_in_a_care_home_if_you_have_a_ partner_fcs.pdf?dtrk=true
    • xylophone
    • By xylophone 23rd Sep 16, 5:38 PM
    • 18,416 Posts
    • 10,334 Thanks
    xylophone
    A joint account is useful for household expenses, utilities/rent/council tax/house insurance etc so that there is no interruption when one party dies.

    I imagine that many (most?) married couples have at least one joint account and sole accounts as well.
    • shoaibs48
    • By shoaibs48 23rd Sep 16, 5:44 PM
    • 8 Posts
    • 1 Thanks
    shoaibs48
    You've had 7 responses.

    Have you reached any conclusion?
    Originally posted by badger09
    I think I am likely to get a joint account as our main account but keep individual accounts for our own spending. This seems to be the best option from what people are saying. It allows us to be independent but the joint account should help to avoid any arguments over money in the future.

    We will prob transfer a set of money regularly to own individual accounts but keep it the same for bohh of us
    • YorkshireBoy
    • By YorkshireBoy 23rd Sep 16, 5:51 PM
    • 27,875 Posts
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    YorkshireBoy
    If you're living with parents what joint expenses do you have?
    • missbiggles1
    • By missbiggles1 23rd Sep 16, 7:08 PM
    • 14,767 Posts
    • 26,604 Thanks
    missbiggles1
    I think I am likely to get a joint account as our main account but keep individual accounts for our own spending. This seems to be the best option from what people are saying. It allows us to be independent but the joint account should help to avoid any arguments over money in the future.

    We will prob transfer a set of money regularly to own individual accounts but keep it the same for bohh of us
    Originally posted by shoaibs48
    What does your wife think and want?
    • shoaibs48
    • By shoaibs48 23rd Sep 16, 8:30 PM
    • 8 Posts
    • 1 Thanks
    shoaibs48
    If you're living with parents what joint expenses do you have?
    Originally posted by YorkshireBoy
    I want to start as we mean to be in 10, 20, 50 years. I know a lot of couples argue about money so if we get used to it now then should be ok when we get our own home
    • shoaibs48
    • By shoaibs48 23rd Sep 16, 8:33 PM
    • 8 Posts
    • 1 Thanks
    shoaibs48
    What does your wife think and want?
    Originally posted by missbiggles1
    She does not pay much attention to bank accounts whereas I regularly take a detailed look of my finances. But I would like to get her to be more financially aware!
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