joint account or 2 single account for married couple?

shoaibs48

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.

p00hsticks

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

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

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

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

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

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

boliston wrote: »

I can't see the point in joint accounts - it's a bit like couples who share an email address or share a toothbrush

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.

shoaibs48

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

shoaibs48 wrote: »

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

You've had 7 responses.

Have you reached any conclusion?

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