Joint bank account

Lily-Rose_3

When me and my husband first got together (mid 1980's,) we had separate bank accounts, and also when we moved in together. Then when we got married, we still had separate bank accounts. All we got, from family and friends and work colleagues and neighbours etc, was how odd it was that we had separate bank accounts, comments on how we 'can't be that close,' and how it wasn't normal to have separate bank accounts.

Fast forward several years, and the birth of our daughter, and we pooled our finances. Made far more sense to us, as I went part time, and was earning much less. If I had had to pay half towards everything, (as it was when we first met,) I would have had nothing left, and he would have had 3 or 400 a month flash cash!

Fast forward another 10-12 years, and we started having people questioning why we have a joint bank account! 'Ooooh, I wouldn't like to get permission from MY husband to spend anything!' (I DON'T!) and 'I like my money to be mine!' (Yeah, well me and my hubby like to share!') And I can still buy what I want, when I want FGS!

Honestly, the amount of times people have commented is laughable.

We like it as it is, money being pooled together. I deal with most of the finances anyway, but we both have access to the account. But yeah, years ago, people always commented on how 'odd' it was to have separate bank accounts, and more recently, they feel the need to comment on us having a JOINT bank account.

I actually know 4 or 5 couples who have been together for more than 15 years, (2 of the couples are married,) and they have separate finances. In all but one of the couples, he earns more, has much more surplus cash than her, has expensive hobbies, buys more new clothes, and has a newer car etc,. They even pay separately for drinks in the pub and so on, and she struggles with money, while he has plenty of surplus. I find it so weird.

brianh wrote: »

I have always found it odd when I hear other married couples have separate accounts. Perhaps it is a generation thing, we've been married 40 years and always had joint accounts. For the first 18 years, OH didn't work, and until retired only worked part-time, so perhaps that set the scene.

Obviously other arrangements do and can work but the powerful statement of joint interest has never given us a big problem.

I find it odd too. When you're younger yes, and unmarried with no kids, but when you are a family, or are married/been together say more than 10 years, why have separate finances? To me, it makes people seem more like flatmates than a couple. A couple who have been together 10+ years, who are married/and or live together fighting over the pennies after a meal out *cringe* :eek:

BarryBlue

My wife and I have joint bank accounts at two different banks, plus our own individual accounts at both of them. The reason is that they pay interest up to a maximum level and they are all maxed out for this. For instance, Santander pay 1.5% (was 3%:() on up to £20k in each account. One account is solely for our BTL properties' income and outgoings.

Her individual income is more than mine as she has a well-paid job and I'm retired. But it doesn't matter to us whereabouts money comes from. For instance, we had a cruise to pay for so we checked to see which account had the most in it.

We have individual savings in other institutions too. It really doesn't matter to us as we regard all our assets, capital and property as owned equally. If either of us wants something we buy it, although we always discuss big purchases. We have never argued about money, I'm happy to say.

Andrew_Ryan_89

Nope, don'y have a joint account here and nor do I want one. All our bills come out one of my accounts (apart from her phone bill) and we give each other monthly spending money to other individual accounts. We do have a joint savings however.

FBaby

I think couples are much more likely to have a joint account when one earns and the other doesn't, or earns significantly more. When both earns a similar income, it seems easier to have two separate accounts.

glentoran99

FBaby wrote: »

I think couples are much more likely to have a joint account when one earns and the other doesn't, or earns significantly more. When both earns a similar income, it seems easier to have two separate accounts.

Why would it be easier? Bills still need paid etc?

NBLondon

Hemera wrote: »

I do admit however that I kinda think that buying your own contact lenses solution / shaving sounds very strange to me We buy these things during our weekly shops normally, together with food, house toiletries etc and I would never go through the receipt to see what's his and what is mine :eek:

Well, when it's a particular type of solution that isn't usually sold in supermarkets... We're not scrutinising down to the penny, but if it's a £15 item that only one of us will use - we keep rough track.

maman wrote: »

We differentiate between basic stuff bought from the supermarket (like mouthwash and shampoo) and stuff that comes from say a cosmetics counter like after shave and perfume. I suppose one is a necessity, the other a luxury.

Pretty much - if I choose to use Geo. F Trumper shaving soap at £15 a pot rather than an own-brand aerosol at £1.50 - that's a personal luxury.

I just wouldn't feel comfortable not sharing those expenses arising from necessities. If he needs a new pair of glasses or a new clothes since his are worn - I prefer to share the expense with him, instead of having my OH use up all of his money,

There's a difference between necessity and desire. If your incomes are unbalanced or variable (I've been a freelancer!) then one partner subsidising the other is a matter of choice. But when I need new glasses - I'm the only one wearing them and it's my choice whether to replace lenses (necessity) or get new frames as well (desire) and my responsibility to pay for that choice.

NBLondon

Lily-Rose wrote: »

I actually know 4 or 5 couples who have been together for more than 15 years, (2 of the couples are married,) and they have separate finances. In all but one of the couples, he earns more, has much more surplus cash than her, has expensive hobbies, buys more new clothes, and has a newer car etc,. They even pay separately for drinks in the pub and so on, and she struggles with money, while he has plenty of surplus. I find it so weird.

That is weird... If A earns more, I don't see anything wrong with A having the expensive hobbies, nicer car etc. But not to the point that B struggles. I'd expect the higher earner to want to help their partner - but equally the lower earner might have some pride and independence and not want to be "kept". There's a balance point that works for each couple - and might move over time - but those cases seem to be out of balance.