Joint bank accounts - what's the point?

wigglebeena

can't understand why people open joint accounts. love is a wonderful thing, but sometimes we trust people we really shouldn't. and even with someone you love, putting responsibility for your financial welfare on someone else's shoulders is, I think, unfair. share your love, and look after your own finances. take responsibility.

economiser

Mrs E and I have had a joint account for nearly 50 years. Only one account to keep manage and keep in credit. No problem with money access when one of us eventually departs this world. In fact we have joint savings accounts and joint everything as far as we can although some modern e-savings accounts cannot be opened in joint names. Really can't see what benefit we would get from separate accounts.

Of course if your partner is a spendthrift or if you have doubts about their trustworthiness or perhaps because you just like being indenpendent then I can see the point.

2Ronnies

Thanks for all the points. On the whole I don't see an overriding reason to have a joint account, but there is equally few reasons for us not to have - we both have good credit ratings etc. I think I might go for the balance of having an account each and a joint for bills etc.

TVM for the posts.:T

JohalaReewi

Some accounts (like the A+L) have an upper limit for the high interest rate. So if you have an account each, you have two lots of limit which can be used between you. Also, with A+L, one of you can be a friend and refer the other one.

Joint accounts are fine when all is going well but as soon as problems start, the bank makes a mint.