Getting married can be an exciting time. After all, you’re joining your life with one of the most influential people you know. While having a wedding and buying a house might be some of the more fun activities in your future, it’s also imperative that you have your finances to have a happy future. And you might be interested to learn that there are some distinct advantages to opening a bank account with your partner, whether you’re legally joined in marriage or are simply in a long-term relationship.
One of the major benefits of sharing a bank account is that it’s super convenient to track your expenses and take care of bills together. When you have separate bank accounts, you still need to get the bills paid on time, and you still need to communicate to each other who will pay which bills. When you have a joint bank account, one of the major benefits is that you don’t have to track your partner down when a bill is due.
Let’s face it: we all get busy, and it’s possible to go a day or two and sometimes even longer between the times you see your partner and actually get to talk about what needs to happen financially. When you share a bank account, you’ll be able to pay bills simply when you need to. This is especially important if you like to have one person take care of the monthly bills regularly, but both of you are technically responsible for bringing in the money.
As SoFi says, joint bank accounts provide “easier management of monthly payments such as mortgage and insurance. You may save on fees, too.”
Strengthen the Relationship
Many couples see sharing a bank account as a way to strengthen the relationship. When you have a joint account, everything is very transparent, so no one needs to worry that they’re not in the know about what is going on with their finances or how much the other person is contributing. It’s also great knowing how you’re both spending money, so if you’re short on money one month, you can sit down together to figure out what you need to do next month to avoid the problem.
In an emergency or a death, it’s very easy for the other person to access money quickly. When you have separate bank accounts and a partner is incapacitated or dies, the other person might have to go through lengthy legal proceedings to access the bank account and funds, if possible.
People in serious relationships should consider the pros and cons of opening a joint bank account. A joint bank account can make everything simpler and even have some financial benefits for the right couple, so you should sit down with your partner to determine whether or not this is right for you. When you decide to start a joint account, look for banks that offer maximum benefits and get the most out of their services.