Life moment
Getting married or partnered
Financial goals matter when making decisions as a couple.
In marriage, not only are you making an emotional and personal commitment to another person, you’re also intertwining your lives in a legal sense. Big decisions like where to live, to have or not have children, and your retirement goals can all be impacted by the way you manage your shared finances.
It’s estimated that 52–65% of couples only use joint bank accountsDisclosure 1, but it’s up to you and your partner to decide what’s best for you. Choosing to combine some, all, or none of your finances as a couple can be a critical decision with significant implications. No matter which approach you choose, maintaining transparency and trust can help you both reach your shared and individual goals—together.
Potential benefits of a joint bank account
Transparency and accountability: A shared account can mean two sets of eyes on your finances, more frequent talks about your money as a couple, and fewer surprises—like that streaming subscription one of you keeps forgetting to cancel.
Account simplicity: In the event of an emergency or death, your spouse may have full access to the shared account without having to take any legal action.
Benefits of higher balances: When your finances are pooled into one checking or savings account, you may have access to benefits like waived fees and other perks that are reserved for customers who maintain higher average monthly balances.
Potential challenges of a joint bank account
Financial vulnerability: Sharing a bank account means that both account holders can easily view all transactions, withdraw funds, and even close the account—so a high level of trust is crucial when choosing to open a shared account.
Loss of independence: Some people feel strongly about maintaining their financial independence, and joining accounts could mean losing that. In this case, maintaining separate accounts might be your preferred route.
Account complexity: If you and your spouse separate or divorce, the process of dividing any assets in a shared account can be a cumbersome legal process.
Ways to meet in the middle
Choosing to pool your finances with your spouse doesn't have to be all or nothing. Some couples will adopt a "yours, mine, and ours" arrangement. It may make sense to open one account together for joint expenses—like your rent or mortgage payments—but still each have your own separate bank accounts for individual spending. Download the Super Budget worksheet to help you get started.
Before you decide, ask plenty of questions.
It's important to make sure you and your spouse are on the same page before you make any big financial decisions like opening a shared account. Some questions to kick-start that conversation:
- How much do you personally like to save versus spend in a month?
- Where will we keep our emergency fund—and how much should we save?
- How do we want to handle everyday expenses?
- What are our long-term savings goals? And where should we keep our money for those goals?