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What to Consider Before Setting up a Joint Bank Account

Nov 2 2023 | Family Law

by Theresa Wright

by Theresa Wright

Head of Family Law

In this article

What are the positives and negatives of having a joint bank account?

 

Pros Cons
  • It’s a more efficient way to deal with household bills.
  • You can see all your finances easily.
  • Spending and budgets can be tracked in one glance.
  • You can work towards savings goals together.
  • Having all your finances pre-decided or out in the open may help prevent arguments.
  • If one person passes away, the other person named on the account will have access to the funds.
  • By sharing money with your partner, you may become more financially savvy due to being more thoughtful about your transactions.
  • Your partner can control the funds without your approval.
  • You will both be responsible for paying debt/fees even if it’s incurred by one person.
  • If one person is bad with money and one isn’t, it could cause tension.
  • One person could drain the account.
  • Having a joint account could make you more vulnerable to financial abuse or manipulation by your partner.
  • If you have separate accounts and a joint account, it may be harder to keep track of spending.
  • It may cause a loss of independence.
  • Your credit score could go down if the other person has bad credit.
  • It might make it harder to have surprise purchases for example buying an engagement ring.

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