Joint Accounts For Partners: Good Idea Or Not?

When people get married or live together, they may decide to get a joint account or not, this is often quite a talking point particularly if one partner is in favour of one approach whilst the other is not too keen on it at all!

The advantage of maintaining separate accounts is the clarity it gives you and responsibility to run your own finances and be responsible rather than leaving it to just one of the partners in the relationship. This is coupled with more freedom over your money to do what you want with it within reason as it is your own money as it were.

Of course if you have one account the flip is that it is easier to see exactly what you have as a couple and may be easier with paying bills and so on through the joint account.

Many couples these days decide on a compromise approach by having separate accounts for themselves and a joint account they both pay into to cover all the bills on an equal basis, and this approach works well for many.