1What Is The Reasoning Behind Your Decision?

Before you and your significant other head on over to your nearest bank it is very important that you carefully understand your reasoning behind your decision to open your joint bank account.

• Is there a strong financial reason behind your decision?
  If one of you has lost your job or is perhaps leaving the workforce to stay home with your children then it may make better financial sense to have only the one bank account.


• Is there perhaps a legal reason for you to have a joint bank account?
  If you and your partner are going through immigration proceedings then, very often, a part of the immigration processes will require proof that your marriage is valid by viewing information related to joint accounts – including utility and banking accounts.


• Or is the decision simply one based upon emotions?
  Very often when we feel intense passion about our partner we have the desire to include them in every aspect of our lives; including opening joint bank accounts as a reflection of your trust, love, and passion for your partner.

When it comes to matters involving finances you should try to keep matters of the heart uninvolved – no matter how strong your relationship is. A practical approach to your finances is the best approach, at all times.

2The State of Your Relationship

When your relationship is full of passion and trust for your significant other it can be difficult to imagine your relationship hitting a rough and rocky patch that may lead towards a permanent relationship rift. Carefully evaluate the current state of your relationship with your partner before making a determination on opening a joint bank account.

• How Long Have You Been Together?
  The length of your relationship should be an important determining factor when it comes to making the decision to open a joint bank account. Certainly if you and your partner have been involved in a relationship for less than a year then it is rarely advisable to take the leap towards a joint account this early. It is best to wait until you and your partner have established a deep level of commitment to one another before you embark on joining your finances.


• Is Your Relationship Solid?
  There is a key difference between the strength of your relationship and the love and passion that you feel for your significant other; determine how strong your relationship is by understanding what you see as your long-term relationship plans to be. Are you planning on getting married? Are you already married? Do you feel like your relationship is trending towards the unstable? Your decision should be made with a feeling of solid confidence in your partner and the strength of your relationship.


• Do You & Your Partner Discuss Matters Rationally And Honestly?
  Do you have the kind of established relationship that provides you and your partner with the ability to discuss important issues in an open, honest, and rational manner? If so then you should be certain that both of you understand the positive points as well as any negative ramifications that might be incurred with the opening of a joint account. This ability to speak so open and truthfully with your partner will be incredibly valuable should you ultimately decide to open a joint account; there are bound to be issues and situations that crop up with spending habits, unpaid bills, or other issues related to your finances. By keeping the communication channels open you will be ensuring not only the strength of your relationship but also of your financial stability.

3Selecting A Bank

When setting out to select the bank that will hold your joint account you should consider if you are going to simply add your partner onto your existing account or open up an entirely new account together. If you will be opening up a brand new account you should find out if your current bank is running any new account promotions that may provide you with cash back or travel awards points. Take the time to shop around for your new bank so that you can be sure your new account is providing you and your partner with the best incentives.

4Options For A Joint Account

If you determine that opening a joint bank account is the best option for you and your partner then you should consider several additional options in lieu of one joint account where every dollar you earn is deposited.

• One Joint, Two Individual
  An ideal option to you and your partner sharing one bank account, especially if both of you are working and earning an income, is to keep your direct deposit flowing into your individual accounts. A joint account could then be opened so that you and your partner can transfer funds into it for shared household expenses; expenses like your mortgage, utility bill, and groceries can be then equally divided between you and your significant other. It is important that you make a determination as to what percentage you will each be responsible for to ensure that there are no budget shortfalls or potential money-related disagreements.


• Signing Options
  Verify if your bank has an account option that will require both account holders to sign off on any transactions. This important step can ensure that your partner does not have the ability to completely drain your checking account in the unfortunate event that your relationship fails.


• Daily Limit Restrictions
  Consider placing a daily restriction on the amount of money that can be withdrawn from a ATM within a 24-hour period. This security feature is not only a wise option for a joint bank account but it can also prove to be a vital method of protection should you card be stolen or otherwise compromised.

Your decision to open up a joint bank account with your significant other is not one that should be taken lightly; determine your reasons for opening the account together as well as any potential risks or benefits to opening the account!