You and your partner have been together for some time, and you may have even walked down the aisle and have had kids. Yet there could be one part of your lives that hasn’t quite come together completely – your money. Opening a joint bank account could help you save money, time and take your relationship to the next level.
Pay fewer bank fees
Pooling your money into one shared account makes sense for many reasons. Apart from creating greater combined saving (and spending) power, many couples open a joint account because they want to pay fewer bank fees. With one account, you’re only paying one lot of fees, rather than multiple fees on separate accounts. Some transaction accounts may not charge any monthly fees, which means you could save even more money.
More convenient to pay bills
Another reason why many couples put their money into one account is that it makes paying shared bills and regular payments much easier and more convenient. Rather than paying your bills from several accounts, you’re paying from one single account which makes managing your bills simpler. Paying for shared costs, like your mortgage, rent and utilities, from a joint account can be seen as fairer too, as you’re both putting your money into the account already.
Making it work for youJoint bank accounts are ideal for people who share similar saving and spending habits, as well as goals in life. If you do open a joint account, it’s important to set the ground rules early. You should both agree on how and when money will be deposited from your salaries, and more importantly, how it’s withdrawn and spent. Having clear guidelines will help avoid arguments about overspending.
Things to consider
Before you open a joint account with “your other half”, it’s important to consider a few things. You should really only open a joint account with someone you completely trust, like a long-term partner or a family member. Opening a joint account with someone you’ve only recently met or who is trying to forcibly persuade you into doing it should be avoided. You should also be able to communicate openly and honestly about money matters with each other. And as we’ve mentioned, sharing similar goals and spending habits should be high on your checklist before opening a joint account together.
Open a joint bank account in minutes
You can quickly and easily open a CUA Everyday Account in less than five minutes online, provided you have all the required information.
What you’ll both need to open a joint bank account
- An email address for each applicant
- Phone numbers
- One form of ID such as your driver’s licence, passport or Medicare card for each person
- Your existing Member number, if you’re already a CUA Member
- You must be aged 18 or over and be an Australian resident with an Australian residential address