menu search
brightness_auto
Ask or Answer anything Anonymously! No sign-up is needed!
more_vert
Am about to open a joint account with my spouse but am not really feeling like. 
more_vert

Before i jump to my answer i would like to tell you human beings change, and when they change things happen. For me i don't think its a brilliant idea for you to open a joint account with your spouse. We all know finances can cause mayhem in a relationship or marriage when there is a disagreement. Joint accounts are a recipe for disaster for sure. We know men are not good mangers, especially when it comes to money matters. A woman will not entrust a guy with her money that's for sure. I can name a few disadvantages 

1- A woman may want to do certain things for the home that the guy will deem unnecesaary at that point, she won't be able to get the funds because they both have to sign.
2- There is the thought of one partner working away from home what if there is an emergency and one partner is far away what happens then.
3- Remember we are all different from one another one may be a spendthrift and the other a saver, hhat cannot work because the saver will suffer.
4- You both have to be on the same page always otherwise you will not agree. Better have your own account and buy what you think is needed not unless its an investment you want. For investments joint accounts will work perfectly there there is no disagreeing you just have to agree.
more_vert
I've never had a joint account with anyone and I like it that way mainly because if a relationship goes wrong, and with the best will in the world they sometimes do, who's to stop one party emptying the account? There could also be arguments about how much one or the other is spending. I personally feel it's best to have your own account so if you have any doubts you shouldn't open a joint account.
more_vert
The disadvantages of having a joint account with your partner include:

1. Lack of Privacy: When you have a joint account, your partner will have access to all of your financial information, such as spending habits, income, debts, and investments. This can lead to disagreements if one partner is more conservative or liberal with their finances than the other.

2. Potential Conflict: When two people are financially linked, it can increase the potential for conflict over money. This can be especially true if one partner is more responsible with their finances than the other.

3. Legal Issues: If one partner dies, the other partner may not be entitled to any of the money in the joint account. This is because the funds may be considered part of the deceased partner’s estate, and will be subject to probate laws.

4. Loss of Autonomy: When you have a joint account, you may feel like you have less control over your own finances and spending habits.

I am not in support of having a joint account with my partner. I believe that each partner should maintain separate accounts to ensure that both individuals have autonomy over their own finances and spending habits. Additionally, I believe that having separate accounts also helps to keep a healthy level of privacy and helps to avoid potential conflicts over money.

18 Answers

more_vert
 
done_all
Best answer

Normally married couples have a joint account together. However, that doesn't mean that you still can't have your own bank account. You don't need to add all of your earning to this account. A few advantages of having a joint account are:

  1. It makes it easier to pay the monthly bills.
  2. You don't need to use multiple accounts when buying or paying for items in the store or online.
  3. If you are planning on buying a home, a joint account is a good idea for the bank. 
  4. Many men are terrible with a bank account and paying bills. A joint account makes it easier for you to take care of everything.
  5. If you have your checks directly deposited into your bank account it makes it easier to handle one account and not two.
  6. With a joint account, you can now see what the other person spends the money on. This can help you to create a monthly budget for your home.
  7. If one of you dies and you each have an account it makes it harder to get the money from the account in the end.
However, there can be issues with a joint account:
  1. One person adds more money to the account and the other one seems to spend more than he adds.
  2. People don't always tell each other when they use a debit card, therefore, it is harder to keep the account balanced.
  3. If you don't have some sort of ground rules and how to report spending on a joint account this can lead to many problems.
  4. At times this could lead to fights because one person is an overspender and they are spending too much in the account and there isn't enough money left over to pay the bills.
There are good points and bad points on having a joint account. If you are planning on this it is a good idea to have some ground rules set in place. This can help you to balance the account and make sure the funds are there when you are ready to pay the bills.
thumb_up_off_alt 2 like thumb_down_off_alt 0 dislike
more_vert
Thanks for such a nice answer. You have covered almost every advantage and disadvantage of having joint account. 
more_vert
Thanks for your answer. You almost listed every thing. Really it will help others.
more_vert
True. I agree with you. You have said it very explicitly. I can't agree less. 
more_vert
Thanks this is so informative. Things always have the pros and cons and one needs to weigh the two before making a decision. 
more_vert
In my case case I personally don't advocate for joint accounts. The reason being opening joint account with your friend, family or partner has more demerits than merits. I will mention just but a few:

(1) Human beings will remain human beings and they have proven not to be trusted. So personally I can't trust any human.

(2) Joint accounts can't be reliable in case of an emergency. This is because according to my understanding about joint accounts you can't make any transaction or withdrawal without the other person or party or a strong reason for their absence.

(3)In case of separation; it will be difficult to access your savings 

(4) Decision making in terms of how to spend your savings may take long since you will not always agree, you will differ in terms of opinion hence time consuming. The list is endless.

So in a nutshell I don't advocate for joint accounts 
thumb_up_off_alt 1 like thumb_down_off_alt 0 dislike
more_vert
Well, if you trust the person that much then go for it, however you never know what people turn into only after a few months.

I am a very "safe" person, so I would rather have my own account. That way I know exactly what goes on with it.

Finance is a very particular thing and fights over money often hurt couples, regardless of where you are in the world. Money disappears, "ohh, you are spending all my money", "ohhh where did our money go this month"...I have no patience with that kind of thing. What if the person disappears with my money one sweet day?

Good luck, I would NEVER trust anyone (except my parents) to have a bank account with me.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
Our main and absolute goal as husband and wife is to be totally debt-free. Pay off the mortgage as quickly, in your power, as possible. A joint account will definitely make that happen. Each of you must keep accountability of each other in check, in place and in order.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
It has both advantage and disadvantage in opening joint account. If you both are in distance, in some cases withdrawal needs both of your presence in some banks. Both can take care of the account easily.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
Yes I agree it has both sides and one needs to consider those factors if it can suit  them as a couple well and good. 
more_vert
Relationship demands transparency, and in the case of having a joint account with your partner, you have to inform him or her of every need and transaction that sometimes could be problematic and boring. 
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
True. Well said. Trusting each other is the key and keeping in mind the reason for the account is crucial. 
more_vert
Disadvantages of Joint Accounts

If things turn bad in your relationship, each spouse has the ability to clean out the account and take all the money, even if it was deposited by the other spouse. A joint account also prevents each individual from building up his or her own credit.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert

Yeah credits and bills will be larger if one is thrifty then the other is not. :)

more_vert
In my opinion, it is not a good idea. Some cases are both of them will have a problem with money matters. They can have never-ending arguments. In time, it will be the root cause of separation. It happens and we cannot deny this. It is better to have separate bank accounts to save their marriage so to speak with this concern.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
Having a joint account has nothing to do with the money and everything to do with trust. 

I don't think anyone would marry a spouse who they don't trust with money. However, humans can change and be swayed by money. Hence,it might be important to discuss this decision with your partner extensively before opening a joint account.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
It's is good to always look at the advantages and disadvantages as you have asked and weigh between the two. You will always settle on the one having much benefits compared to the pros. 
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
There will be no privacy of course. Although you were partners you still have a personal social life. Not all people who knew your partner also know you or maybe a close friend to you. That may avoid cheating but what about the connection of one another to a closed friend? Not all mutual friends are bonded to each other because others just show camaraderie and not all are close enough to your couple.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
The only advantage is that they foster more trust, but there will always be disagreements for on reason or another, personally l'm not in favor of that really
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
When there is no trust between the husband and the wife, having a joint account with money would bring alot of problems between the two couples.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
I believe that if you DO have a joint account it should not be the only account. It is too easy for one partner to mess up ALL the money if that joint account is all of the household's money. I believe there should be a joint checking account to be used only for paying bills and rent to which both parties would deposit half the money needed to cover the rent and bills from their check. I believe there should be a savings account in which both parties save some portion of their paycheck to so that the couple has some savings in the bank. This account would only be able to have money removed from it with the signature of both partners so that nobody can dip into it without the other party knowing and go shopping or anything. I also think that both partners should have their own individual accounts for their spending money that the other party doesn't mess with and that they can use for whatever they want to use it for. I don't have a joint account with my boyfriend but we do pool our money to pay rent and bills, and we each have our own individual bank accounts for our own spending and saving, so we have a similar model happening. I just think it is incredibly important that one person doesn't have control of all of the couple's money in case the relationship goes sour they cannot leave the other one in the lurch and take everything.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
The disadvantages of having a joint account with your partner are: 

1. Lack of Privacy: By having a joint account, you and your partner will have access to each other’s transactions, which can lead to arguments about financial decisions or purchases. 

2. Lack of Financial Autonomy: A joint account requires both partners to make decisions together, which can lead to disagreements and difficulties in managing the finances of the household. 

3. Disagreement on Financial Goals: Each partner may have different ideas of how to manage the money in the joint account, potentially leading to arguments and disagreements. 

4. Difficulty in Closing the Account: Closing a joint account is not as easy as closing an individual account. Both parties must agree to close the account, and it may take some time to transfer the funds to separate accounts. 

In my opinion, I would not recommend having a joint account with your partner. It is important to have financial autonomy and to be able to make decisions without relying on your partner. Furthermore, having separate accounts allows for more privacy and can help to avoid arguments and disagreements about financial matters.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
Disadvantages of having a joint account with your partner include the potential for conflicts over spending habits, loss of financial independence, and increased risk if one partner incurs debt or financial troubles.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
Having a joint account with your there is no problem so long as you love one another and trust each other, infact it will give her courage and motivation to contribute to family matters .
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike
more_vert
There is the thought of one partner working away from home what if there is an emergency and one partner is far away what happens then.

3- Remember we are all different from one another one may be a spendthrift and the other a saver, hhat cannot work because the saver will suffer.
thumb_up_off_alt 0 like thumb_down_off_alt 0 dislike

Related questions

Whenever you have a question in your mind, just drop it on Answeree. Help our community grow.
...