Bank accounts when married

splashthecash

Just curious here re bank accounts for married couples.

What kind of set up does everyone have re their bank accounts - is there one joint account that both access for bills, etc. and then each have their own personal account or just one joint account that all salaries\direct debits\etc. come out form.

I have my own personal account even though 1 hour after payday, its normally close to empty with two young kids, bills, mortgage but I like the idea of having my own account

murphaph

Each to their own. Some people prefer a single common account, others prefer to keep "their" money in their own account. Personally I believe that marrying someone and having kids with them should imply that you pool your resources and work from a single account as a single entity but not everyone sees it like that.

peteb2

Joint account for bills, shopping and the baby. Personal accounts for everything else. And another account where I keep money away from my own day to spending for contingency.

Mort5000

peteb2 wrote: »

Joint account for bills, shopping and the baby. Personal accounts for everything else. And another account where I keep money away from my own day to spending for contingency.

+1

aujopimur

Don't forget about the getaway account.;)

okiss

I would advise you to keep a bank account in your own name and to keep money in this.
With a joint account your oh half could take the money and leave you with nothing.
Also if your other half dies you joint account is frozen until you get the legal work sorted out. This can leave you with no money or access to funds for a period of time which can leave you with a lot of problems.

I would also advise you to keep a utility bill in your name as it is helpful if you want to open any type of bank, credit union or savings account.

murphaph

okiss wrote: »

I would advise you to keep a bank account in your own name and to keep money in this.
With a joint account your oh half could take the money and leave you with nothing.

They could also stab you in your sleep but you hope against hope that they won't.

okiss wrote: »

if your other half dies you joint account is frozen until you get the legal work sorted out. This can leave you with no money or access to funds for a period of time which can leave you with a lot of problems.

How would the bank even know your spouse had died? The bank would do no such thing.

Rua1

We just have the one joint bank account, along with savings accounts in both names.

MurdyWurdy

Joint account for most expenses (household, baby, bills, rent etc) the majority of the money goes in there. Then we have a personal account each with a small amount of money going in to it each month to do what we want with (coffees, lunches out, clothes etc). Also 2 savings accounts. One that is not to be touched and one for unexpected expenses (car repairs, doc bills, one off household purchases, that kind of thing) which we dip into when we need to.

My mother's one piece of advice was always have your own bank account!

The_Morrigan

murphaph wrote: »

How would the bank even know your spouse had died? The bank would do no such thing.

Typically when you go to claim the life assurance against the dead spouse so that the mortgage/loans etc are cleared the bank will be aware and yes, they do such a thing!