Cash ER: Is your relationship ready for a joint bank account?

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You're living together, sharing bills, is it time to take one of the biggest leaps and combine finances?

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Opening a joint account with your other half is a big deal. Even bigger than when you tried eel sushi for the first time or cut that fringe.

But is it really a good idea and what are the risks?

Rules of opening a joint account


  • Best practice is each person puts in a percentage of their earnings, between 10-30%, to be used for communal expenses.

  • Remember that if your relationship turns sour or if your other half is bad with money, you can not claim back what they spend out of your joint account without your permission. Alter the percentage you put in accordingly.

  • A joint account makes shared expenses easier. Agree up front what will and will not be paid out of the account.

  • Agree how any extra money will it be spent - on holidays or savings, you must decide together.

  • Joint accounts force you to be more open about your finances as a couple. Sit down and discuss any worries you have, or spending habits you are concerned about it advance.

  • Combining finances can make it easier to save - it is one of the reasons couples are quicker to get on the property ladder. If the temptation to spend is too great, move the money leftover at the end of the month into a joint savings account that neither of you will touch.

  • Joint accounts can be fun too (honest) give yours a name and then when it picks up the tab for dinner, you can say 'Dave's paying for this one'. Feels like someone is always treating you.

Anything to add? Tweet us @handbagcom

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