Shared bank accounts

posted 3 years ago in Money
Post # 2
9838 posts
Buzzing Beekeeper
  • Wedding: April 2019

We have a joint transaction account for bills etc and a joint savings account. It’s working well so far!

Post # 3
573 posts
Busy bee

Me and my SO are in the process of joining all our finances. 

Since we’ve lived together we’ve always had a joint account and just paid into our joint account a set amount every month to cover rent, bills, food shopping, if we go out together for dinner etc…..and if was getting to the point that we started transferring over more and more (as now we are planning a wedding). We’ve always known that after the wedding we would have joint everything, we’ve just now decided to do that sooner than originally planned. So now we have a joint account and a joint savings account for a our wedding and honeymoon. I’ve just contacted all my clients to tell them that as of February to pay into my joint account. 

I know that’s not for everyone, it just felt a natural move for us to make. 

Post # 4
207 posts
Helper bee

We have separate accounts and he sends me x amount every month to cover his share of the bills ( was just easier for us that way as the house , bills etc is were already in my name when he moved in).

we have separate savings accounts and a joint one for the wedding 

Post # 5
5471 posts
Bee Keeper
  • Wedding: July 2018

I am a massive advocate for shared and individual accounts, it’s the best of both worlds! 

Post # 6
2681 posts
Sugar bee
  • Wedding: October 2017

View original reply
jessiebear85 :  We have joint accounts. It’s the best way to have the “full story” when it comes to properly managing the household’s finances, imo.

Post # 7
13943 posts
Honey Beekeeper
  • Wedding: November 1999

We have a joint account where most of our money goes, and we each have a small individual account for fun money, spending on each other, etc. 

Post # 8
1700 posts
Bumble bee
  • Wedding: May 2018

We’re planning for a joint household account, joint savings account, and then our individual accounts that our paychecks are actually deposited into. But that’s on the schedule to be created in April, so not until right before the wedding.

Post # 9
3865 posts
Honey bee
  • Wedding: April 2017 - City, State

We have a joint savings account, a joint checking account, and then we both still have individual checking accounts. Paycheck goes into individual account and then from that a certain amount goes into joint checking and joint savings.

Post # 10
395 posts
Helper bee

We have a joint account (my salary goes there) as well as separate accounts. 

From the join account we pay bills/groceries/every day items – from his account (his salary goes there) we purchase more expensive items (overseas trips, rent, car etc.).

I wanted us to live on my salary and try to use his account as a savings account – not sure if we are saving more that way but so far I like it as we don’t argue about money. Things might change in the future when I’ll be on maternity leave and we won’t have my income. 



Post # 11
992 posts
Busy bee

Fiance and I have a joint checking account for shared bills and all of our other accounts are separate, which is how we plan to keep it. I had completely shared accounts with my first husband (except for one account my parents had started and maintained for me since childhood), and things got so bad with him controlling me through finances towards the end of our marriage that I swore not to have completely joint finances again. 

Post # 12
1154 posts
Bumble bee
  • Wedding: October 2016

Every account we have is shared. Our paychecks are both deposited to one shared checking, and then we have multiple joint savings accounts. Our credit cards are also linked (technically my account and he’s an authorized user). 

Post # 13
15279 posts
Honey Beekeeper
  • Wedding: June 2011

All joint, all shared money.

Post # 14
1023 posts
Bumble bee

I work in Finance, and after what I’ve seen at work, I would never be one of those “we just have a joint account and it works for us ” people. According to StatsCan, in the 80’s 41% of marriages ended in divorce, in the 90’s it was 37%.

Nobody gets married hoping the relationship is going to end, but it happens.

That is unrefutable fact.

“It works for us until it doesn’t” is the reality.

I have seen clients waging war on each other and using the bank account as the weapon. Having only a joint account is fine and dandy until you are fighting, and one person has the right to take all the money out of the account and open a new one. Suddenly your paycheque bounces because the deposit account is closed. Your cheques bounce. Your utilities bounce. You can’t withdraw money and oops, looks like they closed the credit card too!

I advise all my clients, keep your own Chequing/Saving accounts (and if Mom or Dad is on the account, open a new accout in your name only, close that parental account, it’s time to be an adult!) If you wish to have a shared account with your spouse, open a joint account, but keep at least one sole account just for you.

It’s important to establish your own financial identity.

Having a sole credit card or loan ensures you are building your own credit history. Some shared debt products will not report on the credit bureau of both people, they are reported under the person who signed first. Statistically, the person who signs first is the man in a heterosexual couple.

Post # 15
310 posts
Helper bee
  • Wedding: June 2018

We have a joint account for bills and things we do together, and separate accounts for everything else. It works amazingly well for us- the majority of our money stays in our own accounts, but they’re all linked so we can transfer money into joint whenever we want/need. I don’t think it’s wise to have everything joined…in case something happens, plus to maintain your own financial independence and responsibility. 

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