Should you have a joint bank account with your partner?

Like going on your first holiday as a couple, adopting a pet or moving in together, signing up for a joint bank account is a serious relationship milestone.

If you each have different financial styles — one a scrupulous saver who doesn't feel secure without a nest egg, the other a carefree spender who can justify splurging on almost anything — you might think it's best to keep your money separate. In fact, one US study found that couples who argued about money early in their relationships — regardless of how much they earned or owed — were at a greater risk for divorce.

But even if you and your partner are opposites when it comes to finances, you can and should consider having a joint bank account. Here's what you should know before you do.

Be transparent

Combining finances with your other half will not only help you reach your life goals faster, but also avoid miscommunication over money, according to Laura D. Adams, a personal finance expert, award-winning author and host of the Money Girl podcast.

"Once you're in a fully committed relationship, I generally recommend combining all finances, including bank accounts," Adams tells 9Honey.

"It simplifies your financial life, gives each person access in case of an emergency, and allows you to work together to accomplish financial goals."

If you and your partner have different attitudes when it comes to money, Adams argues that it's even more important to be open, honest and upfront.

"Especially if one person is a spontaneous spender, it may be beneficial to their partner to have a joint account so he or she can see the status of their finances."

A joint account for bills, rent, groceries (and fun stuff like dinners and holidays) also means you can avoid those annoying conversations that often plague couples, like who owes who for what, or who was meant to pay the electricity bill this month.

Set boundaries— and stick to them

Sit down with your partner and make a list of rules and expectations that you both feel comfortable with, says Canna Campbell from SugarMamma TV.

"Set some ground rules upfront about what the purpose of the account is, what money can be withdrawn, why and when. 

"You should also agree on who will contribute to the account and how much — this is particularly important if you and your partner earn different salaries or have varied living expenses and responsibilities."

Don't forget to have fun with it — you should also include some rewarding goals to work towards together like saving for a holiday, new car or a house deposit.

Don't lose your financial independence

Feeling like you have to explain every purchase you make on the account to your partner, or obsessing over every dollar your other half spends will get old, fast.

In your guidelines it'll help to include treats or expenses you don't want to have to justify all the time, like regular massages, fitness classes or dinners with friends. 

You could agree on how much 'fun' money you each get to spend per week/month, no questions asked, or to only check in with each other for bigger buys.

"Set a rule that you only discuss purchases over a certain amount," Adams advises.

If one or both of you want to maintain a separate account, you should be transparent about why. If you're both comfortable with it, it won't be a problem — just be honest.

"Having clarity and transparency about how you spend money is critical for your financial future," Adams says.

"Even if it causes some strife from time to time, that's better than living completely separate financial lives."


*Everyone has their own way of approaching finances, but when it comes to managing money in a partnership, it's important to be on the same page. Head to Suncorp to find out your Money Profile and how it complements — or conflicts with — your partner's, and let's get doing more with your money. Suncorp-Metway Limited ABN 66 010 831 722.