One of the biggest issues when it comes to relationships is the bank account. The question that is normally asked is this: Should we continue having separate bank accounts or should we open a joint account?
My answer to this is simple – and one that I have applied myself. Maintain your own existing individual accounts and then set up a joint account. A joint account is simply a bank account which is co-signed by both partners. This means both of the signatories can access the account.
What are the advantages in having a joint account? First of all, with both of you having equal access to funds, either of you can make transactions. This could include paying bills and even taking out loans, such as a payday loan. This means that you don’t have to compute each time you spend – you can pool your resources together and deposit a certain amount each payday. Another advantage would be that having two people contributing to the bank account would mean that you can meet the minimum balance requirement easily.
On the other hand, you may want to keep your individual bank accounts. This is especially important if ever things turn for the worse between the two of you. Even if you are not considering this happening, it would be good to keep some measure of independence.
The key, again, is communication. You and your partner should talk about the matter and then make your decision together. Whichever course you choose to take, it depends wholly on your needs and preferences.
