We Finally Combined Our Bank Accounts and Here's What It Did for Our Marriage (2024)

FAQs

Should married couples combine bank accounts? ›

"In most instances, I advise newlyweds to fully merge their finances by opening joint bank accounts," He says. But if you keep an individual bank account open for your own personal spending or business purposes, he says, "This is OK as long as they retitle the accounts to payable on death to their spouse.

If you and your spouse already have accounts at the same bank, the process is simple. Both parties should be present, with valid IDs, then you can close one spouse's account completely, transfer their money to the other spouse's account, and add their name.

39% of couples had combined all their finances, 39% kept things completely separate, and 22% did a partial combination. A final survey I can bring to your attention is conducted by creditcards.com with a sample size of 2,404 adults. In their survey, they found that 43% of couples had only joint accounts.

However, research from MarketWatch Guide shows that joint banking could lead to fewer arguments and increased relationship satisfaction. According to the study, 55% of couples who use solely joint bank accounts claim they never fight about money, compared to only 39% of partners who have personal accounts.

Let's go back to the question of separate or joint bank accounts. The Bible doesn't tell us whether spouses should share one account, because people didn't have bank accounts back then.

While traditionally newlywed couples have pooled their money together in joint accounts, these days more couples—especially millennials—are choosing to keep separate accounts, retaining control over their own money. Keeping financial arrangements separate seems like a good idea for many reasons.

Key couple banking statistics

Many couples (34 percent) have a mix of joint and separate bank accounts, while 23 percent have completely separate accounts. Millennial couples are the most likely to have separate accounts of any generation, with 69 percent having at least some finances in separate accounts.

Joint bank accounts are already fairly common, with a slight majority of male–female couples in Western nations reporting using only joint bank accounts (52–65 percent). Still, 10–15 percent report maintaining completely separate accounts, while the rest use a combination of joint and separate accounts.

There's no rule that getting married means you have to combine everything, including money. For couples in certain situations, such as blended families, couples with financial incompatibility or a spouse with an inheritance, it may be best to keep at least some finances separate.

What does Dave Ramsey say about joint accounts? ›

The question of merging finances upon marriage is as old as the institution itself. Financial guru Dave Ramsey says it's a categorical "yes"—when you tie the knot, it's all about "ours" not yours or mine.

Key takeaways. If you and your partner have many shared expenses, combining your bank and credit card accounts could simplify paying bills. Fully combining finances means each partner needs to be comfortable with the other person viewing all their expenditures.

The first question is easy to answer: The research suggests that combining finances is better for couples. For example, a 2022 paper found that couples who pool all of their money have greater relationship satisfaction than those who keep either all or some of their resources separate1.

Couples can manage their money with separate accounts, a joint account, or some combination of the two. Separate accounts help avoid arguments but take more planning, and you may lose out on the best way to manage your family money.

Some couples pay their household bills from a joint account to which both partners contribute. Others divide the bills, with each partner paying their share from their individual accounts. It's also important to make sure the division of bills is fair and equitable for both partners.

Loss of Individual Control: One of the primary drawbacks of a joint savings account is the loss of individual control over funds. Each account holder has equal rights to the account, which means that any account holder can withdraw or transfer funds without the consent of others.

Bottom line. If you're married or living with your partner, you can choose to keep your finances separate. But even in this case, you'll still have shared goals and expenses that call for a budget. Just like with anything in a relationship, communication is key.

A joint account might damage your credit score

Opening a joint account adds a financial link to the other person. This means companies will look at both of your credit histories as part of any credit checks. If they have a poor credit history, this might lower your chances of acceptance.

Key Findings. Respondents who used only joint bank accounts were also the most likely (60.3%) to say that they were “very satisfied” with their relationships. 55% of couples who use only joint bank accounts say they never fight about money, while only 39% of partners who have personal accounts can say the same thing.