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Why Opening a Joint Checking Account Is Smart

by guest poster November 26, 2012 Banking 9 comments

In order to produce the podcast and keep content up free for you, I work with partners so this post may contain affiliate links. Please read my full disclosure for more info.

Even the closest couples can be nervous about opening a joint checking account together.

Whether you want to open a checking account with your spouse, friend, parent, child or business partner, the concept of both parties having equal access to the funds can be a little scary.

However, having a joint checking account has its benefits.

As long as you trust the person you are opening an online checking account with, can comfortably communicate with them throughout the joint checking relationship, there are advantages for both sides.

Joint Checking is Convenient

From depositing and withdrawing money to paying bills, a joint checking account simplifies money management.

With a single pool of money to consider, both parties have faster and easier access to their funds.

For example, if one person on the account travels a lot, the other still has access to the joint checking account when the first person is out of town.

If you’re the one traveling, a joint online checking account is easy to monitor with mobile banking applications.

Budgeting is Easier

Most people open a checking account to make it easier to pay bills, but opening a joint checking account also makes budgeting easier.

When both parties are monitoring a single account it’s easier to track credits and debits.

Because of this visibility, it’s easy for co-owners to know how much is left to pay bills.

Survivorship Rights

No one wants to think about death, but it’s important to note that should one of the partners in a joint checking account pass on, the other party immediately obtains the rights to the money.

There are no probate court holdups or drawn-out legal proceedings – the funds simply stay in the surviving party’s name.

Choosing the Right Joint Checking Account for Your Needs

Your needs may change depending on the parties involved in opening the joint checking account.

Some people opt to open and pool as much as they can into their joint savings account because having more money in the account means larger total savings as you accumulate more interest.

In selecting an account, consider the account’s co-owners, their habits and their previous banking history.

This will help ensure that you find the right joint checking account for your needs.

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About guest poster

I always enjoy sharing new voices on Couple Money. I think it makes it a stronger site and a better one for readers. If you'd like to contribute, please review my guest post guidelines.

STANDARD DISCLOSURE: In order for me to support my blogging activities, I may receive monetary compensation or other types of remuneration for my endorsement, recommendation, testimonial and/or link to any products or services from this blog.

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9 comments add your comment

  1. Michelle
    November 26, 2012

    A joint checking account was best for us. Much easier.

    • Elle Martinez
      November 28, 2012

      That’s what we found is best for us too Michelle. Easier to keep one another in the loop.

  2. DebtRoundUp
    November 27, 2012

    My wife and I have a joint checking account, but we both still have our individual checking accounts as well. Those contain our personal “play” money. This way, if something were to happen to our marriage, we would only have to divvy up the money in the joint account.

    • Elle Martinez
      November 28, 2012

      We have separate account as well for ‘play’ money. It makes it easy to surprise one another with gifts 🙂

  3. Jon
    November 27, 2012

    We’ve had a joint checking account from when we moved in together! The only thing is I need to figure out how to stop seeing what I’ve bought her for Christmas!

    • Elle Martinez
      November 28, 2012

      Stash you cash in a separate account or use the envelope method!

      • Jon
        November 30, 2012

        Do you mean just put it in an envelope? Pretty sure she’d sniff that one out! haha

      • Elle Martinez
        December 5, 2012

        Can you keep the money in your wallet or is it a huge purchase? Perhaps you can go with a friend or family member to buy a gift, put it on their cards, and immediately hand them the cash to cover the gift.

      • Jon
        December 18, 2012

        All will be revealed shortly 😉

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