LoMarissa7216
Super July 2016

Opening joint bank account? Thoughts??

LoMarissa7216, on May 13, 2015 at 1:44 PM Posted in Planning 0 42
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Just wondering, does everyone open a joint back account before their wedding/during the planning process. We are still early on and looking to start saving, our parents are helping but we don't want to make sure we can afford things as well.

42 Comments

  • Trisha
    Master August 2015
    Trisha ·
    • Flag

    FH and I kept our separate bank accounts, but opened a United credit card together. We make payments to the card from our separate accounts and are able to rack up some awesome miles for future trips. Bonus-no foreign transaction fees or bag fees for our honeymoon!

    We plan on joining accounts after the wedding.

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  • SaraLep
    Master September 2015
    SaraLep ·
    • Flag

    We opened up a joint check and savings together in December. As of right now, the only money in it is the money my parents gave us for the wedding. FH wants to wait until it's "official" to join all our money together.

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  • Ostrich
    Master April 2016
    Ostrich ·
    • Flag

    If you aren't ready yet, think about entering both of your bank accounts on www.mint.com to come up with a budget and start getting financial transparency

    • Reply
  • JamieLynn
    Master June 2016
    JamieLynn ·
    • Flag

    We set up a joint, "Wedding" account 2 months ago. After we are married it will be our regular checking account. For now, it's for wedding purchases only.

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  • Original VC
    Master July 2015
    Original VC ·
    • Flag

    FH and I opened a joint savings account and an attached checking account. We put the money that our families gave us there, and should we get any money gifts it will go there too. The money we pooled together for the wedding is in the checking account though we'd thought of transferring some of it to the savings one to get a few cents from the interest Smiley smile

    • Reply
  • JCB
    Master September 2015
    JCB ·
    • Flag

    We both bank at the same credit union. I added a special savings account under my account and gave him access to it. We are able to transfer from his account to that savings account as needed and he can deposit and withdrawal in the branch also...but can't touch my other accounts. We have a joint checking account set up under his account also for our bills.

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  • LoMarissa7216
    Super July 2016
    LoMarissa7216 ·
    • Flag

    Thanks! I think we will open a joint checking related account, but getting a clear picture of finances is good I like mint.com for that too.

    • Reply
  • Andwedanced
    Devoted September 2015
    Andwedanced ·
    • Flag

    We have our separate but opened a joint savings and checking. Right now, its just for the apartment and the honeymoon. Once we're married then we'll use it for everything else. We're both still keeping our individual accounts though after we're married. Those will be our "fun accounts" that we can use for whatever we want like dinners with friends, special purchases, etc.; like our own allowances. We'll put so much in there per pay period and the rest in our joint account. We have friends who do it and they say it helps keep them from fighting about money. If she wants a new purse then she goes and buys it because she has the money in her account. She doesn't feel the need to ask because that is "her" money. Same with him. He can go buy that game system and doesn't have to ask because the money in his personal account is his.

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  • AlexisM082
    Master February 2016
    AlexisM082 ·
    • Flag

    I trust FH with my life AND my money. We have a joint account to pay all of the bills, then we each have a personal savings account, then we have 3 credit cards in both of our names. He tells me how much is in his savings, and I tell him what is in mine. Once our cars are paid off, we will cancel the individual savings accounts and open one shared savings account. I got a 1.5% interest rate on my car loan if I had an account with Pentagon Federal Credit Union. He was with his credit union for years and got an excellent interest rate on his car loan as well. We don't keep track of who puts what where and how much. What's his is mine and what's his is mine LOL. Kidding.... What's mine is his too Smiley smile

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  • VenetianBride
    Super September 2015
    VenetianBride ·
    • Flag

    We have a joint account through the credit union where we got our mortgage. We still have our separate bank accounts where our paychecks go, but we set up an automatic transfer from our personal accounts to our joint one to cover the mortgage payments and a little extra for emergency savings.

    • Reply
  • K
    Expert June 2015
    Kems ·
    • Flag

    Separate accounts for our direct deposit with plans of opening one additional joint account in the future for household bills/emergency fund/vacation savings.

    • Reply
  • FFW
    Master August 2016
    FFW ·
    • Flag

    We don't have one yet but we have been talking about getting one to put money into for the wedding soon. Other than two deposits for venue and photographer we split 50/50 nothing has come up yet, so we are being lazy. Bc FH has a couple small businesses he will always have a least some of his money separate, although we plan on maintaining a joint account. One of which he is legally bound with a business partner so it would be wrong for me to have access to that knowing that's someone else's money too. But bc of that I will probably always have a separate account. But we will pay all of our bills, vacations, gifts, etc from our joint account.

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  • Elyse
    Master September 2015
    Elyse ·
    • Flag

    We set up a joint account before we even moved in together and that's we we started putting money for the apartment deposit, furniture, etc. By the time we moved in together it morphed into our only account. I manage all of our finances and it's full transparency.

    • Reply
  • jewles322
    Master March 2015
    jewles322 ·
    • Flag

    We both have our separate accounts and share one joint account. Sweet husband added me to his existing bank acct during wedding planning. Its really up to you. I would keep your own separate accounts if you do open a joint one though. (always)

    • Reply
  • jewles322
    Master March 2015
    jewles322 ·
    • Flag

    We both have our separate accounts and share one joint account. Sweet husband added me to his existing bank acct during wedding planning. Its really up to you. I would keep your own separate accounts if you do open a joint one though. (always)

    • Reply
  • Nikki
    VIP November 2015
    Nikki ·
    • Flag

    FH and I set up a joint checking account when we moved in together. We use it to pay rent, other housing expenses, everything for the dog, groceries, etc. We still maintain our personal accounts as well. If you're getting married I don't see a reason to wait on opening one up - you don't have to put all your money in there. FH and I both contribute equally as needed.

    • Reply
  • Lauren + Ryan
    Super February 2016
    Lauren + Ryan ·
    • Flag

    If you open a joint checking account before you are married, I imagine it's not that hard to change it to your married name once your wedding date passes. Right? We both bank at Wells Fargo.

    • Reply
  • Robert Benda
    January 2020
    Robert Benda ·
    • Flag

    I'm with Nikki. Joint is for joint expenses. We contribute based on income - my wife and I made the same, so we chip in the same. If its more 60/40, then so is the contribution.

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  • Krystyna
    Super April 2016
    Krystyna ·
    • Flag

    My FH and I completely share a checking and savings account. I run the account and he is perfectly happy letting me handle the bills and collaborating on what the rest is for. We discuss items we want, items we need and always meet in the middle or compromise. Works well for us.

    • Reply
  • LadyMonk
    Master September 2014
    LadyMonk ·
    • Flag

    Inevitably you will need a joint account at some point -- you will receive a cheques (as wedding gifts or otherwise) written out both you and your SO, and in order to deposit it you'll need a joint account.

    We have one for vacations right now. I pay certain house expenses and my husband pays for other expenses.

    • Reply

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