Should You Use a Joint Bank Account?

Posted onMay 19/2017By

If you live with your partner, you may be thinking of opening a joint bank account, or you may already have one. There are many benefits to sharing a bank account with your partner or spouse, including: Simplicity: Sharing a bank account can make monthly payments more straightforward and financial planning easier. If you both put the same amount of money in, for instance, 30% of your salaries per month, this can make household finances easier and fairer, and prevent arguments about money. Saving: If you have money left over after monthly payments, you could also create a savings account and use the money towards future expenses, or something nice for the both of you like a vacation. Growth: Since you are both putting money in the joint account, it is likely to grow more quickly than your individual bank accounts. Low mortgage rates: For mortgage loans, interest rates will…

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