Saving Your Relationship With The Right Bank Account

Written by on August 25, 2012 in Relationships - No comments | Print this page


Once upon a time, as soon as a couple got married, they merged their financial lives completely. However, as time has progressed, marriage has become less popular. Divorce has also sadly become more common, resulting in more and more households’ finances being thrown into chaos with the associated legal procedures. Typically, this has been written off as a lack of commitment on the part of the current generation and of not trying hard enough when time get rough. But there may be entirely different reasons at play.

Managing money is a very important part of coexisting as a couple and more often than not, not being able to arrive at satisfying monetary arrangements is the first step towards failure in a relationship.

Which is why, after sorting out the emotional aspects, you should turn towards the topic of finances straight away.

Joint Checking Account

This approach combines a couple’s financial income into one bank account in both people’s name. Either person can withdraw or deposit money without the other’s permission. This is a popular choice for couples who have similar spending habits; it collects all of your earnings into one place so it is easier to keep track of all your money. This means it’s possible to go overdrawn by accident, but if one person becomes injured or is unable to make any transactions, then the other person has instant access. However, if the couple end up separating or getting divorced, it is perfectly possible for one of them to just empty the account; it is possible to recover the money through legal processes, but this is costly and not guaranteed.

Separate Current Accounts

The polar opposite of this approach is for both people simply to retain their separate current accounts. These accounts allow both people to remain financially independent and is well suited to people who might have debts that they are still paying off, or have a child from another relationship that they support financially. If a couple has lived together and happily maintained separate bank accounts then they may simply be comfortable with carrying on as they were before. This may get more complicated if they decide to start a family together, though. If two people are so used to making autonomous financial decisions, then they may find it difficult to agree on joint purchases, like a house or car.

Two Separate Accounts and a Joint Account

The compromise between the two setups is that the couple open a shared account but also retain their separate current accounts. This setup allows the best of both worlds, but it does require more time and effort to keep track of the different accounts. The only other downside to this approach is that disputes may break out about the contributions that each person must make towards the joint account. This represents a balanced approach and allows for flexibility, but also requires the most amount of compromise from each person.

There is no right or wrong answer to this important question, only what works for you as a couple. One thing’s for sure, though: The market for bank accounts has become a lot more diversified over the last few years and has brought about many exciting new services. Guaranteed online accounts are one of them and they offer the inbuilt advantage of not allowing for overdrafts. As a result, you will be able to budget better, avoid debts, bring your budget in balance permanently – and therefore provide you with a lot less stress. If that doesn’t save your relationship, then perhaps it really is time to split up.

This is a guest post.  This article was written by William Masters in association with eccount money, a leading service provider of guaranteed bank accounts. Currently living in London, William Masters is a finance journalist specialising in the social, technological and political impact of banking technologies and basic bank accounts.


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