The Benefits of Having a Joint Account With Your Partner

One of the most important decisions that you and your spouse will make as a married couple is whether to have separate or joint banking accounts. Before making this decision, consider the advantage of having a joint account. 

Here are a few of the top benefits of having a joint account with your partner:

Ease and Convenience

The most significant benefit most often cited for deciding to have a joint account is that it is easier and more convenient to manage your finances when the funds are merged. Bill paying is more manageable when everything comes out of a shared account. For example, you will avoid discussing who is paying for the groceries this week or picking up the tab for dinner if all of the money is merged.

Keeping all finances in one place also makes it easier to budget. For example, all payments will come out of one central account rather than sync up your accounts each month and divvy up the bills. Unfortunately, having too many accounts can make it challenging to track your spending. It is also easier to find ways to improve the budget if you can see where everything is going from one primary account instead of looking at each account separately to get a clearer picture.

Promotes Trust and Transparency

Many couples choose a joint bank account to promote trust and transparency in a relationship. With a joint account, both parties are always aware of where all of the money is being spent. According to the experts at SoFi, “Recent research found that couples who disagree on savings and investment decisions are twice as likely to divorce.” This makes it vital that you are both on the same page regarding how you want to handle finances.

Financial trust is an important element of any relationship. While choosing separate accounts does not mean that a relationship is not open and honest, there is a different level of transparency when two people share all of the access to the finances. Therefore, trusting your partner with finances can lead to greater trust within the relationship, helping to support a healthy partnership built on honest communication.

Streamlined Legal Considerations

Although nobody wants to think about death, there are also significant legal considerations when setting up your financial accounts with your partner. For example, a surviving spouse will not have to jump through legal hoops to access money in an unfortunate death. The last thing you want to worry about in this situation is accessing money. Keeping your finances in one place with both names on the accounts will give the surviving spouse the legal authority to access funds.

After considering all of the benefits of a joint account, it is no wonder that most couples decided to go this route with their finances. Look no further than SoFI Invest (SoFi Bank) for the best financial opportunities.