Before Merging Bank Accounts

Before Merging Bank Accounts

December 13, 2022

Deciding whether to join your bank account with your significant other is a huge decision and you should consider the pros and cons of either option. 

Easier To Share Expenses 

One of the more obvious pros of having a joint account is that paying for shared expenses would be easier. There may be more transparency between the two of you regarding what your income and expenses are. You may also be given better interest rates and/or bank account fee options due to the larger account balance. 

Debt Is Shared

Some cons that you may want to keep in mind are that you will likely be taking on your significant other's debt and bad credit. You may experience more arguments about money, and you could run the risk of having your portion of the money spent or taken without your permission.  

Keep A Personal Account

Couples may find it easier to come to a compromise and have a joint account for shared expenses and then keep everything else in separate accounts. Some banks may also let you link your separate accounts to each other so you can more easily transfer money, or you could look into money transfer apps. 


Deciding whether you should combine your accounts can be a difficult decision for some couples. Keeping in mind the pros and cons of combining the accounts may help you can to a decision that works best for you.

Looking at taking action forwards your financial freedom? Book a complimentary no-obligation call today!