Joint Accounts versus Individual Accounts
When it comes to picking an account strategy, you may have questions about which options are best for you and your partner. Below are some takeaways to consider before making a final decision.
Joint Accounts
Couples that choose joint accounts like that both can access funds and often find it easier to manage their finances. Some of the potential benefits include:
- Easier to pay bills. When you share an account, your money is consolidated and everything is paid out of one place. This avoids having to transfer money back and forth between accounts when needed.
- Less fees. With fewer accounts, you potentially pay less fees.
- Interest. With some accounts, the higher the deposit balance the more interest you will earn. This provides an incentive for combining funds into a joint account.
Individual Accounts
Couples may find it beneficial to keep their accounts separate as individual accounts. Some of the reasons may include:
- Privacy. With an individual account, you maintain a level of independence and your transactions remain private.
- Budget control. As the account owner, you are the only person who has access to the funds in your account, allowing you to budget and track your expenses accordingly.
Combination of Accounts
Some couples may also find it beneficial to have a combination of joint accounts and individual accounts. This provides the convenience of having a joint account for shared expenses, while also giving you the flexibility of having individual accounts for personal expenses. In addition, this allows you to maximize your FDIC insurance coverage. Use the EDIE calculator to calculate insurance coverage for your accounts.
After deciding which account strategy is best for you and your partner, click the button below to learn more about our available checking accounts and begin your application. Or connect with one of our Bankers to help answer any questions you may have.
