Do married couples really need a joint account?

You’ve tied the knot or are in the run up to the big day. Do you now need to think about setting up a joint bank account with your other half and sharing money for everything from this?

While there are a variety of benefits a joint bank account can bring, it can also cause some issues too and there are no legal requirements for married couples to share money. Take a look at the points below to determine if a joint account is right choice for you as a newlywed:

The alternatives

There are many alternatives to the traditional joint bank account, where both partners access their money from. More and more people are now marrying but still enjoying separate bank accounts and still splitting bills between them. Alternatively, a couple may have two separate accounts for their personal purchases and a joint account which they transfer money into on a monthly basis, to pay for necessary bills and perhaps even food.

This second alternative is a good option for those sticking to a budget too, as it allows them to put aside a set amount and know exactly what they have leftover for savings and personal bills. It allows you both to enjoy some independence and privacy when it comes to money while still ensuring the necessary bills are paid.


You no doubt lived together before deciding to marry and therefore whether you have a mortgage or both your names are on a utility bill you will be ‘co-scored’ when it comes to credit. Therefore, opening a joint account will also not have any impact on this issue.

However, it’s still a good idea to have regular conversations about spending money or taking on credit and to ensure that you are both comfortable with a new purchase before it is made.

Shared responsibility

A joint account can ensure the onus is not on a single person in the relationship. However, this does mean if the account becomes overdrawn and this is because your partner has overspent you will still be liable for the debt.


No one wants to think about what should happen if a relationship ends but it’s important you know what your options are should you decide to part ways from your partner. A joint bank account can cause issues when it comes to who gets what while separate accounts ensure there are no arguments over money.


Married couples do not need a joint account but many may find that part of the process of living together as newlyweds they want one. It’s a way of being completely open and honest with one another and ensuring that you are considered as a couple when it comes to all financial responsibilities and decisions.

**Collaborative post**

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