Is it normal for a couple to join their everyday banking accounts and just have the one for both?

Question

Hi there

My husband and I were discussing about closing one of our everyday banking accounts and getting our pays going into the one account, basically living out of one account but combined. We have had a joint savings account pretty much from when we got engaged 2 and a half yrs ago and we've been married 3 months.Few q's, answer one or a few, I just want an insight

1. Is this a 'normal' thing couples do? I know from a few people I know that they choose to keep everyday accounts separate. In our opinion, what's the use? Doesn't matter what account the bills need to be paid from, they still need to be paid, right?

2. Say if we were to close his account and get everything one from mine, do they put him down as a secondary person or what?

3. I'm also going to put my married name on the account. Do I need to tell work of this change for the pay?

Thanks for your time, Best Answer will be given today :)

Answer 1

Married couples normally open up a joint account.  I recommend you both keep and separate account of your own also.  Things happen.  With the joint account you both can put in the money used for the family, such as bills, laundry, grocery, etc.  You can use your individual account to save money for other things such as an emergency or spending money to buy things for yourself, just a safety net.

Answer 2

Normal, is whatever works best for you.  I'd recommend David Bach's book, Smart Couples Finish Rich, as a good source of info and discussion for merits of doing things a certain way.

You could get one joint account where signing authority is listed as Jane and/or John Doe (you two) for household expenses, and then keep accounts in your individual names.  Yes, you will have to let your employer know the new banking information as will your husband if he also has direct deposit.

Sharing a joint account is a personal decision based on what is right for you as a couple.  Don't be swayed by other people's choices.  Do what is right for you.

Answer 3

Yes it's completely normal. People do it all the time. Just make sure you completely trust him and you remember to record both of your transactions.

They will either put him down as a joint partner in your banking account or start a new one with both of your names since your changing your name and it might just be easier because you'll have to order new checks.

Yes, you'll need to change your name at work but unless they close your exsisting account your direct deposit will stay the same.