Compare joint bank accounts for couples

There are several reasons why many couples or groups may choose to have a joint bank account. These include: 

• Fewer fees attached to holding one account
• Easier to keep track of a couple or family’s spending habits and to determine their shared financial position
• Shared payments, such as mortgage repayments and bills, can be withdrawn directly from the joint account, rather than transferring money between the parties
• Budgets can be more easily established and maintained if all key financial incomings and outgoings are kept in one central account
• Allows the couple or group to collectively save towards future goals such as taking a holiday or buying a property

As relationships progress to a more serious or permanent status, some couples might consider a joint bank account as a way to better manage their finances. 

However, formalising your relationship by introducing the shared financial responsibility of a joint bank account requires an immense level of trust, and can positively or negatively highlight differences between attitudes to money and commitment within a partnership. 

It means you and your partner will each know how much the other earns, how much money you spend and what sorts of items you spend on, along with all your other financial habits. 

And while some people enjoy knowing they are equally taking responsibility with their finances, others prefer to keep their finances privately held and maintained. 

If you are considering setting up a joint bank account, you can alleviate future issues by ensuring honest and open communication about how the account will be managed and what each person’s expectations are of the other. 

A compromise for some couples is to have their own individual bank accounts as well as their joint bank account where they each deposit equal amounts of money in the joint account to meet their shared financial obligations. 

Although there isn't a single best joint account that may suit every couple in Australia, the diverse range of available options means you can find one that aligns closely with your specific needs. If you're on the hunt for the ideal joint account to manage your finances together with your partner, here are several factors you may want to consider:

Evaluate fees and charges 

When comparing bank accounts, it can be a good idea to check for any monthly maintenance fees, withdrawal fees, or penalties for not maintaining a minimum balance. Ideally, you’ll want to find an account with minimal fees to maximise your savings. 

Accessibility of your funds 

Evaluate how easy it is to access your funds. Some accounts might offer higher interest rates but restrict the number of withdrawals you can make. Decide what’s more important for you as a couple—higher interest or more flexibility. 

Review additional features 

It could help to look for features that may suit both partners, such as mobile app access, online banking, and the ability to set up multiple savings goals or sub-accounts within the main account. 

When evaluating bank accounts, it's important to compare fees and other features. Additionally, have a conversation about how you plan to use the account, whether it's for managing household expenses, paying bills, or other shared financial activities. Ensure the account you choose meets your needs and supports your financial goals. 

To establish a joint bank account, each party needs to be 18 years of age or older and each provide one or more forms of identification to the financial institution. 

You will then need to decide what type of joint bank account is best for you, based on two main options: 

• Each party to sign – This type of account only allows transactions to be made when each party in the group or couple signs. This way, one person cannot access the money without the other’s agreement, so if you’re worried about security, this may be a good solution. 
• Either party to sign – This account allows each party to make transactions independently. This is a less secure option, because one person can withdraw and use the money without the approval of the other. 

Credit cards can also be issued with a joint bank account. Any couple or group looking at this option should spend some time discussing how the account will be used. 

If your relationship or partnership changes or completely breaks down, and it’s clear a joint bank account is no longer viable, you can’t just walk away from the financial arrangement you have together. 

There is a process to follow in closing the joint bank account. 

How to close a joint bank account 

• Agreement of both account holders to close the account: If you can do this as soon as possible, it will help avoid any delays when it comes to arranging the closure. If you can’t agree, let your bank know and they may be able to freeze or put a temporary stop on your account until it can be resolved, or they may require both of you to authorise transactions on the account. If this happens, make sure you have another active account to use for your salary and to pay bills. 
• Do an audit of all direct debits and credits within the account: Ask your bank for a summary of all direct credits and direct debits from the past year. Contact your employer and anyone else who regularly puts money into your account and advise them of your new account details. 
• Cancel all direct debit transactions: Make sure to also advise the source of those direct debit arrangements of your new account details. 
• Achieve a zero balance: This is necessary so you can close the account. You will need to also pay off any overdrawn amount, so you may need to divide this with the joint account holders. 
• Call your bank: Formally advise your bank that you would like to close the joint account. Obtain an email confirmation of the phone request, after which they will need to verify each owners' identities in order to finalise the closure. Follow up your call with a letter of confirmation including your joint bank account details, both signatures, and details of the phone call. Ask for written confirmation that the account has been closed. A letter or final statement should always be provided to you; if not, call again until you receive it and then hold onto it for future reference if any issues arise.