We’ve uncovered what folks actually take into consideration joint accounts
For years, many {couples} have opted for a joint account as a approach to handle their funds. And a joint account can make it simpler particularly when you’ve got shared bills.
Nevertheless, our unique analysis has revealed a shift in attitudes in direction of the joint account and revealed some regarding penalties of opening one.
Right here’s what we came upon.



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Most individuals don’t need a joint account
Our analysis reveals that almost all of individuals (56%) wouldn’t think about getting a joint account with anybody.
The primary purpose given was that they’d really feel much less management of their funds (51%) whereas nearly one in three (30%) stated a joint account would really feel like an invasion of privateness.
Over one in 4 (26%) stated they wish to maintain their revenue and financial savings a secret, whereas the same quantity (25%) stated they consider romance and cash ought to be stored separate.
So there’ve been a wide range of causes given however basically joint accounts are a no-go for these folks as a result of they don’t need one other particular person gaining access to their cash. Which is honest sufficient.
Unhealthy experiences of joint accounts
Of those that instructed us they’d a adverse expertise with a joint account, 53% stated the particular person they shared the account with was ‘erratic’ with their spending.
This is likely one of the biggest risks with joint accounts – that whoever’s named on it will possibly spend no matter cash’s in it, no questions requested.
Some 41% stated having a joint account induced arguments whereas a 3rd (33%) instructed us they discovered it tough to shut the account when the connection ended. That is one other problem with joint accounts – you each have to agree to shut it, which could be difficult if a relationship ends badly otherwise you lose contact with the opposite particular person.
Girls usually tend to have had a foul expertise utilizing joint accounts than males. Practically two thirds (64%) of girls stated the particular person they shared the account with was irresponsible with their spending, in comparison with two fifths (38%) of males.
And two in 5 (40%) girls additionally stated having a joint account didn’t make their funds extra environment friendly, in comparison with simply 18% of males.
We had some particular responses to this query too. One respondent stated: ‘My accomplice took all the cash out when she left me’, which is a threat that comes with joint accounts, as I’ve talked about above.
One other stated: ‘I had my very own cash account however fearful about sickness so added my husband on to my account however it backfired.’ Joint accounts could be helpful if you happen to wrestle with well being points as the opposite account holder pays for issues from the account, however it seems like this went fallacious for this particular person.
And one other person instructed us: ‘After I left my spouse, she may see what I used to be spending cash on’ which suggests the account wasn’t closed after the connection ended, which is a good suggestion to do.
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And the great experiences
Nevertheless it’s not all unhealthy. In truth, 69% of people that’ve had a joint account stated it was a really or considerably optimistic expertise.
Of those folks, 57% stated it simplified sharing payments whereas 56% stated it made budgeting collectively simpler. In the meantime nearly half (46%) stated it helped with saving in direction of joint objectives and the identical quantity stated it elevated belief of their relationship.
Some respondents instructed us {that a} joint account helped them handle their mother and father funds on their behalf. One particular person stated a joint account was necessary as a result of certainly one of their mother and father is disabled whereas one other stated it was useful to have one with their aged mom.
Who’s extra more likely to get a joint account?
You’ll be able to open a joint account with a partner, accomplice, buddy, housemate, sibling or whoever you wish to share your funds with. You don’t need to be married, associated and even share an deal with. Nevertheless, for these planning to open one, it’s most definitely to be with a romantic accomplice (46%), father or mother/guardian (26%) or sibling (23%).
One other attention-grabbing perception from the analysis, is that youthful persons are much more taken with opening a joint account sooner or later, in comparison with older generations.
Some 82% of 18 to 24 yr olds would think about getting a joint account sooner or later, in comparison with only a quarter (26%) of individuals aged 55 – 64.
This might be as a result of the youthful group might have had much less expertise with monetary merchandise or haven’t explored the potential dangers of linking their funds with another person.
A standard false impression that’s come up once I’ve spoken to younger folks is that it’s a must to, or ought to, get a joint account if you transfer in along with your accomplice – it’s simply one thing you do if you cohabit with somebody.
This isn’t the case and there are many other ways to handle your funds, even if you happen to’re splitting payments and different prices, with no joint account. And if you happen to’re studying this and also you’re not fairly positive of what may go fallacious, I’ve written concerning the pros and cons of joint accounts and whether or not they’re best for you.
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Amelia’s evaluation
Joint accounts aren’t for everybody as we will see from this analysis – in reality, I’m shocked by how many individuals would by no means think about opening one. Relationships have modified massively in latest generations, we’re settling down later in life and many people could have gotten used to being financially unbiased. It might be that it makes it harder to affix up your funds with another person if you’ve been doing alright by yourself for therefore lengthy.
And that’s completely nice. Simply since you get right into a relationship doesn’t imply it’s a must to get a joint account. Nevertheless, it will possibly make some issues simpler reminiscent of paying shared payments and bills, say if you happen to’ve acquired a automotive or a canine, and saving in direction of your objectives you’ve set as a pair.
Sure, there are dangers that the opposite particular person may drain the account or spend irresponsibly – which can influence your credit score historical past – however you’ll be able to take steps to mitigate these dangers.
I’ve a joint account with my boyfriend and we solely use it for our shared spending – family payments, mortgage funds and meals. We get our salaries paid into our personal particular person accounts however we switch a set quantity into our joint account every month which covers our shared outgoings.
Many of the huge payments come out close to the beginning of the month, so there’s not a lot for my boyfriend to steal if he ever goes rogue, and I’ve very a lot stored my monetary independence by preserving maintain of my very own accounts.
Whereas having a joint account does make some issues simpler, you do have to belief the particular person you’re opening up an account with. And it’s actually worrying to listen to how girls usually tend to have had a foul expertise with joint accounts. So don’t rush into it. There are many methods to handle your cash as a pair, together with simply transferring it to one another, till you’re feeling prepared.