5 must-read tips before opening a joint bank account
Considering taking your relationship to the next level? Financial compatibility plays a big part in relationships, so when it comes to opening a bank account or a savings account with your partner it’s important you're on the same page.
While joint accounts can be very practical, there are risks involved that you should keep in mind.
1. What is a joint account, what type of joint account can I have?
What exactly are joint bank accounts? Simply put, they are accounts that two people can deposit into and withdraw money from.
These can be used to manage short term shared expenses such as household bills, or to save for long-term goals like buying a car or house. Or both.
There are two kinds of joint savings accounts, each with a different way of accessing your money.
Both to sign: To make a transaction through this account, both parties must sign. This option may offer you more peace of mind, however, if one person is away the other won’t be able to withdraw emergency funds. This is a popular choice for people going into business together or flatmates paying rent.
Either to sign: This account allows either person to withdraw funds at any time without the permission of the other person. It's a flexible option and is good for people who can share their funds freely, like a long-term couple with kids might choose to.
2. Know your partner’s financial values
When it comes to deciding whether to open up a joint account, you should both be on the same page. Know where you get your money from, how each of you value money, and what your spending history is like.
According to Mozo’s 2018 report on Australia’s biggest financial relationship dealbreakers, four in five people said excessive spending on gambling, smoking and alcohol would be a relationship-ender. It's clear that having a conversation before you commit, could be important.
Likewise, if one of you is more money savvy than the other, you’ll need to draw up a strategy and set some boundaries to avoid financial arguments.
3. Set up a realistic budget and savings goals with your partner
It is important to identify your shared savings goals and spending habits, and then together work out a budget so you can achieve them. Opening a joint account could be a great idea if you have similar savings goals and can agree on what expenses should be shared.
Setting up a budget is a good place to start, as is working out how much you’ll both contribute to a shared savings goal. For example, you might split it evenly or go 60/40 depending on income.
4. Risks that come with joint bank accounts
Having a joint bank account can be a great way to manage shared expenses, but there can be risks. There's a potential loss of privacy as everyone who has their name on the account can see the transaction history of all people using it.
As a type of safeguard, everyone should have their own individual bank account as well as a joint bank account. The money in your personal account could be used for discretionary or non-essential spending, not affecting the funds used to pay household bills.
Having this stash saved up can also act as an emergency savings fund. This means you can leave a relationship with enough to cover basic living costs like rent, bills and groceries while you get back on your feet.
5. Compare the best joint account rates from different banks
Once you’ve considered these tips, you’ll be almost ready to open a joint bank account. There is one last step to consider, and that’s grabbing a competitive interest rate on a savings account to maximise your savings success.
But just how much could a different rate affect your balance? Let's take a shared savings account as an example.
Our example couple, Ben and Will, want to deposit $10,000 in a joint account, with combined monthly contributions of $500. According to Mozo’s savings goal calculator, if they were to put their deposit in an account with an interest rate of 0.50% p.a., after five years they would have a balance of $38,207. If they had an account getting 1.25% p.a., they would end up with $39,455 after the same period.
Looking to open joint account for everyday shared spending? Head to Mozo's bank account comparison page, or check out some of the options below.
Compare joint bank accounts - last updated 19 March 2024
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Spend Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
0% p.a.
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
CompareCompareSpend Account
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
- interest rate
- 0% p.a.
- ATM networks
- none
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited eftpos, debit, ATM, and banking app transactions using internet banking or the ubank iOS or Android app.
Read our Mozo Review to learn more about the ubank Spend Account
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Mozo experts choice awards won:
- Travel Debit Card - 2023
Everyday Options
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Suncorp Everyday Options
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Orange Everyday
$0.00
Apple Pay, Google Wallet, PayID, PayTo
0% p.a.
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply)+ no monthly fees. Winner of the Mozo Experts Choice Awards 2023 for Exceptional Everyday Account.^
CompareCompareOrange Everyday
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply)+ no monthly fees. Winner of the Mozo Experts Choice Awards 2023 for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, PayTo
- interest rate
- 0% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic). When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
Read our Mozo Review to learn more about the ING Orange Everyday
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Everyday Global Account
$0.00
Apple Pay, Google Wallet
0% p.a.
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- interest rate
- 0% p.a.
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read our Mozo Review to learn more about the HSBC Everyday Global Account
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Mozo experts choice awards won:
- Travel Debit Card - 2023
Carbon Insights Account
$0.00
Apple Pay, PayID, Google Pay
0.01% p.a.
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareCarbon Insights Account
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, PayID, Google Pay
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $0.01: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Suncorp Carbon Insights Account
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