![]() These feelings are especially common in the first few months of merging finances. If a couple chooses to combine their finances completely, a spouse may feel that they have no control over the money they earn, because it all goes into one joint family account. Managing your money through a joint account simplifies daily financial tasks, but it can also take away a sense of control or autonomy. ®Registered trademarks of The Bank of Nova Scotia Drawbacks of a joint bank account †Interac e-Transfer is a registered trade-mark of Interac Corp. Actual interest rate will vary based on the savings period (the Premium Period) that applies. * To qualify, certain conditions must be met. It is more difficult to conceal financial problems if both spouses can see the contents of the joint account. ![]() For example, if a family has a series of joint accounts and one partner dies or becomes ill, there won’t be any need to go through the legal system to claim that money, since it is in both their names.įinally, joint accounts can increase financial accountability. Legally, a joint account protects both spouses from emergencies. When both spouses have equal access to their money, it is less likely that a single partner will take on all the financial management tasks. One spouse may oversee paying bills, while the other reconciles the monthly credit card statement. Monitoring accounts is also easier since both spouses will also have access to it through a convenient online banking portal.įrom a workload perspective, a joint account makes it easy to split financial chores evenly. Both spouses can deposit and withdraw funds, which makes it easy to divide up financial chores like paying bills and buying groceries. When you open a joint account, each spouse will receive a debit card and chequebook. Sharing a joint account lets each spouse access money when they need it, without having to clear the purchase through their partner first. There are many benefits to a joint account for couples. However, consider these pros and cons before saying “I Do” to having a joint account with your spouse. It’s a fairly simple process: with EQ Bank, you can even do the whole process online. In Canada, you can open accounts that grant each spouse equal access. The most common way that Canadians share their money is through one or more joint bank accounts. Here are some of the best ways for Canadian couples to manage their money. Neither approach is superior to the other, and the approach that’s best for you depends on your family’s needs.įor most couples in Canada, combining finances means at minimum opening a joint account for daily purchases, according to 76% of couples in a 2016 TD Bank survey. For others, combining finances could be as complex as researching the best joint accounts for married couples, opening joint high-interest savings accounts, using joint credit cards for travel rewards, and even preparing detailed credit card debt payoff plans. It’s easy to see why: combining debts and assets can be complicated and messy, and it’s not uncommon for one spouse to have a vastly different financial philosophy from the other (especially if one is a saver and the other is a spender).īut what does it mean to merge your money? It can be as simple as working out who pays which bill, or as in-depth as merging your debts and assets and opening a joint account for couples. When a couple commits to a life together, merging their money is often the biggest hurdle to achieving marital bliss. We may receive a commission for products or services you sign up for through partner links. Please be aware this post may contain links to products from our partners. We adhere to strict standards of editorial integrity to help you make decisions with confidence.
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