There are numerous Australian bank accounts that you can consider to save money and let them work for you. To get started, do some bank account comparison. Check the Australian bank interest rates, features, and other offerings of the institution. When you compare bank accounts, you will be able to determine which meets your needs and preferences.
Many couples have the option to open a joint account. It gives more than one person access to the money. In this setup, it means that either of you can get the money without having to get the other’s approval. Just like other savings and investment products, it comes with its own share of benefits and disadvantages.
To find out if opening a joint account with your partner is a good idea, let’s weigh the pros and cons:
Both of you can better manage your finances
It’s easier to pay your bills as you no longer have to manage several accounts. There’s also the notion of shared responsibility for your finances.
It offers greater purchasing power
Since you pool your funds in one account, you can buy higher quality products and services. It also increases your capacity to buy a home. When you combine your incomes, you can enhance your purchasing power as compared to when you plan to buy a home with just your income and savings.
It offers balanced problem-solving tactics
Money management differs among men and women. In general, men tend to be more active investors, while women take more time when making money-related decisions. In a joint account, both of you can work things out better since you can look at different sides of various money issues together.
Having a joint account can cause resentment
Combining money in one account can lead to a lot of stress in the relationship, especially if one spends a lot more than the other. You may question what he/she is spending money on, or why you’re setting aside more money for savings. You may also resent your partner since you’re paying for his/her previous debts.
It can lead to a messy separation
If, unfortunately, your relationship ends up in separation, closing the joint account can cause a lot of problems. For one thing, one has complete control over the money and can even close the account without having the other signing or agreeing to it.
Do you have other ideas on Australian bank accounts and opening a joint account with your partner? Share your insights in the comments section.