You share everything, from your home to that side of fries that they said they didn’t want. Should you share a bank account, too? If you’re asking this question, you’re in the right place. 

Joint or separate accounts: Which is right for you?

The case for joint accounts

If the fact that couples who combine finances tend to be happier doesn’t sway you, consider this: Joint bank accounts can make money matters simpler and more convenient for everyday life. Plus, having two sets of eyes on the account can mean more frequent talks about your money as a couple—and fewer surprises, like that streaming subscription one of you keeps forgetting to cancel.

Not ready to combine?

Some people like their independence—even (or especially) in a relationship—and joining accounts means losing a bit of that. If combining accounts isn’t for you and your partner, no judgment! One or both of you just might not feel ready to share the deets of every little transaction. Still, it’s important to build trust with each other and come up with a game plan for your money goals. Who knows—maybe a joint account will make more sense down the road. 

Relationship satisfaction ratings
Ways to meet in the middle

It doesn’t have to be all or nothing. You can choose to combine some of your assets without cramming everything together. It may make sense to open one account together for shared expenses—like your rent or mortgage payments—but still each have your own accounts for individual spending, like for clothes and hobbies. 

 

Download Super budget worksheet (XLSX) Download Super budget worksheet

Ways to meet in the middle

It doesn’t have to be all or nothing. You can choose to combine some of your assets without cramming everything together. It may make sense to open one account together for shared expenses—like your rent or mortgage payments—but still each have your own accounts for individual spending, like for clothes and hobbies. 

 

Download Super budget worksheet (XLSX) Download Super budget worksheet

Questions to ask your partner first

Before surprising your partner with an account in both your names, talk about any accounts you want to share to make sure you’re both on the same page. Some questions to kick-start that conversation:

  • What’s our plan to tackle our debts?
  • Where will we keep our emergency fund? And how much should we save?
  • How do we want to share everyday expenses?
  • What are our long-term savings goals? And where do we keep our money for those goals? 

This content does not constitute legal, tax, accounting, financial, or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial, or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

Savings goal calculator

This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. Truist Financial Corporation ("Truist") and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.

Everyday checking made easier.

Truist Bright Checking makes it easy for you and your partner to manage your money. You can both make deposits, check balances, and more through the app—no matter where life takes you. 

Bypass the monthly maintenance fee1

There are multiple ways to avoid the monthly maintenance fee with qualifying activities,2  so you can save more for #couplegoals.

Zero Liability protection3

You’ll be reimbursed for purchases you didn’t make if your debit card is stolen.

Control your card

With debit card controls, you can manage spending or freeze your card right from the app.