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Should my husband and I have separate bank accounts?

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Should my husband and I have separate bank accounts?

By Elizabeth Brownfield

Should my husband I have separate bank accounts? I always recommend that couples sharing a household maintain at least two bank accounts: one checking account that both partners can access, as well as at least one for savings.

A joint checking account has a number of benefits — fewer fees, potential advantages when applying for a mortgage and fast access to cash in emergency cases — but the main reason is the convenience and efficiency of having one financial source for paying shared bills.

You and your spouse should set up as many individual or joint savings accounts as you need for different financial goals — an emergency fund or accounts with money set aside for a home, vacation or education.

 
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