How To Choose a Joint Bank Account

Every year thousands of new couples opt for a joint bank account to service their joint needs and responsibilities. In choosing a joint account, they are often misdirected out of hundreds of pounds by choosing bank accounts with free gifts instead of focusing on the important qualities of a good joint bank account. Freebies such as iPods, and gift vouchers may seem attractive at first but their value will quickly dwindle in comparison to the savings you could make by choosing a current account with a high interest free overdraft that that could see you through many a tight spell. In fact, only 3% of singletons would choose to close their own account and share their finances with their future partner.

Well over half (56%) say they would prefer to keep their options open in their next relationship - with money both in a joint account and in a separate account in their own name. Couples retain their independence While couples might be committed to one another, many are far from committed when it comes to their finances, with more than one in four couples (28%) opting not to have a joint account and insisting on keeping their money separate. Nearly one in ten (8%) people in a relationship don't trust their partner enough to share their finances. Nearly one in five (17%) of couples admit that having joint finances would lead to arguments. Forty one percent of have never even discussed the subject and chose to remain financially independent of one another. Women are particularly keen to assert their financial independence Nearly half (42%) of women in a relationship, say financial independence is important for them - compared to just one in four (24%) men.

Marginally less that half (47%) of women believe that they are better at managing the family finances that their male partners. Nearly one in four (23%) men think that women really are the ‘better half' and readily admit they are much more financially astute. Not that many couples are good at keeping track of their cash: Sixteen percent of couples admit to being unaware of the balance of their bank accounts at any given moment. Ten percent, while willing to hazard a guess admit that they would likely be as much as £200 inaccurate in their estimations. The tendency to stick with the same account rather than option for one with more suitable facilities, in some case for up to twenty years has resulted in around forty one percent of couple failing to keep their finances in good order.

It is no surprise to see that many people wish to maintain their financial independence. It would appear that many couple remain uncomfortable discussing their financial issues. There are benefits of having both independent and joint accounts. As with most financial services, there is a large discrepancy between the best and worst deals available to consumers today and as such it is worth shopping around for the best current account deals available for your particular needs. When it comes to shopping for a better bank account, there is a large level of inertia preventing the general pollution from doing so."

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