How did you decide whose bank would be used for the joint account?
Did it boil down to who was willing to change, or was it a matter of which bank offered more benefits? Or was it just opened at a new bank all together?
I ask because my bank offers more benefits and no fees, but he wants me to change to his because he has bills automatically paid out of his acct every month. I told him I have bills paid out of mine also.
eden
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Re: Those that have or will have joint accounts...
FH and I actually got a joint account a year ago when we decided to buy a place together - before our engagement. The joint account is used for all our joint expenses. We set up a % of our paycheck to be directly deposited into that account. Better to keep accounts separate. It'll come in handy when you want to splurge on something and you don't want him to know about it. ;)
We went with a totally different bank - Chase -than any of us had because we wanted the convenience of being able to have multiple bank ATMs to work with. It's a good choice because now we can pretty much go anywhere in the tri-state area and there will be a bank (either his, mine or ours) we can withdraw money from. :)
Also think getting a bank with online banking so you can deposit money directly into the joint account virtually from either of your separate accounts. :) Citibank, Chase and HSBC has promotions all the time so check their websites for free ipods or $100-200 extra cash for opening an account! ;)
Sorry just to clarify, I would go with the joint account not either of your existing accounts because I believe most banks will not allow you to add or delete a name to an existing account. You may wnat to check your banks to see if they would allow this.
klingklang77
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Re: Those that have or will have joint accounts...
we have 2 joint accounts. one over in australia so that we can have an account with australian dollars to show the immigration people. they only 'count' joint accounts that are over there.
the second one which only has my name on it, but will have his name on it next month when he is here, here at HSBC. we chose there b/c that is the only bank that is they have over here and also over there as well. it makes it easier to cash checks and deposit cash and then to withdraw over there at their ATMs without a fee. money conversion is a PITA and can be costly when it adds up.
if your account offers more why not change? he can change all his bills no problem all they need is the routing and account number. it shouldnt be a problem.
ETA for clarity.
yayi
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Re: Those that have or will have joint accounts...
FI and me just today openned a joint savings account. We went with another bank which gave us the best rates.
Re: Those that have or will have joint accounts...
Posted by eden
FH and I actually got a joint account a year ago when we decided to buy a place together - before our engagement. The joint account is used for all our joint expenses. We set up a % of our paycheck to be directly deposited into that account. Better to keep accounts separate. It'll come in handy when you want to splurge on something and you don't want him to know about it. ;)
Ditto!
prinses777
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Member since
Re: Those that have or will have joint accounts...
My FH and I have a joint Savings account, but separate Checking accounts... We have direct deposit into both so we know we are automatically saving money without us really seeing the money... after it goes into our savings... so its kinda like we don't even miss it.
Its just the way we did it when we opened our accounts b/4 we bought our place...
But our separate accounts really aren't separate b/c we go into each others accounts and use the money anyway, I guess its like a month to month bases... whoever has more money that day we will use there account... for what ever we want to buy... We are very open with out money with each other.
It works for us so far, I think the money is the biggest thing that couples fight about, so I think to figure out the best way that you and your FH both feel comfortable with is the best way to go... I wouldn't pressure him into doing something he doesn't want to do... but he should also be compromising for you.
Good Luck!
cjb88
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Member since
Re: Those that have or will have joint accounts...
we both already each had an account at Teachers Federal Credit Union... they have the best offer, so that is where we opened our joint account... in order for me to be able to bank somewhere, there must be free online banking, & free checking...
Mrs. dleeny
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Member since
Re: Those that have or will have joint accounts...
we merged all our accounts into my Platinum checking and savings accounts. it made sense b/c I already have direct deposit and he will soon. and also, I had the higer interest on my savings.
JennyAl
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Member since
Re: Those that have or will have joint accounts...
Posted by eden
FH and I actually got a joint account a year ago when we decided to buy a place together - before our engagement. The joint account is used for all our joint expenses. We set up a % of our paycheck to be directly deposited into that account. Better to keep accounts separate. It'll come in handy when you want to splurge on something and you don't want him to know about it. ;)
We went with a totally different bank - Chase -than any of us had because we wanted the convenience of being able to have multiple bank ATMs to work with. It's a good choice because now we can pretty much go anywhere in the tri-state area and there will be a bank (either his, mine or ours) we can withdraw money from. :)
Also think getting a bank with online banking so you can deposit money directly into the joint account virtually from either of your separate accounts. :) Citibank, Chase and HSBC has promotions all the time so check their websites for free ipods or $100-200 extra cash for opening an account! ;)
Sorry just to clarify, I would go with the joint account not either of your existing accounts because I believe most banks will not allow you to add or delete a name to an existing account. You may wnat to check your banks to see if they would allow this.
dothey really givee out ipods for opening up and account? which bank is that?!
Maybride519
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Re: Those that have or will have joint accounts...
I think since you both have your bills paid automatically, you should base it on who will offer you more benefits. FH and I already use the same bank and have a joint account so after the wedding I will just close my personal account and just use the joint.
Shorty McBride
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Re: Those that have or will have joint accounts...
We both used to use 2 different banks, but we opened the joint acct at a 3RD bank, because they had the highest interest rates for a CD and the most benefits to us.
glinda_goodwitch
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Member since
Re: Those that have or will have joint accounts...
We both had accounts at one bank (which we're not all that happy with) and I have a credit card at another bank that we like. So we opened the joint account at the second bank. Probably after the wedding we'll switch it all over to the second bank since I'm going to have to do name changes anyways, what's another few forms? Our decision was easy since of the two banks we use, one was clearly better with customer service (and more widely available around the country).
EJSD2006
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Re: Those that have or will have joint accounts...
We're both already at washington mutual so it would be easy to just join them. However, FH isn't so thrilled with their customer service lately so we may switch to Commerce. He likes that they are open late.
Blu-ize
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Member since
Re: Those that have or will have joint accounts...
We had our accounts at the same bank. We closed my accounts and added my name to his account.
You can add a name to an account very easily at any bank. Most banks now offer online bill pay. It's easy to set up and it really helps you keep your bills paid on time.
I would go with the bank that has the best deals. Look around for them.
Everything is joint-we have no separate accounts-we are open about each other with our spending. We both have a sense of responsibility about money and have similar financial goals. If we each want something for a splurge we make the decision together. Nobody walks away mad.
We both contribute equally financially and make big decisions together.
lisad117
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Re: Those that have or will have joint accounts...
We already live together and we each have separate checking accounts but we have a joint savings account in a Credit Union and every month we each make a small deposit to that. We will probably consolidate to one checking account after we are married.
Colleen1230
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Re: Those that have or will have joint accounts...
We had two different banks, and decided to open our joint account at a third bank. We chose the 3rd one because it was convenient for both of us, and had a higher interest rate. I wound up switching my account to the 3rd one because I liked it better. Right now we have our joint account, and we out a set amount of money into that account each paycheck, and we each have our own checking and savings. After the wedding, we will put our money into the joint account, and close the separate accounts.
AlliNMatt06
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Re: Those that have or will have joint accounts...
We opened a joint account when we got married. We both use the same bank, so it worked out.
ML110
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Re: Those that have or will have joint accounts...
we ended up opening our joint account at his bank, becasue it had better rates and things- he can use USAA because he works for the department of defense... however, i still have seperate checking and savings accounts at my bank,too.... its just so nice to still have some of 'my' money, and it cuts down on the whole ' do you really need that new sweater now?' or ' why do you have to buy more shoes?'.... LOL- but we're still each equally contributing to the joint account for house bills and things, so everybody's happy
thefirstlady
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Re: Those that have or will have joint accounts...
We are going where the best deals and convenience are...definitly not my bank. Even though my paychecks are written from my current bank, and I already have auto-bill-pay set up there, I'm going to change everything b/c they don't have drive-thru atms, there are too many fees, and the website is very slow!
JPCP4806
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Re: Those that have or will have joint accounts...
Fh and I have Joint Savings and Checking Account with Washington Mutual. They are good- but they have hidden fees... Im thinking of switching back to teachers federal credit union only because when you use an ATM outside of Washinton Mutual- ( like 7-11) You get charged the fee at the ATM ( like usual) then you get a seperate fee of 2.00 from WAMU and then .50 Fee on top of that. They also charge you 5.00 per mo. for insurance which I had removed cause it was hidden and also 7.00 Per mo. for something else.
