Joint vs. Separate Bank Accounts: What’s Best for Couples?
Table of Contents
If you’re newly married — or about to tie the knot — you may be debating whether to combine your finances in a joint account or keep them separate. Both approaches have their benefits: Sharing an account can make it easier to pay bills and save for the things you’re working toward together. Keeping separate accounts, on the other hand, gives each of you more independence and privacy, and could help avoid arguments if your spending styles don’t match. So what’s the best setup?
The answer depends on your relationship, financial habits, and future goals. Here’s a closer look at the pros and cons of joint vs separate accounts to help you figure out what makes the most sense for you both.
Key Points
• Joint accounts simplify bill paying and foster financial cooperation.
• Potential for conflict and complexity in breakups are downsides of joint accounts.
• Separate accounts allow partners to maintain financial autonomy and privacy.
• Lack of transparency and less flexibility in emergencies are downsides of separate accounts.
• A hybrid approach offers a balance of shared responsibility and independence.
What Is a Joint Bank Account?
A joint bank account is a checking or savings account owned by two or more people. Each owner can view balances, deposit money, withdraw funds, write checks, or use a debit card linked to the account.
Joint accounts are often used to simplify shared financial responsibilities. For example, couples might deposit their paychecks into one checking account and use it to pay rent, utilities, groceries, and other bills. Since both partners can see account activity, it also provides full transparency into how money is being managed.
While joint accounts can symbolize partnership and trust, they also require open communication and mutual agreement about spending habits. Without that, combining bank accounts may lead to conflict rather than convenience.
Curious about how many couples have joint bank accounts? According to the U.S. Census Bureau’s most recent data, almost a quarter of couples don’t have joint accounts vs. 15% not having them in 1996.
The Case for a Joint Bank Account
For many couples, opening a joint account feels like a natural step, especially after marriage. In SoFi’s 2024 Love & Money survey (which included 600 adults who have been married less than one year), a full 62% of newlyweds said they share a joint bank account.
When used effectively, joint accounts can streamline budgeting, improve accountability, and reduce stress about dividing bills. Pooling resources also reinforces the idea of working as a team toward shared financial goals. But like any financial tool, joint bank accounts aren’t without risks.
Pros and Cons of Joint Accounts
Here’s a look at the upsides and downsides of shared accounts.
Pros:
First, the benefits of joint accounts:
• Simplified bill paying: Instead of juggling multiple transfers or splitting costs manually, a joint account allows both partners to contribute to household expenses from one central place. A 2024 SoFi survey of couples who live together (and plan to wed in the next three years) found that 28% share a joint bank account before marriage.
• Transparency and trust: Since both partners are able to see deposits and withdrawals, joint accounts offer transparency in a couple’s shared financial life. This openness can strengthen trust.
• Team-oriented money management: If you open and both contribute to an interest-earning joint savings account, you can work towards shared goals — like buying a home, starting a family, or saving for vacations — as a team. You can also track progress together.
• Emergency flexibility: If one partner becomes ill, incapacitated, or passes away, the other has immediate access to the funds.
Cons:
Next, the potential disadvantages of joint accounts:
• Loss of independence: Some people may feel less autonomy when every transaction is visible to their partner, especially for personal purchases.
• Potential for conflict: Transparency in spending and saving could lead to conflict if both partners don’t agree on budgeting and spending priorities. If one person is a saver and the other is a spender, tension may rise.
• Liability issues: If one partner mismanages money, the other suffers the consequences. For example, if one account owner overdraws the account or writes a bad check, both owners are equally responsible for the fees and resolving any overdrafts.
• Complexity in breakups: If the relationship ends, dividing money in a joint account can become emotionally and legally complicated.
The Case for Separate Bank Accounts
Some couples prefer financial independence and autonomy, choosing to keep their money separate even while sharing household expenses. In this setup, each partner maintains their own checking and savings accounts, with no joint ownership. In SoFi’s newlywed survey, 35% of couples said they only maintain separate bank accounts and choose not to pool any funds.
This approach can be especially appealing to couples with very different incomes, spending habits, or debt histories. By separating finances, each partner retains control over their money and avoids potential resentment over differences in how it’s managed.
Pros and Cons of Separate Accounts
Keeping accounts separate could be an option for couples. Here are the upsides and downsides of doing so.
Pros:
These are the benefits of separate accounts:
• Financial independence: Each partner can make purchases without oversight or judgment, giving them a sense of autonomy.
• Protection from debt: If you live in a community property state and one spouse has debt, a creditor can go after joint funds. Keeping accounts separate can shield the other spouse from liability.
• Reduced conflict over spending: Since each person manages their own money, having separate accounts can minimize disagreements about discretionary purchases.
• Flexibility in contributions: Couples can contribute proportionally to shared expenses based on income rather than splitting everything 50/50.
Cons:
Here are the disadvantages of separate accounts for couples:
• Less transparency: With separate accounts, it can be harder to track how money is being managed. There is also potential for secrecy and mistrust.
• More work to manage shared expenses: Couples need a system for splitting monthly bills, whether through regular transfers, payment apps, or rotating responsibility.
• Missed opportunities for unity: Keeping money entirely separate may feel at odds with building a shared financial life, especially for couples working toward joint goals.
• Challenges in emergencies: If one partner becomes incapacitated, the other may struggle to access needed funds.
The Hybrid Option: A “Yours, Mine, and Ours” Approach
For many couples, the best solution is a hybrid system that includes both joint and separate accounts. In SoFi’s newlywed survey, 42% of married couples reported having a mix of joint and individual accounts.
This “yours, mine, and ours” method involves maintaining a joint account for shared expenses while also keeping individual accounts for personal spending. For example, both partners might deposit a set amount or percentage of their income into the joint account each month to cover housing, utilities, groceries, and savings goals. The rest of their income remains in separate accounts for discretionary purchases, hobbies, or personal financial goals.
This approach provides the transparency and teamwork benefits of a joint account while also allowing for financial independence. It can also reduce arguments over personal spending since each person retains their own discretionary funds.
Source: SoFi’s 2024 Love & Money newlywed survey
How to Decide What’s Right for Your Relationship
Deciding between joint, separate, or hybrid accounts isn’t about following a one-size-fits-all rule. The “right” choice depends on your financial history, habits, values, and long-term goals. Here are some key conversations to have before making a decision:
Discuss Your Financial Habits, History, & Current Debt
Start by sharing your financial background openly. Do you have student loans, credit card debt, or a history of overdrafts? Are you a natural saver, or do you prefer to spend on experiences? Ask your partner to answer the same questions. Honest discussions about past mistakes, strengths, and weaknesses can help set realistic expectations.
If one partner carries significant debt, a joint account might create tension or unfair responsibility. In such cases, separate or hybrid accounts may work better until debts are under control.
Align on Your Short and Long-Term Goals
Next, talk about what you’re working toward together. Are you saving for a house or family? Do you want to retire early or prioritize travel? Your financial goals will influence whether pooling money makes sense.
Couples with highly aligned goals often find joint accounts useful, while those with divergent goals may prefer more independence. Even in a hybrid setup, it’s important to agree on how much money goes toward shared versus personal objectives.
Decide How to Handle Bills and Shared Expenses
Finally, you’ll want to discuss the practical side of managing day-to-day expenses. Options include:
• Full joint account: Both paychecks go into a joint account, and all bills come out of it.
• Separate accounts: Each partner pays specific bills from their own accounts.
• Hybrid approach with a 50/50 split: Each partner keeps their own account and contributes an equal amount to a joint fund for shared expenses.
• Hybrid approach with proportional contributions: Partners maintain separate accounts and contribute to a joint account based on income percentage. For instance, if one earns 60% of the household income and the other earns 40%, contributions can be split accordingly.
Agreeing on a fair system can prevent resentment and help ensure both partners feel invested in household responsibilities.
The Takeaway
There’s no universal answer to whether couples should choose joint or separate bank accounts or take a hybrid approach. What matters most is that your financial arrangement reflects your relationship values, encourages transparency, and minimizes stress.
If you and your partner choose to pool at least some of your funds in a joint account, see what SoFi has to offer.
When you sign up for a joint SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
What percentage of married couples have separate bank accounts?
According to SoFi’s 2024 Love & Money Survey (which included 600 adults who have been married less than one year), 82% of newlyweds maintain separate bank accounts, either exclusively or alongside a joint account. Many couples choose to maintain separate accounts to avoid conflicts over spending and/or maintain autonomy while still contributing to shared goals. However, others prefer joint accounts for ease of bill payments and household expenses, and will often blend the two approaches for balance and flexibility.
How do you split bills with separate accounts?
Couples with separate accounts typically split bills in a way that feels fair and manageable. Common methods include dividing expenses 50/50, assigning specific bills to each partner, or splitting costs based on income percentage (e.g., one pays 60% and the other 40%). Many use apps or spreadsheets to track shared spending and transfers.
Another option is to maintain a joint account for household expenses, while keeping personal accounts for individual purchases. This provides transparency as well as some financial independence.
What happens to a joint account if one person passes away?
In most cases, joint bank accounts are set up with rights of survivorship. This means the money bypasses probate and the surviving account holder automatically becomes the sole owner of the funds.
When a joint account holder passes away, the surviving account holder typically needs to present a death certificate to the bank. They may then have the opportunity to remove the deceased account owner from the account or close the joint account and open a new individual account.
Can a joint account impact my credit score?
A joint bank account itself does not directly affect your credit score, since checking and savings accounts aren’t reported to credit bureaus. However, lenders will often use information about your checking, savings, and assets to determine whether you have the capacity to take on more debt.
In addition, bounced checks, involuntary account closures, and other problems with bank accounts are reported to ChexSystems, a consumer reporting agency for banking. If you end up with negative information on your ChexSystems report due to a problem with a joint account, you may have difficulty opening new accounts.
Can we open a joint account before we get married?
Yes, you can open a joint account before marriage, as banks generally don’t require couples to be legally married. Both account holders must provide valid identification and agree to equal access to the funds. This option is popular for engaged or cohabiting couples who want to manage shared expenses like rent, utilities, or travel. However, since both parties have full access to the funds in a joint account, trust and clear communication are crucial. It’s wise for partners to discuss expectations before opening an account together.
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.
As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.
Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®
SOBNK-Q425-015
