There are times in life when you might wonder if you should merge bank accounts. One obvious trigger is marriage: You and your spouse may decide to combine all or some of your accounts into joint reserves. Or perhaps you have a number of bank accounts, and they are becoming unwieldy. Maybe you opened one in college, then another when you moved to start your first job, and then yet another to get a special promotional bonus.
Whatever you’re craving financial simplicity or otherwise need a fresh approach to your accounts, read on for learn how to combine bank accounts, plus a look at the pros and cons of merging multiple accounts into one.
Key Points
• Choose which account to keep or open a new account by comparing interest rates, fees, and benefits.
• Shift transactions and recurring payments from the old accounts to the selected/new account.
• Verify all automated debits/payments have transferred before withdrawing funds and closing old accounts.
• Combining accounts can enhance financial transparency between couples and simplify money management for singles.
• Potential drawbacks for couples include loss of financial independence and complications in divorce.
How to Combine Bank Accounts in 4 Steps
If you decide that merging bank accounts is the right step for you, here’s how to make it happen:
1. Decide Where to Keep Your New Account
Whether you are downsizing for yourself or joining two individuals’ finances together, a good first step is to decide where you want to open your new account. You might start by comparing offerings at traditional vs. online banks, looking at specifics like interest rates, fees, and minimum balance requirements.
If you or your spouse have multiple accounts across different financial institutions, you could evaluate which institution is offering the best benefits and lowest fees. You might stick with the one existing account you like best or potentially open a joint account somewhere new.
2. Start Shifting Accounts
Here’s the next step in how to combine bank accounts: If you’ve decided you want to combine accounts, you could start moving your direct deposits, automatic credit card payments, and other similar transactions over from your old accounts to the new one. You might also want to make sure any subscriptions or other deductions are switched over as well.
Recommended: How to Switch Banks
3. Check That Your Account Is Up and Running
After about a month, you might want to double-check and make sure that everything has transferred properly. You don’t want to end up paying a late fee or have a check bounce because you weren’t monitoring your accounts.
Once you see that all your scheduled payments, deposits, and withdrawals are happening in your new account, it’s time to transfer any remaining money in the old account/accounts to your new account. It’s generally easiest to do this via online bank-to-bank transfer.
4. Close the Unnecessary Accounts
The final step in combining bank accounts is to close the old account or accounts. This might involve a trip to a branch in person. Or, you may be able to close an account simply by calling your institution or logging into your online banking portal. If there is anything left in your old account, the bank will typically issue you a check for the remainder.
Recommended: Guide to Reopening a Closed Bank Account
Benefits of Combining Bank Accounts
If you’re wondering whether to merge bank accounts, it can be helpful to consider the pros and cons of combining accounts. Here, the upsides:
• A shared account gives each person in the relationship access to money when they need it. Joint accounts usually offer each person a debit card, a checkbook, and the ability to make deposits and withdraw money.
This also includes online access to account information, which might help when it comes to paying bills together or when making shared financial decisions.
• Another advantage to a joint bank account is that you are less likely to run into financial surprises with your partner. With money going into (and out of) one account that you both have access to, it might be easier to keep tabs on your monthly budget and spending.
• Even those who are not looking to combine finances with someone else could benefit from merging their own money into fewer accounts. How many bank accounts should you have? For most single adults, just one checking and one savings account at the same bank should cover your financial needs.
This could help cut down on confusion and simplify your spending, so that you’re not trying to balance your budget across multiple accounts. Minimizing the number of accounts you hold could mean fewer fees, since many banks charge monthly fees or require a minimum balance.
Get up to $300 with eligible direct deposit when you bank with SoFi.
No account or overdraft fees. No minimum balance.
Up to 3.80% APY on savings balances.
Up to 2-day-early paycheck.
Up to $3M of additional FDIC insurance.
Drawbacks of Merging Your Accounts
Now, consider the downsides of merging accounts:
• Some couples may prefer to keep their financial independence. In fact, rather than combining all your finances, you might decide to create a new joint account but also keep some accounts separate. Or you might decide to keep your finances totally independent of each other, and instead come up with a budget to figure out which expenses each person will pay.
• Combined accounts may not suit your big picture financial needs and money goals. Before you decide that a combined bank account is your goal, you might want to have a conversation about what each partner brings to the table.
For instance, what if one partner is entering the marriage with student loan debt, past loans, or other financial burdens? Will the new shared account be used for those payments? Or is it up to the individual to pay off their own debts?
• A joint account could also become a problem in some states if the relationship ends, because without any other agreement in place, that shared money might get split up evenly in a divorce. Or, even worse, one spouse might clear out the account, leaving the other without money.
If you’re concerned about only having a joint account, you could open a joint account specifically for shared bill management with each person depositing a specific amount every month.
You could even have three separate checking accounts — yours, mine, and ours — maybe if one person is a spender and one is a saver. That way, both people manage their checking accounts on their own.
The Takeaway
To combine bank accounts, start by deciding on which account you want to keep or where you want to open a new bank account. Next, you’ll need to transfer direct deposits and recurring payments to the chosen/new account. Once everything has been successfully moved over, you can transfer any remaining funds from your old account(s) to your chosen/new account and close the account(s) you no longer need.
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
Can you merge two bank accounts together?
Yes, you can combine bank accounts. You can do this either by transferring the funds from one account into the other one, or by opening a new account and transferring the funds from both old accounts into the new one. Once you’ve updated any direct deposits or automated transfers, you can close the old account(s).
When should you combine bank accounts?
You may want to combine bank accounts when you get married, if that suits your and your spouse’s financial needs and style. You might also merge accounts if you find you have multiple accounts and want a more simplified financial life.
How do you link two bank accounts from different banks?
You can link accounts at two different banks without merging them. Typically, you can do this on your financial institution’s website or app. You’ll look for the option that says “link external accounts,” and you’ll need the bank routing and account numbers of the external bank account handy.
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