Joint account: Yes or no? What to know before opening one.
Managing money as a couple can be a challenge, and many couples consider opening a joint account to make common expenses easier. However, before making that decision, it is essential to understand how different modalities work and what happens if the relationship ends.
Joint account: Does it make sense? Which one to choose?
When the theme of finances is not openly discussed between a couple, money can become a source of conflict, whether dividing a dinner bill or paying monthly expenses.
Having a joint account can simplify the financial management of a couple, as long as both are aligned on how to use it and what rules to follow. In the Notícias ao Minuto, you can read some recommendations from DECO PROteste on this topic.
According to DECO PROTeste, the first step is deciding how the couple intends to manage money. There are different types of current accounts available at banks.
- Individual Account - Only with one holder;
- Solidarity Collective Account - Can have multiple account holders and each can withdraw money without the authorization of others.
- Collective Joint Account - All transactions require approval from all account holders.
- Mixed Joint Account - Combines rules of joint and solidary accounts, allowing some flexibility.
If the goal is to manage household and couple expenses in a practical way, the collective solidarity account is usually the best option, as it allows each person to make movements freely. On the other hand, the joint collective account requires approval from both parties for any transaction, being more restrictive.
Read more: Did you know you can save with your bank account?
How to define account management?
After choosing the account type, it is essential to define how it will be used.
- What kind of access will each one have: Debit/credit card and access to online banking are essential to manage the account;
- What costs are associated: Some accounts include card annual fees and online transfers, while others charge individually for each service.
- How will each person's contribution be made: The couple can choose to set up automatic transfers to the joint account, ensuring that there is enough balance to cover common expenses.
If the banks are different, it is important to consider the time it takes for the transfer to avoid payment failures.
And if the couple separates?
A DECO PROTeste warns that, in case of separation, banks cannot charge for changing account holders in cases of divorce, legal separation, or dissolution of a civil union. However, if the separation does not fall into these categories, there may be a fee for changing the account holder.
To avoid unnecessary costs, the most practical solution is to close the joint account, dividing the balance as agreed between both.
Read also: I got divorced: What happens to the housing credit?
A joint account can facilitate a couple's financial management, but it must be created with well-defined rules. Before moving forward, it is essential to discuss how it will be managed, who will contribute, and what to do in case of separation. With good planning, money no longer becomes a problem and becomes another factor of harmony in the relationship.
If you are considering opening a joint account, make sure to compare the available options at different banks.
If you are looking to take out a joint loan, Poupança no Minuto has the service you need: Our credit intermediaries handle the entire process for you for free to ensure that you find the best loan offer and financing conditions in the market for you.
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