Best Joint Bank Account For Couples 2022-as some of you know I recently got married and that means that after years of doing my own thing financially.
it’s time to combine finances with my wife. So today I want to talk about the pros and cons of combining finances with your partner and of course talk about five of the best joint bank account options in 2022.
All right let’s jump right into it.
what is going on everyone I hope you are all having a fantastic day so if you specifically want to skip to the five best joint bank accounts for couples then definitely use the chapter cards down in the timeline below but first, I think it’s important that we talk about the pros and cons of doing this.
and help you decide whether or not this is actually going to benefit you now. I realize that there are all sorts of opinions regarding whether or not you should combine finances with your
partner and when exactly.
That should happen and that’s totally okay for my wife and me we kept everything completely separate until we got married.
The Best Joint Bank Account For Couples 2022 Tools
But I fully realized that this is not the case for everyone so don’t worry we are going to look at some of the best tools currently available for pretty much every situation but obviously if you are married then the biggest pro of combining your finances is actually the tax advantages that’s a pretty.
The short-sighted thing to say but the simple fact is that the tax brackets do change significantly when you get married assuming that you are filing jointly.
For example, if you make 80 000 per year as an individual then you would be taxed at the federal level at 22 on your top income bracket whereas if you made 80 000 per year but you were married and filing jointly you would only be taxed at 12 that is a huge difference and obviously.
I realized that if you make good money and your spouse makes good money and you are combining that income then really there isn’t much of an advantage here.
but if you maybe make a lot more money than your spouse or maybe only one of you is currently working then there are going to be significant tax advantages to combining your finances.
okay but moving away from those more short-sighted advantages obviously combining your finances is going to help keep you and your spouse on the same page and of course, it allows you to create shared financial goals that you can both work towards together now i know that some people would argue that after you get married.
each of you should still keep your own individual bank accounts and as is the case with any financial decision that is a personal choice that you and your spouse will have to make personally.
Best Joint Bank Account
i would rather just have everything under one platform and work towards those goals together. But there are some cons to consider before making that decision as well obviously combining your finances and income is great.
But it also means that you are combining your debts and other liabilities meaning that if one individual is bringing a lot of debt and other liabilities into that relationship and into your financial relationship.
then you are now jointly responsible for those obligations and if not discussed and handled properly then that can lead to all kinds of arguments and seeing that financial stress is the leading cause of divorce and separation.
Especially here in the us that is definitely something that you want to avoid regardless of whether you are married or not all right but enough about all of that the simple question that we want to answer today.
is will you benefit from combining your finances with your partner and then of course what tool is best for your situation if the answer to the previous question is yes again just a personal opinion here but if you’re married I would say yes you will definitely benefit from combining your finances.
if you’re not currently married but you do live with your partner then in some ways you could benefit from combining your finances at least in a small capacity.
but again it is all a personal choice that you and your partner will have to make.
So the first and one of the most popular options for Best Joint Bank Account would actually be ally bank as we talked about before ally bank really pioneered the concept of fully online banking.
And currently offers a no-fee checking account that pays you 0.25 interest and comes with all of the bells and whistles that you could possibly want from a mobile bank as well as a savings account that offers you automated transfers and roundup savings tools and currently pays you 0.7.
in addition to the checking and savings accounts, they also offer high-yield CDs.
Money market accounts investing and retirement tools as well as a number of lending services including mortgages auto loans personal loans and pretty much everything that you can need from a one-stop financial solution.
The best part is that a majority of those tools and accounts are available as joint account options which are actually not as common as you may think.
The second joint bank account option is another one that is fairly cookie cutter but doesn’t worry we’re gonna get to some of those more unique.
Tools in a second but that would be discovered bank now don’t get me wrong Best Joint Bank Account.
I absolutely love to discover as a company and I’ve talked about the Discover it credit card many times before.
Their banking platform again offers everything that you really need from a simple banking tool.
They have a reward-based checking account that has no fees and offers you one percent cash back on up to three thousand dollars.
In debit card purchases each month which is kind of nuts you can get paid early and instantly send money to friends and family using the zell partnership.
Even withdraw cash for free at over 60 000 free to use ATMs nationwide their online savings account currently pays just 0.7 percent.
Which is okay but similar to Ally bank they also offer money market accounts CDs various ira retirement account savings options.
All of that good stuff so if you were looking for a straight-to-the-point platform without any confusing bells and whistles then Ally bank or discover is probably your best option for you and your partner.
But these next two platforms are tools that are specifically designed for couples.
Then we’ll get into my personal favorite banking tool that my wife and I have decided to use for our joint finances.
Best Joint Bank Account Honeydue
So coming in at number three on today’s list would be a much lesser known platform and that would be honeydue.
Now previously this platform was just a budgeting tool that would integrate with your third-party bank accounts.
But now they have recently launched their own joint cash account making this the ultimate banking platform Best Joint Bank Account.
A budgeting tool for couples with a joint cash account comes with a ton of collaborative banking tools like a bills calendar to remind you when to pay your bills.
Real-time balance and budgeting alerts for each partner 55 000 free use ATMs plus they are soon looking to launch an automated bill pay feature which you know I absolutely love and all of this comes to you for completely free.
My favorite thing about the honeydue platform is that you can start by just using their tried.
True budgeting tool where each partner is going to have their own third-party bank account of their choice and this is simply going to help keep both partners on the same page in terms of the bills that they have to pay.
The fourth option on today’s list is another tool that is specifically designed for couples and that would be zeta Best Joint Bank Account.
zeta offers a joint cards feature that gives each partner equal spending power.
But combines your finances into one account that allows you to combine your financial goals work towards those goals together all while saving spending.
Responsibly and paying your bills on time from your smartphone similar to honeydue that you’re going to intuitively learn.
When each of your bills is due and will automatically send you a notification and can even pay them on your behalf plus if your account balance is running low.
They can remind you to move money into that account in order to avoid an overdraft this account has no fees or minimum balance
requirements across the board currently pays you 0.2 percent which really isn’t that great to be honest but at least it’s something and has endless different
tools like virtual cards ach and wire transfers bill pay features 55 000 free news atms and the list goes on all right
so those last two platforms are definitely the best choice if you were looking for a more modern and sleek tool that is specifically designed for couples.
Sofi Best Joint Bank Account
But my favorite Best Joint Bank Account and the one that my wife and i have decided to use for our finances going forward will probably come as no surprise to any of you and that would be sofi.
options that you have access to as a sofi member this platform requires no explanation as to why it is my favorite
but it is completely free across the board offers 1.25 apyc currently which is really great you can get paid up to two days early.
You have overdraft protection for completely free automated savings tools roundup savings vaults features up to 15 cashback.
Not to mention the fact that sofi has their own credit card investing tools crypto investing their relay budgeting platform
so many other benefits that are all again completely free so those are my five favorite joint bank account options in 2022
I’m really excited to start using the sofi platform which i feel like i know so well as a joint account.
I will definitely update all of you and let you know how using sofi actually is as a joint account holder but as always this is just my opinion.
So i’d love to know what you think of this topic down in the comments section below and when you feel it is time to combine finances with your partner.
what platform you plan on using be sure to check out some of my favorite financial.
i’ll see you in the next one