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 this decision, it is essential to understand how different modalities work and what happens if the relationship ends.
Joint account: Does it make sense? Which to choose?
When the financial topic is not openly addressed 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 couple's financial management, 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 to decide how the couple wants to manage their money. There are different types of current accounts available in banks.
- Individual Account – Only with one account holder;
- Solidarity Collective Account - Can have multiple account holders and each one can access the money without needing authorization from the others.
- Joint Collective Account - All transactions require approval from all account holders;
- Joint Account Mix - Combines rules of solidary and joint accounts, allowing some flexibility.
If the goal is to manage household and couple expenses in a practical way, the joint solidarity account is usually the best option, as it allows each person to make movements freely. On the other hand, the joint account requires approval from both parties for any transaction, being more restrictive.
How to define account management?
After choosing the account type, it is essential to define how it will be used.
- "What type of access will each have": Debit/credit card and access to online banking are essential to manage the account;
- Costs 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 pay for 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 PROTest alerts that, if the couple separates, banks cannot charge for changing account holders when it comes to divorce, legal separation, or dissolution of a de facto union. However, if the separation does not fit into these situations, there may be a commission to change the ownership of the account.
To avoid unnecessary costs, the most practical solution is to close the joint account, dividing the balance as agreed between both.
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 ceases to be 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 in different banks.
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