Should women opt for joint bank accounts? Evaluate the pros and cons of merging your bank account with your spouse that can help in making an informed decision

Joint account

Handling personal finances is one of the first challenges a married couple faces. Earlier, it was assumed that when two people got married, they would start managing their finances through a joint bank account. This was even seen as a symbolic gesture of trust, and commitment. But as we progress into the 21st century, financial decisions like these are being seen differently.  

When it comes to owning a joint bank account with one’s spouse, people have even started questioning the practice and wondering if it’s still necessary. Let us help you figure out the answer; read on to learn about the pros and cons of having a joint bank account:


The pros:

  • Couples usually draw up a plan to split all the bills, mortgage payments, and other expenses related to their homes. A joint bank account works wonders in this case, as you don’t have to pool in more money or figure who pays which bill. With just one account, all your payments can be taken care of while ensuring both partners contribute towards these expenses.
  • If ever something unfortunate happens to your spouse and they die, you don’t have to worry about gaining access to funds saved by them. Since you both have a joint account, you have equal privileges when it comes to accessing the account.
  • This is especially a blessing for a woman who doesn't have her own source of income and is dependent on her partner. Had you not owned a joint account, you'd be locked out of the account till all the necessary paperwork is completed. 
  • Keeping track of expenses gets too hectic too fast. If you and your partner have a joint account, both of you can easily assess your expenses. This makes it much easier to figure if you’re overspending and if you need to cut down. 
  • If you or your partner has a spending problem, a joint account will benefit both of you. The account will help you and your partner monitor expenses closely, allowing one partner to keep a check on the expenses of the other.


The cons:

  • When it comes to sharing a bank account with someone, lack of independence is an issue commonly faced by newlyweds, especially younger generations. If both partners have an independent source of income, having to share it with someone, even your partner, can be uncomfortable. Also, until now you weren’t answerable to anyone when it came to spending your money. A joint account can change this dynamic. 
  • In case the marriage or your relationship doesn’t work out, dividing the money deposited into this account can lead to arguments. 
  • When two people share a joint account, they both have an equal right to withdraw all of the money at any time. One partner can even choose to lock the other person out of the account. This can cause a lot of trouble if all your money was deposited in this account. 
  • If both you and your partner have debts, having only a joint account means all the debts will be repaid from this account. For you, that might mean, if in a particular month your partner spends a little more than they should, your money will be used in repaying their debt. Not everyone is comfortable with this arrangement.


For women, the best way to decide whether to opt for a joint account is to have this conversation with their partner as early in the marriage or relationship as possible. You can even consider talking about this before your wedding. Many couples who have a joint bank account also choose to have their individual accounts. They use the joint account to pay bills and share common expenses; while keeping their individual accounts for personal use.


How I did it

Kunal and Nita
Software Professionals

We are a family of five, with two kids and my mother who takes care of the house. Nita and I are both software professionals. Initially, with the kids, we found our expenses spiralling and were not left with anything to save or plan for our future. 

We decided to classify each major… Read more

Vaishali Pednekar

I believe life is too short to not to indulge in things that make you happy and I love myself some retail therapy. However, I found myself in a financial disarray a couple of years ago. Sometimes I was overspending and falling short on my bills, but mostly it was just poor planning.

I… Read more

Payal Singh
Media Professional

I have just started working as a journalist. Though as a newbie my salary is not a lot, I still make it a point to save. My parents are middle-class salaried people who have built a great life by saving small amounts for years. They have taught me the importance of saving. With the help of my… Read more

Mukesh Keswani

I run my own fabric business. I have recently bought a house and a car. So I have large sums of money going into EMIs. This makes it even more important to have a tight hold on my finances. I have kept both EMIs on auto debit on the 10th and 25th of the month. This way it does not put undue… Read more