Opening bank account as a couple - single vs joint account?

Just wondering what most couples decide on opening joint bank accounts before you migrate. We are unsure if there would be any unforeseen issues or pitfalls opening a joint bank account to start with before migrating? We are both flying out the same time so no issues presenting our details when we get there.

I wanted to make sure that the other half can access money easily without having to use my cards etc (and as much as I love him, grocery shopping everytime together can be a real drag..). Or would it be best to open 2 separate accounts, bearing in mind we will be dependent on my income at least the first few months before he gets a job - would there be costs transferring some money to his account (same bank - we are considering NAB)?

Any thoughts? Thanks in advance.:confused:

We opened an account when we got here but didn't have any money to transfer. Personally I'd say joint bank account all the way especially if only one is working.

Do you have a joint account now or separate accounts? I don't see any reason why moving to Australia should change the way you organise your finances as a couple so do what ever you do now and talk to each other about how it's going to work. We have a joint account but we had one in the UK as well.

We had separate accounts in the UK but only because we had not ever bothered to combine them. Coming here, couldn't see any reason why we would open two separate accounts.

You can do both. We did this when we both worked. We each had our own account and a joint one into which we each paid a monthly amount. All the household bills were paid from joint account.

after nearly 30 years together we now have just a joint current account.

You can do both. We did this when we both worked. We each had our own account and a joint one into which we each paid a monthly amount. All the household bills were paid from joint account.

 

We had similar. Separate accounts where our salaries were paid, then a joint where we each paid a set amount into and the bills came out of. Any salary rises and we adjusted the amounts put in.

We have a joint account here in Aus. No separate accounts. Hubby also has a business account being self employed but the money then goes over to joint account or our savings one.

We are happy with the joint account set up here.

I'm from Overseas, He is from Oz. We met here and are getting married and now have joint accounts. We are with ANZ and they have an app that allows you to transfer with the click of a button at anytime- really convenient. When we were organising it, we went into the branch and the lady at the desk did everything for us and showed us how to make our money work best for us. She was awesome. Anyways I am getting sidetracked- if I were you I would go with the joint straight off the bat. I'm unsure of your visa status, but down the track, should you need to prove DeFacto you have this paperwork at your fingertips. Hope this helps :smile:

Thanks all really appreciate the advice. We never had joint accounts (like Pumpkin, we just never bothered.

I'm unsure of your visa status, but down the track, should you need to prove DeFacto you have this paperwork at your fingertips

Joint account it is :smile:, and will possibly consider opening separate accounts later should the need arise.

Hi

As many people on here have mentioned, it really depends on how you would prefer to set up your finances.

We often have couples opening a joint account initially and then individual ones once they arrive (for savings/ budget purposes) or vice versa- and as we don't charge fees on our current (NAB Classic) account you don't need to worry about additional charges for this account structure/ transferring funds between the NAB accounts.

For couples not arriving together we suggest opening individual accounts (as you both need to be identified at the same time in Australia) but as you mentioned you will be flying out at the same time.

If you do decide to open a joint account, then you will both be given your own debit cards etc when you arrive that access the one account, so you don't need to go shopping together or swap cards- much easier!

Let me know if you would like me to explain how the accounts work more. Happy to respond in a PM or our details are below.

0141 958 7533

migrant.banking@eu.nabgroup.com

Regards

Rebecca

NAB Migrant Banking

Just wondering what most couples decide on opening joint bank accounts before you migrate. We are unsure if there would be any unforeseen issues or pitfalls opening a joint bank account to start with before migrating? We are both flying out the same time so no issues presenting our details when we get there.

 

I wanted to make sure that the other half can access money easily without having to use my cards etc (and as much as I love him, grocery shopping everytime together can be a real drag..). Or would it be best to open 2 separate accounts, bearing in mind we will be dependent on my income at least the first few months before he gets a job - would there be costs transferring some money to his account (same bank - we are considering NAB)?

 

Any thoughts? Thanks in advance.:confused:

Joint account if you need evidence.

Otherwise through choice have joint and separate accounts..considering sometimes how hard they can be to open.. I have a few - so i can move monies around for best interest (as little as it is)!

But everyone here has given great advise.

BEGal

Glad to help! I wish I knew about this site when I was moving to Oz! It really is awesome and the people on here seem pretty keen to help. Good luck on your move

We were thinking on each one having a check and saving accounts, and having a joint account for bills. btw, we are thinking on opening the accounts with NAB considering they do not charge monthly fees.

Whilst in general the wife and I have never had separate bank accounts, no such thing as yours and mine, but as the wife does not work now we do have a savings account (building society) just in her name, this is for tax purposes on any interest earned.

Other than that our main banking is with the Commonwealth where we hold a check, savings (actually our line of credit mortgage account) and credit card account, all the accounts are linked to our credit card so when we shop we just choose which account we want to use for that purchase.

I would check with the bank regarding fees if you are opening more than one account in the same name, just to be sure they all will be fee free.

We had an account each. Although they were both set up as joint accounts, either to sign we used one each day to day.

I think if you both use the one account it can cause problems if the other has taken money out and then you need money and its not there or whatever.

Worked for us and you each know what is in the account you use but can access the other one if you really need to.

Do what you would do in the UK - if it's a case that you've just never got round to opening a joint but had 'planned' on it sometime, noes as good time as any to do it!!

I went with ANZ joint account - again no fee's, good customer service.

We have single accounts here in the UK but we are always passing money back and forth and basically as the higher earner I have always deemed my money his and vice versa. I dont want him coming over to Australia as the stay at home dad for a while and having no money, especially when he will be the one out food shopping and clothing the children. We both thought hard about this and talked it over, as when I split up with my ex husband he maxed out our joint account overdraft without me realising taking his new 'friend' out for dinner, cinema etc so I have concerns. However, when I got with my current partner I had to quit my job for 5 months and within a few months he bought me a new washing machine as mine broke and was putting £200 towards my mortgage as I couldn't afford the payments. I will never forget that, and now that I earn more than him I realise I am only in this predicament as he helped me get here. So for me, for now a joint account is more preferable. I trust him with my money more than I trust myself.

I know from experience, there are risks but in our situation I want my husband to feel like my money is his, we are embarking on a new adventure across the world, we are married, we have children and the risk therefore of a joint account is minimal. It's only money after all.

One thing to consider is if you are looking to get your card etc before you leave. We opened a joint account which means to get our cards before we leave we both have to go to London before we leave. If we had single accounts we could have done one here & the 2nd when we arrived :-/

having a separate account or joint account is not a big deal. it depends on how comfortable are you in your choice. but i would suggest that you get a separate account and a joint account. separate account for your own and a joint account for your family savings.