Is it time to get a shared bank account with your partner?

September 16, 2022

Are you ready to share finances with your significant other? Or, do you still need to get on the same page when it comes to money?

You and your partner share household chores. You cook dinner together and go on vacations together. But, you don’t yet share a bank account. Is it time to make the leap?

Talking about money can be difficult. Between feeling self-conscious about how much you have (whether it’s a lot or a little) and conflicting visions of how money should be spent, it’s not uncommon for couples to avoid the topic.

 

How to decide on getting a shared bank account

It comes down to trust and transparency. Think through the last few big purchases you and your partner made:

  • How did you come to the decision to buy?
  • How did you divide up the purchase? 
  • Did you feel the process was fair? 
  • Were you both open and honest?
     

If you’re comfortable with the answers to these questions, you’re off to a good start.

 

What to consider

Sit down with your partner and talk openly about:

  • Credit scores: This is a good indicator of your partner’s financial responsibility. 
  • Debt: You and your partner should know who owes what to whom. 
  • Your savings: If one of you has far more money stashed away, combining everything into one shared account might not be equitable. 
  • Your spending style: Are you a couponer, or do you like to make a big splash? 
  • Your saving style: Do you follow strict rules, or do you save when you can?
     

Pause if...

If you’ve encountered any of the following, you might want to hit the pause button on opening a joint account:

  • Daily disagreements about money
  • A buy-first, justify-later attitude about big purchases
  • Secret purchases or disappearing money
  • Avoidance or differing, vague answers when asked about money

 

The advantages

 

If both members of a relationship are open and honest with each other, a joint checking account could be a great financial tool.

It allows you and your partner easy access to shared money. For example, each of you can auto-deposit a certain amount of money each month, so you know you’ll have enough for shared expenses or savings goals.

 

Start exploring what’s right for you and your partner. And learn more about U.S. Bank options for opening a joint bank account.

Related content

Dear Money Mentor: How do I pick a savings or checking account?

10 ways to increase your home’s curb appeal

Car shopping: Buying versus leasing your next vehicle

What you should know about buying a car

Is it the right time to refinance your mortgage?

6 questions to ask before buying a new home

Should you buy a house that’s still under construction?

5 things to avoid that can devalue your home

What is a home equity line of credit (HELOC) and what can it be used for?

9 simple ways to save

3 awkward situations Zelle can help avoid

Is raising backyard chickens a good idea financially?

Here’s how to create a budget for yourself

Money Moments: How to manage your finances after a divorce

Money Moments: 8 dos and don’ts for saving money in your 30s

Travel for less: Smart (not cheap) ways to spend less on your next trip

Understanding guardianship and power of attorney in banking

What financial advice would you give your younger self?

What’s in your emergency fund?

What you need to know about renting

From LLC to S-corp: Choosing a small business entity

6 things to know about long-term care insurance cost and benefits

Do I need a financial advisor?

6 tips for trust fund distribution to beneficiaries

Preparing for retirement: 8 steps to take

How to build wealth at any age

How to manage your money: 7 tips to improve your finances

LGBTQ+ financial planning tips

Investment strategies by age

Should I itemize my taxes?

Your 5-step guide to financial planning

What is Medicare? Understanding your coverage options

8 steps to take before you buy a home

Military homeownership: Your guide to resources, financing and more

What to know when buying a home with your significant other

Building a dream home that fits your life

Mortgage basics: How much house can you afford?

Mortgage basics: Finding the right home loan for you

Home buying myths: Realities of owning a home

5 financial goals for the new year

Retirement savings by age

Annual insurance policy review checklist

How I did it: Turned my side hustle into a full-time job

Retirement plan options for the self-employed

Checking and savings smarts: Make your accounts work harder for you

5 reasons why couples may have separate bank accounts

It's possible: 7 tips for breaking the spending cycle

Myths vs. facts about savings account interest rates

Closing on a house checklist for buyers

How to plan and save for adoption and in vitro fertility treatment costs

Multiple accounts can make it easier to follow a monthly budget

Is it time to get a shared bank account with your partner?

Don’t underestimate the importance of balancing your checking account

7 steps to keep your personal and business finances separate

Which is better: Combining bank accounts before marriage — or after?

5 tips for parents opening a bank account for kids

6 questions students should ask about checking accounts

Steer clear of overdrafts to your checking account

30-day adulting challenge: Financial wellness tasks to complete in a month

Estate planning checklist: 8 steps to secure your legacy

8 steps to choosing a health insurance plan

Key milestone ages as you near and start retirement

How I did it: Bought a home without a 20 percent down payment

5 ways to maximize your garage sale profits 

Estate planning documents: Living trusts vs. will vs. living will

Why estate planning is important

How a Health Savings Account (HSA) can benefit your retirement plan

Year-end financial checklist

Housing market trends and relocation impact

Finance or operating lease? Deciphering the legalese of equipment finance

Buying or leasing? Questions to ask before signing a contract

Insource or outsource? 10 considerations

The secret to successful service provider integration

Safeguarding the payment experience through contactless

COVID-19 safety recommendations: Are you ready to reopen?

Unexpected cost savings may be hiding in your payment strategy

Protecting cash balances with sweep vehicles

Changes in credit reporting and what it means for homebuyers

High-cost housing and down payment options in relocation

What corporate treasurers need to know about Virtual Account Management

Crypto + Relo: Mobility industry impacts

For today's relocating home buyers, time and money are everything

How to sell your business without emotions getting in the way

5 steps to take before transitioning your business

10 tips on how to run a successful family business

Talent acquisition 101: Building a small business dream team

Costs to consider when starting a business

How to test new business ideas

The costs of hiring a new employee

How to expand your business: Does a new location make sense?

How to choose the right business checking account

Does your side business need a separate bank account?

How to build a content team

Multigenerational household financial planning strategies

How to track expenses

How to manage your finances when you're self-employed

Good debt vs. bad debt: Know the difference

Reviewing your beneficiaries: A 5-step guide

How to talk about money with your family

Financial steps to take after the death of a spouse

Retirement advice: How to retire happy

Retirement income planning: 4 steps to take

Preparing for retirement: 8 steps to take

Working after retirement: Factors to consider

4 steps to finding a charity to support

Year end tax planning tips

What types of agency accounts are available for investors?

Tips for navigating a medical hardship when you’re unable to work

11 essential things to do before baby comes

Checklist: 10 questions to ask your home inspector

Resources for managing financial matters after an unexpected death

What you need to know as the executor of an estate

What documents do you need after a loved one dies?

Checklist: financial recovery after a natural disaster

How I did it: Paid off student loans

Bank Notes: College cost comparison

Recognize. React. Report. Don't fall victim to financial exploitation

Recognize. React. Report. Caregivers can help protect against financial exploitation

Is online banking safe?

8 tips and tricks for creating and remembering your PIN

Pros and cons of a personal line credit

3 tips for saving money when moving to a new home

3 financial tools to help automate your finances

Does your savings plan match your lifestyle?

Uncover the cost: Wedding

Uncover the cost: International trip

Tips to overcome three common savings hurdles

Adulting 101: How to make a budget plan

Personal loans first-timer's guide: 7 questions to ask

How can I help my student manage money?

You can take these 18 budgeting tips straight to the bank

Save time and money with automatic bill pay

Do you and your fiancé have compatible financial goals?

U.S. Bank asks: Transitioning out of college life? What’s next?

U.S. Bank asks: Do you know your finances?

U.S. Bank asks: Do you know what an overdraft is?

Personal finance for teens can empower your child

How to save for a wedding

Dear Money Mentor: How do I set and track financial goals?

Lost job finance tips: What to do when you lose your job

Money Moments: 3 smart financial strategies when caring for aging parents

Money management guide to financial independence

First-timer’s guide to savings account alternatives

7 financial questions to consider when changing jobs

Overdrafts happen: Steps to get you back on track

How to stop living paycheck to paycheck post-pay increase

How grandparents can contribute to college funds instead of buying gifts

How to open and invest in a 529 plan

Using 529 plans for K-12 tuition

Parent checklist: Preparing for college

What to consider before taking out a student loan

How to use debt to build wealth

Know your debt-to-income ratio

Overcoming high interest rates: Getting your homeownership goals back on track

For today's homebuyers, time and money are everything

Crypto + Homebuying: Impacts on the real estate market

How I did it: Bought my dream home using equity

Buying a home Q&A: What made three homeowners fall in love with their new home

House Hacks: How buying an investment property worked as my first home

Managing the impacts of appraisal gaps in a hot housing market

How I did it: Built living spaces to support my family

Spring cleaning checklist for your home: 5 budget-boosting tasks

Saving for a down payment: Where should I keep my money?

Your guide to breaking the rental cycle

Checklist: 6 to-dos for after a move

What are conforming loan limits and why are they increasing

Uncover the cost: Building a home

The lowdown on 6 myths about buying a home

4 ways to free up your budget (and your life) with a smaller home

Get more home for your money with these tips

Money Moments: Tips for selling your home

Money Moments: How to finance a home addition

How I did it: My house remodel

Dear Money Mentor: When should I refinance a mortgage?

Beyond the mortgage: Other costs for homeowners

10 questions to ask when hiring a contractor

What is an escrow account? Do I have one?

These small home improvement projects offer big returns on investment

Should you get a home equity loan or a home equity line of credit?

Is a home equity line of credit (HELOC) right for you?

How to use your home equity to finance home improvements

How do I prequalify for a mortgage?

Home equity: Small ways to improve the value of your home

Can you take advantage of the dead equity in your home?

10 uses for a home equity loan

Take the stress out of buying your teen a car

Questions to ask before buying a car

Disclosures

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.