Did you know that 97% of couples aged 18-34 report that they discuss finances at least once a month? It’s an important part of any relationship, as is deciding whether or not you are going to combine your finances into a joint bank account.
There are pros and cons to joint bank accounts for couples, with the biggest benefits being that it gives both partners access to each other’s cash for paying joint bills and making other related payments. However, if you’re looking at opening a bank account with your spouse or partner, there are a few things you’ll want to look for.
Consider factors such as monthly banking fees, interest rates, bill payment features, and more when looking for the best joint bank account for couples in 2020. Here are our picks for five of the best checking and savings account options for couples this year.
If you and your partner are interested in earning interest on your money but don’t want to bother with all of the fees and conditions that tend to come with high-yield savings accounts, the Ally Interest Checking account is a great option. It requires a $0 balance to open the account and there are no monthly maintenance fees, which is pretty uncommon! Depending on how much you have in the account, you can earn between 0.10% to 0.50% APY. But (yes, there’s a but), you have to maintain a balance of $15,000 to receive the highest APY. However, as a couple, this is easier to accomplish.
Interested in cash incentives? TD Beyond Checking offers new account owners the chance to earn $300 as long as you make $2,500 in direct deposits within 60 days. Again, as a couple, this is pretty easy to accomplish as long as you both set up direct deposits through your work. And, sure, the account might come with a $25 monthly maintenance fee, but that’s easy to waive as a couple as you only have to maintain a $2,500 minimum daily balance. To sweeten the deal, the checking account does also offer you the chance to earn interest.
Similar to the TD Beyond Checking account, Chase Total Checking is a great joint bank account option for couples interested in earning extra cash easily. Not only will they give you $300 just for opening the account, but the minimum balances are also a bit less than they are at TD Bank. Simply set up a direct deposit of at least $500 per month to receive the perk and waive the monthly service fee by maintaining a minimum daily balance of $1,500. If you’re truly just starting out and are looking to add more to your brand new nest egg, you can earn $600 if you sign up for a savings account at the same time.
If you and your partner are a bit worried about meeting minimum balance requirements or think you might not qualify for the direct deposit perks at the moment, check out the Capital One 360 Checking account. It’s been voted one of the best joint bank accounts for couples with no minimum balances. Their mobile banking features are pretty great, making it easy to manage your joint account. And, there is no monthly maintenance fee.
Online bank accounts are a great option for couples looking to save on fees. And, now, traditional banks are beginning to offer online checking account options to savvy savers. The Discover Cashback Debit card is a great way to grow your savings as a couple. However, you will need to also have a Discover Online Savings account set up so that your cashback savings (up to $30 per month) can be sent to there, where it will earn 1.15% APY. While $30 might not sound like a lot, that’s $360 per year or $1,800 over the next five years. It adds up, especially if you’re planning on buying a house eventually or paying off loans.
How to Manage Your Finances as a Couple
Whether you decide to open a joint bank account as a couple or not, one thing’s for sure: you’re eventually going to have to talk about your finances. And, that includes learning about each other’s credit scores and other aspects of your individual financial pasts.
Because this is a touchy subject for some people, and rightfully so, we’ve developed a way for couples to easily share their credit information with their partner, friends, family, or anybody else they’d like to give access to. With Float, you decide how much information you share.
Allow your partner to see your credit score or simply an emoji that indicates a credit range. This will help you guys encourage each other to stay on top of your individual finances in a way that’s fun and less stressful. Access your credit score today by downloading Float for free.