When you get married, your money inevitably also become a joint venture and this si when people consider opening a joint savings account. Joint accounts allow you to contribute money towards the account, to use for mutual expenses, which is a good idea for many couples. When it comes to the question of ‘should couples have joint savings accounts?’, you need to establish what your goal is first.
The best bank account to use will depend on your needs and your personal preferences. The first thing to note is that there is no joint account option in South Africa, but rather the main account holder, with a secondary person having signing rights. This means that if the main account holder should pass away, the account can be frozen and this means the money in there will not be available for the duration of this enforcement.
You can get these accounts from any of the leading banks, like FNB, Standard Bank and Nedbank. You can visit a branch to see what your options are, or you can compare different products online to see what will suit your personal needs best.
Household Credit Card
Most couples choose to have a household credit card, that they use for the day to day running of the household. They can simply settle the balance at the end of the month and there are no transaction fees so it’s a good option to consider.
Joint accounts seem like a great idea for many couples, so opening an account where both has signing rights is the best option for sharing payment responsibilities, or even for a joint savings account. Make sure that enough money gets transferred into the account every month to cover your expenses, or if you are using this as a savings account, set money aside every month to go into this account, to build up a mutual savings account for the both of you.