Finding the best bank account can save you hundreds on fees and connect you with the very latest in smart banking technology. Compare bank accounts from a wide variety of providers with Savvy to find the very best offers available on the market right now.
|NAB Classic Banking Account|
No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.More details
Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
Taking that next step forward by deciding on a joint bank account can be an exciting time in the life of a developing relationship. Take a look here at the best joint bank accounts with Savvy to find out what features are available and how to compare them to ensure you get the one that’s right for you and your partner.
A joint bank account is either a savings or transaction account which is in more than one name. They’re normally opened by couples, family members or businesses wanting a way to have all parties able to use the same bank account. All nominated account holders usually have equal access to the account and often have their own linked debit card to enable payWave and PayPass purchases and cash withdrawals to be made. The two different types of joint bank account in Australia are:
Either to sign
An ‘either to sign’ (also known as one to sign) joint account means both parties can equally open the account, close the account, withdraw funds and carry out transactions independently
Both to Sign (also known as two to sign)
A ‘both to sign’ joint account involves both parties giving their authorisation for a transaction in whichever way they choose to receive their notifications; this could be via SMS, smartphone notification requiring a PIN to be entered, email with an authorisation link, voice or face recognition or in person at a branch.
There are joint accounts for almost every banking need and combination of persons. As well as basic savings and transaction joint accounts, there are also numerous types of small business accounts, term deposits and offset accounts which can be opened in more than one name or the names of more than one entity.
Other types of joint accounts include:
The key to finding the best joint bank account for a couple lies in comparing similar accounts from multiple financial institutions until you find an account that best suits your particular needs. Savvy can help you with this task by presenting you with clear comparison information in an easy-to-understand format so you can contrast different offers with ease. Some of the areas to look out for include:
It’s vital to have a good relationship with the person you’re opening a joint account with. Research has shown that fights about money are a common major issue for most Australian couples, so it’s important to talk about your expectations of a joint account before you rush into opening one.
Some of the things to consider include:
How much is too much?
Decide how much money either partner can spend on new or unplanned purchases without consulting the other. Agree on a dollar limit and stick to it if you want to ensure your joint account journey runs smoothly. It’s important that neither party gets an unexpected unpleasant surprise when they check the account’s balance.
What shall we spend our money on?
Agree in advance on what the joint account funds will be used for. Is the account to be used for joint items only, such as paying the rent or mortgage or utility bills, or is it to be used for discretionary spending too, like meals out or trips to the movies?
Discuss your account boundaries
Most relationships have financial ‘trigger issues’ which can lead to disagreements. For example, this may be who pays expenses for step-children or in-laws, whilst for other couples, expensive personal hobbies which aren’t shared may cause friction. Before deciding to open a joint bank account, it’s a good idea to discuss these topics and decide what your joint account rules and boundaries are.
Transaction accounts are crucial for managing your everyday expenses, from paying your bills and rent to doing your grocery shopping.
Your account doesn't have to be with a bricks-and-mortar bank, however, with a wide range of online-only banks and institutions on the market.
Giving your child a bank account with special restrictions attached can help teach them financial literacy and the importance of money.
Student transaction accounts often come without fees and are designed to help you manage your funds and encourage good habits.
If it's come time in your relationship to start managing couples' expenses together, a joint account could help you do so more effectively.
Banks and other institutions offer special transaction accounts for businesses of all sizes to enable you to cover your ongoing expenses.
Reach an agreement about how much of your monthly household income you will allocate for saving and how much you’ve got left to spend. If you both know what your financial limitations are then you can work together to reach your savings goals
Part of the fun of being one half of a couple is planning for the future together. Many banks now allow account splitting or the creation of multiple sub-accounts. These sub-accounts can be named individually and used to save for specific goals, such as a new car or an overseas holiday. Having a joint savings account called ‘new car fund’ can increase savings motivation.
If you have a disagreement with your partner, agree in advance on how you will end your joint banking arrangement. Which one of you will close the account and how will you split any funds remaining in the account? You should also discuss what you’ll do if either of you becomes incapacitated so that all bases are covered before you open your account.
With the busy lives which most couples live today, it’s important to make time regularly (at least once per month) to talk to each other about your household finances and jointly plan how you will manage your money into the future. Researching the best joint bank account for a couple together will start you off with a good communication habit.