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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.
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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ING Orange Everyday |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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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 |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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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.
Signing up for a joint bank account can be an exciting next step in your relationship. Take a look at some of the issues to consider before opening a shared account and compare the key details and options available for a couple looking to make that next step forward together right here with Savvy today.
A joint bank account is an account held in the names of two people instead of one. All parties can withdraw and deposit funds just like a traditional bank account. They are frequently transaction or everyday accounts, but it’s also possible to open joint savings accounts, term deposits and offset accounts.
Joint accounts in Australia come in two different varieties: ‘both to sign’ or ‘one to sign’. The difference between these two is that with a ‘one to sign’ account, which is the most common type, either person can carry out transactions without needing the authorisation of the other. If the account is set up as ‘both to sign,’ this means both parties have to give their authorisation for a fund withdrawal to take place. The names hark back to the days before online banking when withdrawals and payments were made using cheques. In the case of ‘both to sign’, each cheque would require two signatures before it could be cashed.
Before opening a joint bank account, the two parties must discuss rules for operating the account. Both people need to agree and understand how the joint account is to be used, and what the limitations are. Here’s a checklist of some of the main issues that should be agreed to before the joint account is opened:
This varies between couples. Some prefer to have just one debit card and share the card between two wallets. However, it’s more common for the bank, credit union or building society to issue two cards, one for each account-holder. Both debit cards will enable the user to have access to the joint account to make payments, withdraw cash at ATMs and purchase items online. There aren’t usually any additional fees to provide two debit cards instead of one.
There are numerous situations where a joint account makes perfect sense, and for this reason, there are many different types of bank accounts for almost every situation. Some commonly seen scenarios include:
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Having a joint account can make it easier to pay joint expenses such as rent or mortgage payments or to pay for the weekly supermarket shopping. Who pays for dinner need never again be an issue!
With a joint bank account, both partners can see exactly how each dollar is spent and where the money is going, so there’s total financial transparency in the relationship.
Some savings accounts require a minimum monthly deposit to receive generous bonus interest. If this limit is quite high, such as a minimum deposit of $2,000 a month, it’ll be easier to reach this target if two people are contributing to the savings account.
Having a joint account can prove to be cheaper than having two separate accounts, as only one set of fees needs to be paid. If an account fee is $5 per month, that’s a saving of $60 a year in account fees alone.
If your relationship suddenly heads south, it may be difficult to agree on how to divide the joint account funds between the account-holders. This can lead to arguments which can spill over into other areas of your lives.
One partner spending irresponsibly can end up negatively affecting both partners’ credit records, even if only one half of the couple is responsible for the loss.
A disparity in earning capabilities or spending expectations can result in financial tensions. If spending limits aren’t agreed upon in advance, this can be detrimental to a healthy relationship.
As each partner can see exactly what the other has spent money on, this can mean there’s no fun surprises as the cost of birthday or Christmas presents is revealed (if separate bank accounts are not retained in addition to the joint one.)
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
