Opening a joint savings account with a significant other is a big step in any relationship. Just as you would when buying a car or a house with your partner, it’s important to shop around for the best option.
Fortunately, this process is fuss-free with Savvy. Find out more about how to compare joint savings accounts in Australia to help make the choice easier right here and get your shared savings journey started today.
Opening a joint savings account can be a great way of hitting your savings goal with your partner or another close person in your life. When you open your account, you’ll have to nominate who has access. You can modify this at any time and all account holders will need to agree to the changes. Your options include:
Comparing various joint account deals with Savvy will help you lock in the best deal for your savings. It’s important to drill down and look at the many variables when weighing up which account to open. These can include:
Whether you’re saving for a wedding or a house, everyone’s goals are different. It’s important to sit down with your partner and agree on what you’re aiming for financially. Having a clear picture of why you’re saving will help you choose the right joint account to achieve your shared target. For instance, you should weigh up how flexible or restricted you want the account to be and how often you’ll be depositing. If you’ll both be making large deposits over a short period, you’ll likely want a more accessible account rather than a term deposit. You can use Savvy’s online calculator to work out how much you’ll need to deposit to reach your goal.
One of the benefits of a joint account is your balance grows faster because two people are depositing money, so finding a strong interest rate will further boost your savings. Make sure you compare the different types of interest you can earn on a joint account, including:
Charges such as monthly account fees can seem negligible but have the potential to eat away the interest you earn. Joint savings accounts for couples have the added luxury of two people making deposits, which can reduce the impact of fees on your balance. By comparing with Savvy, you get a side-by-side comparison of accounts and their fees. The majority of institutions offer fee-free accounts, but some will make it conditional on you making minimum monthly deposits or limited withdrawals.
You should be able to hook up an everyday account to your joint savings account. That way you can put two incomes towards bills and living expenses. It’s worth comparing whether the institution you’re with requires a linked account to be opened with them, or you can open an account with a separate institution.
Joint accounts can suit people in all sorts of partnerships. Some of the people who typically open joint accounts include:
These accounts are handy if you’re engaged and saving for your impending nuptials or have tied the knot and want to save for a car or a new house. You may even just want to save for a new TV with your boyfriend, girlfriend or significant other if you’re not married.
If you’re living in a share house, a joint savings account could be a nifty way of saving for much-needed communal products such as a washing machine or a new fridge. If you go down this path, though, make sure all your housemates have to sign if one party wants to release money.
When running a small business, a joint savings account can be a handy way for multiple partners to deposit into the same account to purchase goods like cars or computers.
By comparing your joint savings account options with Savvy, you’ll be in a great position to find the one which fits you and your partner like a glove. We give you all the tools and tips to compare deals so you can focus on achieving your savings goal.
It’s important to open an account which suits your savings goals. If you’re saving for an upcoming holiday and will be depositing larger amounts over a short period, you’d be better off opting for a flexible high interest account than a term deposit. Using Savvy’s online calculator allows you to work out how long it will take to reach your savings goal.
When you open a joint savings account, you’ll be placing a great deal of trust in your co-signer. Not only will this personal be able to deposit and withdraw money, but they’ll also be able to track your spending habits. Picking someone you have a close relationship with, such as a spouse, family member or long-term partner, can save you plenty of hassle and reduce the risk of things going sour.
Trying to divide a joint account in the event of separation can be messy and complex. Plan ahead and talk about how the funds will be divided if your relationship breaks down or if the joint account simply isn’t working out how you desired.