Couples shunning joint bank accounts

Posted on May 10th, 2011 | Categories - News

The popularity of the joint account is waning amongst modern day couples.

Many couples are opting to keep their cash separate from their partner.

Fewer couples are choosing to open a joint bank account and failing to make the most of higher interest rates, according to a first direct survey.

The study highlights that the benefits of a joint account are being overlooked by Brits who move in with a new partner but want to keep their money and property arrangements at a distance.

The majority of those surveyed said they did not have a joint bank account with 58% admitting that they did not open a new account when they moved in. Just over a fifth of respondents said they only set up a joint account for bills – their existing current account was maintained for personal spending. Overall the figures showed that just one in five couples chose to put their money together in one account.

Richard Brown, Senior Savings Product Manager at first direct said: “Couples living together before marriage is now a much more common situation than it used to be – even members of the royal family have shared a prenuptial rent book”.

He continued: “There is less pressure for moving in to be a lifelong commitment so couples are remaining more independent with their finances when they do.  But while couples may feel that there is no longer any need to pay for everything jointly and that a measure of financial independence from each other is healthy, it would still benefit them to pool their savings as the larger their pot, the higher the interest rates on offer”.