Good idea or bad idea for a married couple?
The reason I ask is because it has become increasingly common that when a marriage is going south one spouse (in the cases I have heard male and female) both empty out the joint account of all the money and savings while in the process of the divorce.
In these cases since it is a joint account the act is not illegal. Immoral sure. Not illegal.
Re: Joint Bank Accounts
Separate bank account for both individuals is best.
Joint account is not a good option.
A person should be 100% responsible for account operations. A person should be aware of all debit, credits, transaction, profit and loss.
Sharing info, statements depends on confidence.
Re: Joint Bank Accounts
CM is back:eek:
code red posting 
i kinda like the of a joint account:chilly: shopping mai maza he maza
Re: Joint Bank Accounts
When a Joint account is opened, an option which is recommended even by the banks in UK that both parties are required to sign when withdrawing monies. but if you dont take this option at the time of opening the account, then you will have a problem like CM above mentions. so if both partners are required to sign or be present before withdrawing large sums or even a penny then the above is most unlikely to happen and if divorce etc is to happen then the account balance and who gets what through the courts.
so i would recommend this option that if in the future ..something were to happen .. you ll atleast get half :D
Re: Joint Bank Accounts
For a married couple, well that really depends on the couple's relationship now doesn't it?
I have access to our accounts and know all about our finances and i know I could empty it out in a minute if I wanted to.....but I would never do that.
As for divorce...well....it's a sad situation whatever happens, but it varies from situation to situation so I wouldn't be quick to say that that act itslef is immoral.
Re: Joint Bank Accounts
As Sara said, it depends on the relationship. We have access to each others money, we could destroy each other financially. My heart is priceless if I can trust him with that, then money is nothing really. If a couple knows they are heading for a divorce, one party should contact the bank and ask for joint funds to be frozen untill the divorce is settled.
Re: Joint Bank Accounts
Joint checking account, separate savings accounts
Thats the model that we follow. All of the earnings (from both of us), comes to joint checking. One of us (whoever gets time), transfers predetermined amounts to both saving accounts and we use joint checking for everyday need/purchases etc.
I said predetermined because we have agreed to save X amount every month no matter what and thats is divided 50/50 in both saving accounts. This is just to make sure beside other things that God forbid, If something terrible happens to one of us today, other one will have access to X amount readily till the legal formalities are done.
Re: Joint Bank Accounts
Nothing wrong with having joint bank accounts.
If a couple is having problems, and headed towards divorce, then one of the spouses can easily call the bank and put a freeze on all joint accounts. You can tell the bank to NOT allow any withdrawl from the joint account without the authorization of BOTH spouses. The freeze can remain on the account unitl the spouses have agreed on how to divide the money from the account.
Re: Joint Bank Accounts
Doesn't it depend on the dynamic of the couple?
If both are working, then of course both can contribute to savings/expenses, but if either of them is not working, then what would you propose, should the spouse who is not working get an "allowance" or should they have access to all or some of the accounts?
Practically speaking, I think the couple should have some joint accounts (chequing account and savings account to which both contribute if they can), but each should also have their own savings accounts.
Re: Joint Bank Accounts
Or also known as the rainy day shoe spree account. 
Re: Joint Bank Accounts
Of course not! Shoes are a critical expenditure - the shoe budget comes out of the chequing/expense account, just like groceries and the rest of the household bills 
Re: Joint Bank Accounts
ahhh the dreaded chai/coffee smilie, I call you on that, and raise you :)
Re: Joint Bank Accounts
Depends on the couple. I never felt a need to have separate account.
Re: Joint Bank Accounts
Joint account make sense only, when both are working.
Re: Joint Bank Accounts
I would have thought a joint account (and then separate alongside if needed) would be more practical? My parents used to argue over this stuff as my mum would practically empty out the joint one while using her own to just save lol then my dad who only had the one main account 'retaliated' by opening a separate one of his own - but u do need to keep a joint one for the wife to buy household stuff, things for the children etc, even moreso if the wife doesn't work imo.. Wouldn't it be a bit embarrassing if a houswife had to physically go and ask her husband every time she needed a bit of money for something minor like groceries or going to the chemist or something.. It's a bit like kids having to get pocket money from their parents..
I do think wives should also have an idea of how much money is coming and going each month as well, regardless of whether they work.. I know an auntie whose husband went into hospital and she literally didn't even know how to pay bills.. it was ridiculous..
Re: Joint Bank Accounts
Depends on the couple but I think a joint account would be easier and preferable to many
Re: Joint Bank Accounts
Joint account. I know a female that recently died in a car accident. Both were working. The husband gave her all the money to manage, so now her account is frozen, as the accident happened in Pakistan, they need papers (from the Embassy) and it will take months to get the paper work done and then, a part goes to her kids and a part he can keep. Now if they had a joint account, there would not have been any problems for him to widdraw the money.
Look into the legal rights of your country before deciding.
We have a joint account with 2 additional saving accounts attached to it, one belongs to each. We manage it through e-banking. Its the same password. So I know where he is spending and he know where I am spending. The saving account is mainly for saving for raining days. If something happens to one of us, the other can still use the money in the account and the saving accounts.
As for divorce (Allah na karey). You will have more problems then just your account being emptied .. there will be property / kid issues. And in such cases the court decides if you are having troubles coming into agreement, each will get their legal rights. So if one takes all the money from the account, the other gets to keep the property ect...
Re: Joint Bank Accounts
depends on an individual but i go for separate account. they can transfer money to each other's account when one needs it.
Re: Joint Bank Accounts
one joint account plus seperate accounts plus will
Re: Joint Bank Accounts
Are we talking about a marriage or a roommate situation here 
?