There are a few big steps in the life cycle of every relationship. Yes, there’s moving in together. But there’s also the act of opening up a shared bank account, which many people underrate in terms of the amount of commitment required.
When this big step occurs will vary from relationship to relationship, but at some point in time, you’ll likely want to learn how to open a joint bank account. If you share expenses with your partner or spouse, it’s usually a much easier way to pay for shared expenses such as housing, food, and so forth.
How do you get an account like this setup? Read on and we’ll walk you through what you need to know.
Should You Open a Joint Bank Account?
A joint bank account is a big step and the first thing you should do is consider the ramifications of this decision. There are many different schools of thought out there when it comes to this kind of banking.
A joint account can be a good idea as long as you have a deep and trusting relationship with the individual you’re hoping to open an account with.
Communication is essential. You will both have access to the same finances and conversations about the use of these funds will arise. You need to feel confident that you can navigate these conversations with ease.
That also means talking about and being on the same page when it comes to spending habits and saving goals. If you cannot get on the same page with your partner about these elements, you should not be getting a joint bank account together.
It goes without saying, you would want to determine this prior to opening the account and not after!
How to Open a Joint Bank Account
Luckily, the process of opening a joint bank account is not all too difficult. It’s very similar to opening a normal checking account.
First, you’ll need to decide where to open the account. You might want to open it at your current bank. You might also decide this is the opportunity to look elsewhere, at other options such as Farmers Bank.
The bank you select should be able to provide you with an application for a joint account upon request.
This application should have space for both yourself and your partner’s information. You will likely both need to provide your Social Security number, birthdays, and photo identification. Other information might be requested as well.
You will also need to give information for your other bank accounts so that the funds can then be transferred to this new joint account.
It will take a little processing time for this new account to get set up, but in little, to no time your joint account should be active. You and your partner can both start using it.
Sharing a Bank Account
Now you know how to open a joint bank account! It’s something you’ll need to remember if you want a practical way to manage finances with your partner. The above information walks you through the process in a simple manner.
Need more financial advice or information? Keep scrolling our blog for more.