Yes, and no.
Not every couple should get joint bank accounts. If you are wanting to get a joint account, use this account for shared expenses, like household items, utilities, and other shared expenses.
The main pros of joint bank accounts are:
- More convenient for everyday use
- Two pairs of eyes for better oversight and auditing
- You can streamline some legal issues
There are also some cons to using joint accounts (even when married):
- Divorces can be messy and costly
- There is a loss of independence
- Account setups can be with unequal amounts
Our recommendation for joint bank accounts
There is not a law regarding how many bank accounts a U.S. citizen can own. Because of this, keep your checking and savings accounts that you had before marriage.
When you get married, we recommend building a savings account, checking account, and an emergency fund account (a savings account ONLY for emergencies) that are jointly owned.