Let’s talk about the joint vs. separate banking account debate.

This topic becomes increasingly harder to navigate as more millennials become financially independent from their partners. In a study conducted by Bank of America earlier this year, they found that nearly 1 in 5 millennials don’t know how much their spouse/partner makes.

On one hand, you’d love to combine earnings with your partner and have that official financial union. But, on the other hand, you also value your independence and want to keep your finances to yourself. Both sides of the spectrum have various pros and cons that will help guide you through your decision and narrow down which choice works best for you.

Joint Bank Account

Having a joint bank account is definitely the traditional choice for serious or married couples. A survey done by TD Bank in 2016 found that 76 percent of couples share at least one bank account.


  • Holds the symbolism of joining together as one and sharing a certain level of trust
  • Each partner has the ability to access the money separately when they need it
  • Having all earnings in one place also makes paying bills and completing other financial tasks together a simple process


  • Partners coming in to the account with debt and/or other tough financial situations
  • Complications if the relationship is to end
  • Don’t have seperate accounts to save for personal goals

Separate Bank Account

While joint bank accounts can seem like a natural fit, more and more millennial couples are choosing to keep their bank accounts separate. In a study done by Bank of America earlier this year found that millennial married couples are more likely to have separate accounts than any generation before.


  • Allows each person to stay financially independent
  • Able to set personal goals separate from their partner
  • Keeps each other’s debts, loans, and other loose ends to themselves


  • Tough for couples who want to save and spend together on certain things
  • Don’t get to combine finances for more financial freedom
  • Hard to track expenses as a couple

Which is Better?

Joint and separate accounts have logical pros and cons that make it confusing when deciding which choice is best for you. That is why many couples decide to create both! With this method, you get the best of both worlds and are able to embrace your partnership and your independence.

The caveat that accompanies this seemingly beautiful package is that it comes with a lot of different cards, accounts, and complications that can cause more of a problem than a solution.

You are probably thinking, “Shouldn’t there be an easier way to have joint and separate accounts?” Rize Together, coming early 2019, offers the pros of joint and separate accounts. It combines them into one easy-to-use platform that couples can enjoy using together. It gives couples a way to seamlessly spend, save, and invest using “yours, mine, and ours” accounts.

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