Advantages and disadvantages of a joint account PART2

What's more, if you have any money 'left over' in the joint account after you've taken care of all your essential costs, you can both decide on the best way of making use of it. You may agree to leave it in the account for any unexpected costs you may face further down the line, transfer it to a high-interest savings account to earn higher returns on your savings, or perhaps treat yourselves to an evening out at a posh restaurant or a weekend away, depending on how much 'spare cash' you have.

In many ways, the 'success' of having a joint bank account relies on the success of your relationship: as long as you're honest and open with each other, you shouldn't face any surprises when it comes to your finances.

And remember, you could open a joint bank account and still have your own standard current account - and share what you feel happy with. It all depends on what works best for you and your partner…

Joint accounts: the disadvantages

Of course, the security of your joint finances depends largely on the security of your relationship. If you open a joint account, you're committing to sharing your financial information with your partner, and giving them access to your money.

You and your partner will each know how much the other earns, how much money you spend and on what, along with all your other financial habits. This needn't bother you, but you may prefer to have some degree of financial privacy - in which case you may want to keep your finances separate, or have your own individual bank accounts as well as your joint bank account.

If the relationship doesn't work out and you split up, and it becomes clear that your other half has been keeping secrets from you when it comes to money, your own finances could end up in trouble too.

If you decide to go your separate ways, and the joint account is still held in both your names, you'll have to come to an agreement about what to do with it - and you may well decide to shut the account altogether (more on this below).

Joint accounts and single accounts: how do they compare?

How exactly do joint bank accounts differ from standard current accounts?

How to open a joint account

Applying for a joint bank account is no different from opening a single account. As with opening a standard bank account, you'll need to speak to your bank directly, arrange what documents you'll need to sign, and what proof of ID you'll need to open the account.

Alternatively, you could simply add your partner to your existing account.

When you sign up for a joint account, the bank will ask you how you both wish to manage the account, and each of you will be asked to sign a 'joint account mandate' that tells the bank how you want to manage your account.