My partner and I are wanting to open a joint bank account. Both of us are long term customers with different banks, I'm with Westpac, and he's with the Commonwealth Bank. What is the best way to approach this process and what benefits should we be seeking when comparing and contrasting offers from both banks?
You should consider your long term goals for opening a joint bank account?
Is it to save up for your first home or for your holiday?
Once you have worked out the purpose of the account you can work out the ideal institution to set up the account with.
It is a very good question and there are a few things to consider.
Whilst it may feel like a difficult discussion, you both need to have a chat about the possible implications of having a joint bank account and then come to an agreement or understanding on how the account is to operate.
• What is the reason for the joint account – is it to save the deposit to purchase a property together.?
• Do you think the account should have joint signatories before any funds can be withdrawn?
• If you are looking to save long term then you might look at a longer term deposit that may attract higher interest?
• If you decide on a term deposit, will you need access to the funds during the term?
• Are you both responsible for deposit the same amount of funds into the account each week or month?
There are a number of other questions that should form part of the discussion and I am sure you can work through them together.
Once you’ve gone through the process you can then decide on the features you’d like to have within the account and research the options available through your own banks and online financial comparison sites such as Finder, Mozo and Rate City.
I hope this helps and happy saving