Do spouses have to have joint bank accounts? – Rocket City Mom


When it comes to money, we all know someone who has big opinions about merging everything with your spouse or breaking up bank accounts. In fact, according to the American Psychological Association (APA), 72% of adults report feeling stressed about money, and financial problems are consistently one of the leading causes of marital problems. So there is no doubt that this can be a controversial topic for debate – I actually have friends who swear by one or the other as the best way.

Whenever we have questions like this, we always love to consult with the experts at Progress Bank to answer our frequently asked questions that help parents (like us!) Become financially literate.

Pros and Cons of Joint Bank Accounts

Alex Hightower of Progress Bank says it’s important to know the differences between these two account options.


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With an individual account, you are the only person who has access to these funds. Period. If there is an emergency or if you die, these funds are blocked. One way to mitigate this is to create a “Transfer on Death” account and designate your spouse or partner as the primary beneficiary.

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With a joint account, both people have equal access to funds at all times.


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Alex strongly recommends consulting your banking partners when creating accounts to learn about other options available to you. It doesn’t have to be all or nothing – a combination of joint and separate accounts can provide both the financial transparency needed in a relationship and personal autonomy.

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Rocket city mom

Rocket City Mom is a website about educating children in and around Huntsville, Alabama. Started in late 2010 by a local mom and newcomer to Huntsville, Rocket City Mom has grown into a thriving community of local parents and now has a staff of four, thirteen regular contributors and tens of thousands of Tennessee Valley readers, making it the # 1 Parenting Resource in Northern Alabama.


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