Joint Savings Account?

[kavgal]

Hi everyone,

would appreciate a little advice here..

Do couples usually set up a joint account before they get married and this account is solely for the use of anything to do with the household? For example, bills, groceries etc. The money might also be used for the wedding, honeymoon etc.

I'm not sure how receptive guys usually are about this joint account thing.. What do you think?

[whitequeeniie]

i find it better to open an account before marriage.
save up for marriage, and for future.

[duckiee]

we set up a joint account shortly before or after our ROM. mostly to deposit the APs we got . i'm quite anal about us using it to pay for wedding expenses, so we usually pay out of our own savings and only use it for big ticket items. we'll prob it use it for the honeymoon, house renos, etc, in the future.

anywa, both of us save seperately so we didnt really see the need for a joint account. until now, we still save seperately and dont make deposits to the joint account. for any joint expenses (furniture, furnishings, household items, etc), we just take turns to pay from our own pocket.

[chanela]

we have just started a joint account, mainly for house and wedding deductions. Only after we bought our house then we got ourselves a joint account. easier that way to manage finances.

[ilusion]

i opened joint account with my bf after he proposed. joint account is for house expenses. our house will come in 2012, so just nice around 3-4 years to consistently save on it...and it will be our reno / furniture money.

personally i think if you are not so sure about bringing up the joint account with your bf, just ask casually and see what he thinks first. some couples open joint account after they ROM while some start real early while still in courtship days.

so it boils down to the individual.

[kavgal]

Hmm ok.

I brought it up with my bf already, he wasn't very keen on it at first, but then slowly agreed to it. The thing is, I don't know if he is agreeing because he really thinks it's a good idea, or if he just doesn't want to make me unhappy.

[xiaosam]

hi,
Does anyone know which bank offer alittle higher interest?
i'm going to open mhy joint acc with my bf but still looking ard at some bank(maybank & ocbc) see which bank offer a little higher for their interest.

[misspiiggy]

hi,
Does anyone know which bank offer alittle higher interest?
i'm going to open mhy joint acc with my bf but still looking ard at some bank(maybank & ocbc) see which bank offer a little higher for their interest.

i feel that the interest are too low to be a consideration. unless you are talking about a large sum of money.

[deebz]

how about having 2 accounts, fixed deposit one (which yields higher interest) and a normal joint a/c? most a/c have low interest because of the fluidity of the $. you can withdraw anytime sort. fixed is better, but need to wait for it to mature...

anyways since you know you are only spending it later for marriage, i would say go for fixed. so let it mature and reap your interest

try maybank, it gives 7% payback.

[kavgal]

I opened a MySavings Acc with my bf coz it has the highest interest rates around. What we do is, we transfer a fixed sum from my bank acc (transfers automatically every month when my pay comes in, decided on who gives how much), and he will then pay me whatever he is supposed to contribute every month.

This way, we kinda get the higher interest rate...

[ah_zi]

I do have 1 with my bf as well. We are currently with Citibank Step-up savings account. It works in the way that only if you keep depositing without any withdrawals, you are entitled to 2% interest on the 2nd year iirc. But i think the interest level drop the previous time when there was the economic crunch.

we deposit the same amount monthly, cos we are afraid just in case anything happens, we are aware that the money can belongs to half half . JUST IN CASE

[twinkleng]

i have one with my HTB too! DBS.. for convenience... but may change to MAYBANK for the high interest rates

anybody knows if MAYBANK has a min bal required?

[pinkiestars]

early this year.. me and so also opened a joint a/c with UOB.. and took the option of no bank book, internet banking nor ATM card..

every mth we just deposit the same amount of money and in future probably we can use the money for wedding, future household bills, short holidays etc! :D

kinda excited to see the money grow each month.. we are more motivated to save this way:D

[dovespaniel]

We have opened step-up account with Citibank months ago. Actually we have no idea what the money will be used for for now :p just deposit every month. We have not discussed on domestic expenses as we will only get married next year.

[joanna2702]

hmm... i think it takes a lot of trust between each other especially couples to open up a joint bank account.