Maximising benefits with a shared Digital Savings Account for couples

While mutual trust and respect are the secret sauce of a successful and happy marriage, combining finances is another ingredient to fulfil your married life. Studies have found that couples who combine finances are happier in the long term, and the stepping stone towards it can be a shared digital Savings Account.

Having a joint bank account helps pool resources for traditional life goals and offers benefits that set the tone for a highly essential and fruitful monetary relationship. So, what are the advantages of a shared digital Savings Account? Let's find out.

Joint account benefits

Let's take a look at some of the benefits of holding a joint account -

· Leads to financial transparency
 

A joint bank account fosters financial transparency by giving you and your spouse a clear overview of income, expenses, and savings. It encourages open communication, simplifies financial planning, and improves trust.

With all income and expenses going through one account, it's easy to gauge the household's financial situation. It also helps make informed decisions for future goals.

· Easy setting and tracking shared financial goals
 

Couples often set combined financial goals for themselves. These could be purchasing a car, buying a house, going on a vacation, accumulating funds for children's higher education, etc. A shared instant Savings Account goes a long way in setting and tracking these crucial life goals.

Since both would have a 360-degree view of funds inflow and outflow, it helps when it comes to tracking combined goals and adjusting when needed.

· Helps automate joint savings contribution
 

Marriage comes with many responsibilities, and it's crucial to make adequate savings to tackle difficult situations like unexpected job loss, medical emergencies, etc. Through a shared digital Savings Account, both partners can automate their savings by keeping aside a certain percentage of their income.

With the help of a joint bank account, you and your partner can invest in financial instruments like mutual funds.

· Aids in budgeting and expense tracking
 

A joint account helps you and your partner budget and keep track of expenses. As both of you will pool your income, it enables you to make an optimum monthly budget for all your needs. At the same time, since money flows out of this account for various requirements, it aids you in tracking your expenses.

Prudent budgeting and effective tracking of expenses help stem unnecessary spending and aid smooth household management.

· Offers real-time updates and notifications
 

A shared digital Savings Account offers real-time updates and notifications to both partners. This helps you and your spouse stay informed about the account's activities and ensures you are on the same page regarding incoming deposits and outgoing payments.

It also helps keep track of unauthorised and suspicious transactions and take the necessary steps to safeguard the account.

· Helps share financial responsibilities
 

You and your partner can divide your financial responsibilities through a joint bank account and make the necessary contributions. Based on respective incomes, you can split these responsibilities and help each other towards fulfilling them.

Also read - Why is it critical to set instant alerts on Savings Accounts?

To sum up

Along with these benefits, a shared digital Savings Account offers enhanced financial security. If one partner faces unexpected difficulties, the other knows exactly what to do as they have an overview of the finances.

With IDFC FIRST Bank Savings Account, you and your partner can begin a successful journey and stay on top of your finances. One of the best joint bank accounts for couples, it offers an interest of up to 7% per annum with zero charges on commonly used Savings Account services such as cash deposit and withdrawal, ATM withdrawals, SMS alerts, re-issuance of cheque book, etc.

Disclaimer: *IDFC FIRST Bank offers Zero Fee Banking on Rs 10,000 Average Monthly Balance (AMB) Savings Account and higher account variants, subject to maintenance of AMB in the account.

These services are being offered free in good faith, and in case of abuse, the bank reserves the right to charge fees as per market norms. All rights reserved.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.