Joint Or Individual Accounts – Which Is The Right Choice For Newly-weds?

Marriage brings two individuals together. But should it also bring together their savings accounts or should they have independent ones? Let’s decode.

Benefits of a joint account

Better financial transparency Easier to maintain and monitor Fosters trust Easy for joint expenses and shared income IDFC FIRST Bank

Drawbacks

No privacy or financial autonomy Both share the other’s debt liability Individual spending might require accountability of the partners IDFC FIRST Bank

Benefits of separate accounts

Both can earn interest on their individual balance Complete privacy and autonomy Control over individual spending and saving IDFC FIRST Bank

Drawbacks

Requires open financial communication Saving for shared goals can be challenging Accessing the account in an emergency might be difficult IDFC FIRST Bank

What to do?

Assess your needs and then make a suitable choice. You can open a joint account for shared expenses and separate accounts for individual ones. IDFC FIRST Bank

IDFC FIRST Bank offers the choice of both joint and independent savings accounts with attractive interest rates and other benefits.

Apply now! IDFC FIRST Bank