Opening a joint online savings account can be a big step for a lot of couples. If you and another person have started to discuss joint ownership of an account, you might be wondering if it's a smart step to take, both financially and interpersonally.


Joint savings accounts can help couples keep track of their shared assets. Since both people have full access to the account, it's easy for each account owner to stay informed about the health of their finances as a couple.

A financial advantage of joint savings accounts is that the FDIC insures joint accounts per co-owner, meaning couples together can get more of the money in the account insured than they can separately. You can learn more about how to make the most of FDIC insurance by reading these tips. Also, check out EDIE the Estimator, created by the FDIC, to estimate how much of your money is insured by the FDIC.

On a personal level, joint savings accounts can help couples share their goals and encourage them to talk about the future together. And most joint accounts carry rights of survivorship, meaning that in the event of the death of one of the account holders, the remaining account holder(s) still may access the account.

Potential Pitfalls

It's important to discuss with your partner any potential pitfalls before deciding to open a joint savings account. Establishing boundaries about the joint account is a good place to start. This could mean agreeing on how much money either person can withdraw from the joint account, or determining how the money can be spent. Whatever the issue, having an open and honest dialogue about the account up front can help you resolve potential problems later.

Consider talking to an attorney or financial advisor familiar with your situation to help you make the right decision regarding a joint account.

Your Choice

It's important to remember that while a joint savings account is one way to share finances, there are a lot of options out there. You might find that a combination of shared and individual accounts is a good way to go. The choice, of course, is up to you.

Check out what Ally Bank has to offer. With an Ally Bank Online Savings Account there's no minimum balance to start, no monthly fees, daily compounded interest for maximum earnings, and live 24/7 support via chat, email and phone at 1-877-247-ALLY (2559).

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