marriage-finance

Marriage and Money: Don’t Let Your Money Ruin Your Marriage

Financing your married life.

When two people decide to marry there is more to it than moving in together and starting a family. There is also the question of how you plan to approach the financial side of the arrangement. Money brings with it certain stresses and strains and because of this it is well worth while to  sit down before tying the marital knot and come to some sort of an agreement.

In some cases its not even an issue as one partner might not be all that fussed about money and agree right from the start to hand all his or her earnings over to the other to manage on behalf of both. This may work all the way through their married life as long as equal access to the account is available and it never comes down to handing out an allowance. Some points to consider include the following:

  • In modern times it has become the practice for both spouses to keep on working after they marry. Each spouse will have their own bank accounts prior to getting married and all they do is to open a third account that they both contribute to. The amount of contribution would depend on the level of earning but the idea is for a certain amount to be left to either spouse to spend as they wish and the joint account used to fund the partnership. This is alright to start off with but the situation changes somewhat when one of the marriage partners either loses his or her job or the wife has to leave the workforce to have a baby. When such a situation occurs the fall back position would be for the joint account to be the main account where all earnings from all sources are deposited and what is agreed upon transferred to either spouse's account for spending as he or she wishes. It doesn't matter all that much what is agreed to as long as both partners agree and nobody is left begging for scraps.
  • Bill paying these days can be done online from whichever account is set up for that purpose and it need not be the sole responsibility of any one partner. If fact it is best for both marriage partners to sit down at bill paying time and go through the whole process together. By doing this it can be a good time to review the family budget and ensure that all is on track.
  • What is a bigger problem for marriage partners to come to terms with these days is what to do with any existing credit cards. It will be most likely that each partner will have a credit card in their own name. There is nothing wrong to continue this practice as long as both are happy to have each individual card serviced by either partners separate bank account, if that is how things are arranged. If you have agreed to cancel your old separate accounts and only have the one joint account it will probably be best to cancel the separate credit cards as well and just keep one that both partners share.

When discussing how you want your finances to be arranged after you marry, it is also a good time to bring your life insurances up to date. It is an appropriate time to increase the cover to allow for the changed circumstances as well as change the name of the beneficiary, even a good time to make your first will or make alterations to your existing will to better reflect the changed circumstances.

Compare accounts below

Rates accurate as at: July 23rd, 2017 Learn about our information service
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ING DIRECT Savings Maximiser
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month. Available on balances up to $100,000.
2.80% 1.50% 1.30% $0 $0 / $0 Go to site More
Bankwest Hero Saver
Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
2.65% 0.01% 2.64% $0 $0 / $0 Go to site More
HSBC Serious Saver
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
3.00% 1.60% 1.40% $0 $0 / $0 Go to site More
ANZ Online Saver
Introductory rate of 2.55% p.a. for 3 months, reverting to 1.00% p.a. Available on the entire balance.
2.55% 1.00% 1.55% $0 $0 / $0 Go to site More
St.George Maxi Saver
Introductory rate of 3.00% p.a. for 3 months, reverting to a rate of 1.00% p.a. Available on balances below $5,000,000.
3.00% 1.00% 2.00% $0 $1 / $1 Go to site More
P&N Hi Saver Account
Introductory rate of 2.95% p.a. for 4 months, reverting to a rate of 1.25% p.a. Available on balances of $5,000 and above.
2.95% 1.25% 1.70% $0 $5,000 / $0 Go to site More
ANZ Progress Saver
Ongoing, variable 1.81% p.a. when you deposit $10+ each month and make no withdrawals. Available on the entire balance.
1.81% 0.01% 1.80% $0 $10 / $10 Go to site More
Westpac eSaver
Introductory rate of 2.51% p.a. for 5 months, reverting to a rate of 1.00% p.a. Available on the entire balance.
2.51% 1.00% 1.51% $0 $0 / $0 Go to site More
BankSA Incentive Saver Account
Ongoing, variable 1.75% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
1.75% 0.01% 1.74% $0 $0 / $0 Go to site More
Bank of Melbourne Incentive Saver
Ongoing, variable 1.75% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
1.75% 0.01% 1.74% $0 $1 / $1 Go to site More
Westpac Reward Saver
Ongoing, variable 1.75% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.75% 0.01% 1.74% $0 $0 / $0 Go to site More
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
NAB Classic Banking
$0 monthly account fees.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
ING DIRECT Orange Everyday Account
$75 cash bonus & Apple Pay available.
Get a competitive ongoing variable rate when linked with an ING Direct Savings Maximiser.
Visa $0 $1,000 $0 monthly account keeping fees. Unlimited free withdrawals at any ATM in Australia if you deposit $1,000 each month. Go to site More
ANZ Access Advantage
Apple Pay, Android Pay & ANZ Mobile Pay.
Take advantage of Apple Pay by linking your ANZ Visa Debit card to an eligible iPhone and seamlessly pay for purchases with your phone.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Go to site More
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 $0 account keeping fees when you deposit at least $2,000 into your account each month. Otherwise, a $6 monthly fee applies. Unlimited Free withdrawals at Bankwest and CommBank ATMs in Australia. Go to site More
BankSA Complete Freedom Account
Cardless Cash available. Open one in less than 3 minutes.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at BankSA, St.George, Westpac and Bank of Melbourne ATMs. Go to site More
St.George Complete Freedom Account
10% Cash back for online gaming purchases and $50 cash bonus offer.
Waived account keeping fees when minimum deposit is met with no minimum balance.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Go to site More
Westpac Choice
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at St.George, Westpac, Bank of Melbourne and BankSA ATMs. Go to site More
Bank of Melbourne Complete Freedom
Get Cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at Bank of Melbourne, St.George, Westpac and BankSA ATMs. Go to site More
Bank of Queensland Day2Day Plus Account
An everyday transaction account with a linked Visa debit card.
Visa $0 $0 No monthly account fee and free access to over 3,000 rediATMs nationwide. Go to site More

Rates last updated July 22nd, 2017
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Citibank Term Deposit $75,000
-
-
2.80%
-
-
-
-
-
$75,000
Citibank Term Deposit $250,000
-
-
3.00%
-
-
-
-
-
$250,000
Bankwest Online Term Deposit
2.35%
1.50%
2.55%
2.55%
2.60%
2.60%
2.65%
2.65%
$1,000
St.George Term Deposit
2.10%
1.85%
2.20%
2.55%
2.60%
2.60%
2.70%
2.95%
$1,000
Bank of Queensland Term Deposit
2.00%
2.45%
2.25%
2.60%
2.60%
2.80%
2.65%
-
$5,000
BankSA Term Deposit
2.10%
1.85%
2.20%
2.55%
2.60%
2.60%
2.70%
2.95%
$1,000
Westpac Term Deposit
2.05%
1.85%
2.10%
2.35%
2.40%
2.50%
2.60%
2.85%
$5,000
Bank of Melbourne Term Deposit
2.10%
1.85%
2.20%
2.55%
2.60%
2.60%
2.70%
2.95%
$1,000
Newcastle Permanent Gold Term Deposit
2.60%
2.00%
2.70%
2.80%
3.40%
3.40%
3.20%
3.20%
$200,000

Compare up to 4 providers

Rates are displayed for the terms and minimum deposit sizes listed in the table above. The rate you receive could vary depending on your deposit size and interest payment frequency.

Shirley Liu

Shirley is finder.com.au's publisher for banking and investments. She has completed a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

Was this content helpful to you? No  Yes

Related Posts

Savings Account Offers

Learn about our information service
ING DIRECT Savings Maximiser

Maximum Variable Rate

2.80

Standard Variable Rate

1.50
ANZ Progress Saver

Maximum Variable Rate

1.81

Standard Variable Rate

0.01
Bankwest Hero Saver

Maximum Variable Rate

2.65

Standard Variable Rate

0.01

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
feedback