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.

High interest savings account offer

HSBC Serious Saver

3.10 % p.a.

max rate

1.40 % p.a.

standard variable rate

High interest savings account offer

Receive a maximum variable rate of 3.10% p.a. for 4 months, reverting to an ongoing rate of 1.40% p.a. when you make no withdrawals in the month. Available on balances below $1,000,000.

  • Maximum Rate: 3.10% p.a.
  • Standard Variable Rate: 1.40% p.a.
  • Introductory period: 4 months
  • Monthly fees: $0.00
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Compare accounts below

Rates accurate as at: January 17th, 2019 Learn about our information service

Rates last updated January 16th, 2019
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
HSBC Serious Saver
3.10%
1.40%
1.70%
$0
$0 / $0
Receive a maximum variable rate of 3.10% p.a. for 4 months, reverting to an ongoing rate of 1.40% p.a. when you make no withdrawals in the month. Available on balances below $1,000,000.
RaboDirect High Interest Savings Account
3.05%
1.80%
1.25%
$0
$0 / $0
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
AMP Saver Account
2.55%
2.10%
0.45%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
AMP SuperEdge Saver Account
2.05%
2.05%
0.00%
$0
$0 / $0
Earn an ongoing, variable 2.05% p.a. when you link your AMP SuperEdge Saver Account to an AMP SuperEdge Cash Account or transaction account for your SMSF at another bank. Available on the entire balance.
Citibank Online Saver
3.05%
1.70%
1.35%
$0
$0 / $0
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
AMP Bett3r Account
2.25%
1.50%
0.75%
$5
$0 / $0
With AMP's bundled Bett3r account, get three linked Pay, Spend and Save accounts. Earn a competitive, ongoing rate of up to 2.25% on your Save account balance when you deposit $2,000 into the Pay account each month from a source that is not another AMP Bank account.

Please note: The 2.25% maximum variable rate is earned only on your Save account balance. To calculate interest earned, enter your initial and monthly deposit amounts for the Save account only, not including any money that’ll be in your Spend or Pay account.

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Rates last updated January 16th, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
HSBC Everyday Global Account
Visa
$0
$0
No foreign ATM or transaction fees.
$0 monthly account fee.
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.
NAB Classic Banking
Visa
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.
ING Orange Everyday Account
Visa
$0
$0
No fees for any ATM in Australia or overseas.
$0 monthly account fees.
Enjoy $0 ATM withdrawal fees when you deposit $1000 and make 5+ card purchases per month. Get a competitive ongoing variable rate when linked with the ING Savings Maximiser.
Citi Global Currency Account
Mastercard
$0
$0
Hold up to 10 currencies.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 2.25% p.a. interest on your AUD balance.
NAB Classic Banking with Platinum Visa Debit Card
Visa
$0
$0
$10 cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance.
$10 monthly account fee.
Receive $10 cashback when you spend $1000 on contactless purchases. Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria.
AMP Bett3r Account
Visa
$0
$2,000
Earn 1.50% interest. Manage your budget effectively with a bundle of accounts.
$5 waivable monthly account fee.
Earn 1.50% interest on your balance. Monthly account fee waived if you deposit at least $2,000 a month from a source that is not another AMP bank account. Reach your savings goals with a bundle of linked Pay, Spend and Save accounts.

Compare up to 4 providers

Rates last updated January 16th, 2019
$
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. Min Deposit Interest Earned
AMP Term Deposit $100,000+
2.50%
2.40%
2.75%
2.75%
2.75%
2.85%
$100,000
AMP Term Deposit $25,000+
2.50%
2.40%
2.75%
2.75%
2.75%
2.85%
$25,000
AMP Term Deposit $5000+
2.30%
2.20%
2.55%
2.55%
2.55%
2.65%
$5,000
UBank Term Deposit Account
2.70%
2.70%
2.75%
2.75%
-
-
$1,000
ME Term Deposit
2.60%
2.60%
2.75%
2.75%
2.85%
3.00%
$1,000
RACQ Bank Term Deposit
2.35%
2.35%
2.60%
2.70%
2.80%
3.00%
$1,000
Firstmac Term Deposit
2.55%
-
2.75%
2.65%
2.75%
-
$5,000

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 Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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Related Posts

Savings Account Offers

Important Information*
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10

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