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: October 19th, 2018 Learn about our information service
$
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Monthly Account Fee
RaboDirect High Interest Savings Account
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
3.05% 1.80% 1.25% $0 $0 / $1 Go to site More
HSBC Serious Saver
Introductory rate of 3.10% p.a. for 4 months, reverting to a rate of 1.40% p.a. Available on balances below $1,000,000.
3.10% 1.40% 1.70% $0 $0 / $0 Go to site More
UBank USaver
Earn up to 2.87% p.a. by linking your USaver account to a UBank Ultra transaction account and transferring at least $200 per month into either account. This offer is available on balances up to $200,000.
2.87% 1.81% 1.06% $0 $0 / $0 Go to site More
Citibank Online Saver
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.
3.05% 1.70% 1.35% $0 $0 / $0 Go to site More
AMP Saver Account
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.
2.55% 2.10% 0.45% $0 $0 / $0 Go to site More
HSBC Flexi Saver Account
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
2.50% 1.25% 1.25% $0 $0 / $0 Go to site More
AMP SuperEdge Saver Account
Link to your SMSF. Ongoing, variable 2.05% p.a. when you link to AMP SuperEdge Cash Account or a different transaction account for your SMSF in another bank. Available on the entire balance.
2.05% 2.05% 0.00% $0 $0 / $0 Go to site More
$
Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details Monthly Account Fee
NAB Classic Banking
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.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
HSBC Everyday Global Account
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.
Visa $0 $0 Go to site More
ING Orange Everyday Account
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.
Visa $0 $0 ING charges no ATM withdrawal fees and offers a rebate on any third-party ATM fees and international transaction fees when you deposit $1,000 and make 5+ card purchases a month. Go to site More
NAB Classic Banking with Platinum Visa Debit Card
$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.
Visa $0 $0 $10 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
Citi Global Currency Account
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.
Mastercard $0 $0 Go to site More
UBank USaver Ultra Transaction Account
Earn up to 2.87% p.a. interest on your linked savings account. $0 monthly account fee. You must open the UBank USaver savings account in order to get this account. Enjoy access to ATMs in Australia and overseas for free and a 0% foreign exchange fee for online purchases. Manage your spending with a built-in sweep facility that automatically moves money between your linked accounts based on the limits you set.
Visa $0 $0 Go to site More
AMP Bett3r Account - Pay Account
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. Enjoy linked individual Pay, Spend and Save accounts to reach your savings goals.
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 rediATMs in Australia. Go to site More
MyState Everyday Account
A flexible option for day-to-day spending. $6 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month or are 23 years or under. Apple Pay, Google Pay, Samsung Pay available.
Visa $0 $2,000 Go to site More
HSBC Day to Day Transaction Account
Open an account and easily switch your regular payments over from your current bank. $0 monthly account fee. Through your linked Visa debit card, you can access exclusive shopping, travel and restaurant deals here and abroad through HSBC's home&Away Privilege Program.
Visa $0 $0 $0 account keeping fees. Unlimited free withdrawals at over 13,000 HSBC ATMs. Go to site More
Rates last updated October 19th, 2018
$
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
Citibank Term Deposit
2.60%
-
2.80%
3.00%
-
-
$100,000
Macquarie Bank Term Deposit
2.50%
2.50%
2.55%
2.60%
2.60%
2.65%
$10,000
UBank Term Deposit Account
2.70%
2.70%
2.75%
2.75%
-
-
$1,000
AMP Term Deposit $100,000+
2.45%
2.50%
2.75%
2.75%
2.85%
2.85%
$100,000
ME Term Deposit
2.60%
2.60%
2.80%
2.80%
2.85%
3.00%
$1,000
RACQ Bank Term Deposit
2.35%
2.60%
2.55%
2.70%
2.70%
2.80%
$1,000
MyState Bank Online Term Deposit
2.50%
2.35%
2.55%
2.75%
2.80%
-
$5,000
Firstmac Term Deposit
2.55%
-
2.75%
2.65%
2.75%
-
$5,000
AMP Term Deposit $25,000+
2.45%
2.50%
2.75%
2.75%
2.85%
2.85%
$25,000
AMP Term Deposit $5000+
2.25%
2.30%
2.55%
2.55%
2.65%
2.65%
$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*
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
Citibank Online Saver

Maximum Variable Rate

3.05

Standard Variable Rate

1.70
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

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