marriage-finance

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

Information verified correct on December 9th, 2016

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: December 9th, 2016 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
ME Online Savings Account
Ongoing, variable 3.05% p.a. rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit MasterCard using tap & go. Available on balances up to $250,000.
3.05% 1.30% 1.75% $0 $0 / $0 Open More
Citibank Online Saver
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
3.00% 1.70% 1.30% $0 $0 / $0 Open More
RaboDirect High Interest Savings Account
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 2.00% p.a. Available on balances below $250,000.
3.05% 2.00% 1.05% $0 $0 / $0 Open More
ING DIRECT Savings Maximiser
Ongoing, variable 2.75% 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.
2.75% 1.60% 1.15% $0 $0 / $0 Open 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 $5,000,000.
2.65% 0.01% 2.64% $0 $0 / $0 Open 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 Open More
ANZ Online Saver
Introductory rate of 2.85% p.a. for 6 months, reverting to 1.25% p.a. Available on the entire balance.
2.85% 1.25% 1.60% $0 $0 / $0 Open More
Westpac eSaver
Introductory rate of 2.71% p.a. for 5 months, reverting to a rate of 1.25% p.a. Available on the entire balance.
2.71% 1.25% 1.46% $0 $0 / $0 Open More
HSBC Serious Saver
Introductory rate of 2.25% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
2.25% 1.60% 0.65% $0 $0 / $0 Open More
BankSA Maxi Saver
Introductory rate of 3.00% p.a. for 3 months, reverting to a rate of 1.05% p.a. Available on the entire balance.
3.00% 1.05% 1.95% $0 $1 / $1 Open More
Bank of Melbourne Maxi Saver
Introductory rate of 3.00% p.a. for 3 months, reverting to 1.05% p.a. Available on the entire balance.
3.00% 1.05% 1.95% $0 $1 / $1 Open More
BankSA Incentive Saver Account
Ongoing, variable 1.85% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
Bank of Melbourne Incentive Saver
Ongoing, variable 1.85% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $1 / $1 Open More
ANZ Progress Saver
Ongoing, variable 1.91% p.a. when you link to any Australian everyday bank account and deposit $10+ each month. Available on the entire balance.
1.91% 0.01% 1.90% $0 $10 / $10 Open More
Westpac Reward Saver
Ongoing, variable 1.85% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
ANZ Access Advantage
Earn a $100 shopping voucher.
For opening a new account by 18 Dec 2016 and shop three times with your new Visa debit card by 8 Jan 2017 (conditions apply).
Visa $0 $2,000 No monthly account fee when you deposit at least $2,000 per month. Other fee waivers available based on your personal situation. Open More
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply. Open More
AMP Access Account
An everyday transaction account with fee-free banking.
Visa $0 $0 Unlimited fee-free transactions at rediATMs, $0 transaction fees using BankNet, mobile banking and BankPhone. Open More
AMP Cash Manager
Ongoing, variable 1.50% p.a. when you link to an AMP Visa debit card and deposit $2,000+ each month. Available on the entire balance.
Visa $0 $2,000 No transaction fees and waived monthly fee when at least $2,000 is deposited. Open 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 No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Deposit at least $2,000 per month and enjoy no monthly service fee. Open More
Bankwest Easy Transaction Account
Pay no ATM fees at over 10,000 ATMs in Australia (conditions apply).
Mastercard $0 $2,000 Minimum deposit of $2,000 per month needed to waive the monthly account fee otherwise $6 monthly fee applies. No ATM fee applicable at Bankwest, CBA, NAB, ANZ, Westpac, St.George, BoM and BankSA ATMs in Australia. Open More
St.George Complete Freedom Account
10% Cash back for online gaming purchases.
Waived account keeping fees when minimum deposit is met with no minimum balance.
Visa $0 $2,000 No account keeping fees, if you deposit $2,000 per month plus no minimum balance required. No ATM fees when using St.George, Westpac and BankSA ATMs. Open More
BankSA Complete Freedom Account
Open one in less than 5 minutes with Cardless Cash available.
Visa $0 $2,000 No monthly account keeping fees when you deposit at least $2,000 in the account each month. Free access to BankSA, St.George, Westpac and Bank of Melbourne ATMs. Open More
BankSA Express Freedom Account
Get Cardless Cash, free SMS and email alerts.
Visa $0 $1,000 Avoid ATM fees when using BankSA, St.George, Bank of Melbourne and Westpac ATMs. Avoid the monthly fee if you deposit $1000 into this account each month. Open 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 No ATM fees when you use Bank of Melbourne, BankSA, St.George or Westpac ATMs. No monthly fees when you deposit at least $2000 into this account each month. Open More
Bank of Melbourne Express Freedom
Get Cardless Cash and PAYG branch and cheque services.
Visa $0 $1,000 No ATM fees when you use Bank of Melbourne, St.George, Westpac and BankSA ATMs. No monthly fees if you deposit $1000 into your account each month. Open More
BankSA Sense Everyday Account
Save and budget – get two accounts working together and save faster.
Visa $0 $2,000 Use over 3000 BankSA, St.George, Bank Of Melbourne and Westpac ATMs in Australia for free. Open More
$
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
Bankwest Online Term Deposit
Bankwest Online Term Deposit
2.30% 2.50% 2.70% 2.70% 2.60% 2.60% 2.65% 2.65% $1,000 Open More
RaboDirect Term Deposit
RaboDirect Term Deposit
2.40% - 2.60% 2.70% 2.90% 3.00% 3.05% 3.30% $1,000 Open More
St.George Term Deposit
St.George Term Deposit
2.20% 2.00% 2.30% 2.60% 3.10% 3.20% 2.80% 2.95% $1,000 Open More
Bank of Melbourne Term Deposit
Bank of Melbourne Term Deposit
2.20% 2.00% 2.30% 2.60% 3.10% 3.20% 2.80% 2.95% $1,000 Open More
BankSA Term Deposit
BankSA Term Deposit
2.20% 2.00% 2.30% 2.60% 3.10% 3.20% 2.80% 2.95% $1,000 Open More
Citibank Term Deposit ($75,000)
Citibank Term Deposit ($75,000)
2.50% 2.50% 2.95% 2.35% 2.35% 2.35% 2.35% 2.35% $75,000 Open More
Westpac Term Deposit
Westpac Term Deposit
2.10% 2.00% 2.20% 2.50% 3.00% 3.10% 2.70% 2.85% $5,000 Open More
ING DIRECT Term Deposit
ING DIRECT Term Deposit
2.10% 2.60% 2.10% 3.00% 2.70% - - - $10,000 Open More
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 is currently studying 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.

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Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

1.30
ING DIRECT Savings Maximiser

Maximum Variable Rate

2.75%

Standard Variable Rate

1.60
Citibank Online Saver

Maximum Variable Rate

3.00%

Standard Variable Rate

1.70
Bankwest Hero Saver

Maximum Variable Rate

2.65%

Standard Variable Rate

0.01

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