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Most couples keep separate bank accounts when moving in

Published: 11/05/2011

Almost three-fifths of couples choose to keep separate bank accounts when they move in together, according to first direct. 

It found that while many choose not to have a joint account, 21 per cent only do to use it for bills and keep their own spending separate.

This trend is in stark contrast to just five years ago, when the bank found that 26 per cent of couples thought they should keep their finances separate.

Justin Modray of candidmoney.com explained that having an account each can be better for tax and spending reasons.

"If one partner is in a higher tax bracket than the other, then holding savings in the other's name will result in less tax being paid on interest earned," he explained.

"When holding a savings account jointly there's also more temptation for each partner to dip into it, as they might view any money withdrawn to be partly subsidised by their partner."

Mr Modray added that separate savings accounts can make each person accountable and the money is less likely to "fritter away".

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Last Updated: 11-02-2012