Pros and cons of joint accounts

Pros and cons of joint accounts

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Kelly and her husband Anton* have merged — at least when it comes to their money. The Ontario couple have one joint chequing/savings account. Both partners’ pay cheques are automatically deposited to the account, and all bills and household expenses, as well as investments, are drawn from it. The couple also shares a single credit card account and co-own their home as joint tenants.

She and Anton, both 47, started off with their own bank accounts and credit cards, as well as the registered and non-registered investment accounts they’d established before they met. “We made similar amounts of money, and each put the same amount into a joint account to pay the bills.”

When their daughter was born 12 years ago, though, that arrangement changed. “I wasn’t really working, and Anton was still working full-time, and it would’ve been completely imbalanced. And at that point we decided, why not combine everything?”

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