After a few months, you’ll see how much you typically need for the mortgage, car payments and other shared expenses, and you can agree on each partner’s monthly contributions to the joint account.
If possible, have your employers automatically deposit your pay into your individual accounts, then go online to shift the required sums to the joint account on a fixed schedule, or have the bank do it automatically. Also, get debit cards linked to each account, so you can draw from the appropriate ones for cash purchases.
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The BankingMyWay.com survey finds that interest-bearing checking accounts are paying only 0.16 percent, so interest is not a big factor in choosing an account. Use the Compare Savings Rates calculator to assess the value of potential interest earnings. Then, use the search service to shop for the best checking deal. Be sure to find a bank that won’t nickel and dime you with fees, or restrict the number of transfers between accounts.
Also link your checking accounts to your brokerage and mutual fund accounts, so you can have a quick way to replenish cash if your checking accounts run low.
Many big banks, like Wachovia (Stock Quote: WFC), Bank of America (Stock Quote: BAC) and Commerce Bank (Stock Quote: CBSH), offer seamless online transfers and bill pay, and many smaller local banks and credit unions do as well.
If you have numerous financial accounts, it may pay to track everything with financial software like Quicken (Stock Quote: INTU), or Microsoft Money (Stock Quote: MSFT). Both programs can be used for online bill paying through several banks.
Related Stories:
• Joint Finances: What You Need to Know First
• Couples, It’s Time to Resolve Money Differences
• Get The Most Out Of Your Checking Account
—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.
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