How To Combine Bank Accounts (2024)

Tying the knot means making some decisions with your spouse about money. As you embark on your new life together, merging bank accounts might make sense if you’re planning to share responsibility for bills, pool your savings and otherwise tackle finances as a team.

If you’re wondering how to combine bank accounts after marriage, the process itself is fairly simple. Learn how to set up joint accounts and the pros and cons of co-banking with a partner.

How To Combine Bank Accounts

Combining bank accounts with a spouse isn’t complicated, but it can take time to work through the steps. The first thing you’ll need to do is decide where to keep your joint accounts.

1. Choose a Bank

If the two of you have accounts at different banks, you might decide to combine accounts at one of them. Or, you might opt to set up a joint account at an entirely new bank. To choose a bank, consider the following:

• Types of accounts offered
• Bank fees
• Interest rates on deposit accounts
• Online and mobile banking access
• Branch and ATM locations

Once you’ve decided on a bank, the next step is to set up a joint account by opening a new account or merging existing accounts.

2. Open a New Account or Merge Accounts

If you’re not merging existing accounts, you’ll need to submit an application to open an account. To do this, you and your spouse will provide the following:

• Names
• Dates of birth
• Social Security numbers
• Address(es) and phone numbers
• Valid government-issued IDs

You’ll also need to make your opening deposit. Some banks will require you to do this when applying while others will give you a set amount of time, such as 30 or 60 days, to add funds.

If you’re opening a bank account online, you can typically link an existing account and schedule an ACH transfer or use a credit/debit card to fund the account. If you’re opening an account in person at a brick-and-mortar bank, you may also be able to deposit a check or cash.

Many banks also let you add a joint owner to existing accounts. You’ll need to contact your bank directly to request ownership changes and provide personal information for the new owner.

3. Transfer Direct Deposits

If you and/or your spouse receive paychecks or other recurring payments via direct deposit, you’ll need to switch those over to the new account. You’ll have to fill out a new authorization form and provide the routing number and account number for the joint account.

4. Move Bill Payments

Now that you’ve updated recurring deposits, you should update recurring payments. This means arranging for any automatic bill payments the two of you share to be paid from the new account.

If you’ve set up automatic payments through your billers, you’ll need to contact them individually to update your account information. For example, you’ll call your electricity company and renters insurance provider to let them know you’re using a new account. If you’ve set up recurring payments using your bank’s bill pay feature, you’ll cancel these through your previous bank.

5. Wait for Transfers To Take Effect

Switching deposits and payments over to a new account isn’t always instant. For direct deposits, it may take one to two pay cycles (or 30 to 60 days) for your paychecks to start going to your new account. The same applies to automatic bill payments.

If you or your spouse are considering closing any of your old accounts, it’s a good idea to give it a little time before making a move. Wait until you have received all of your deposits and have seen your bill payments leave your new account to move on to the next step.

6. Close Unused Accounts

Once you’ve completed all of the above steps, you and your spouse can decide if you want to close any of your individual accounts. To close a bank account, you’ll need to get in touch with your bank and arrange to withdraw or transfer the balance. If you don’t receive a letter confirming the closure, request one.

Best Way To Combine Bank Accounts After Marriage

Combining bank accounts after marriage looks different for everyone, and the best way to do it depends on what you and your spouse feel most comfortable with. You can combine all your finances and only use joint accounts, or you can use a mix of joint and individual accounts.

Here are a few options for banking together:

• Joint accounts only. If you and your spouse want to go all-in with sharing finances, you might decide to close any individual accounts in favor of joint checking and savings accounts. Everything in those accounts would be considered yours equally, regardless of how much each one of you puts in or takes out.
• Joint checking or savings only. A joint checking account can make paying bills as a couple convenient, while a joint savings account can help you save for shared goals together. You might merge one or two accounts for responsibilities you want to split and keep individual accounts for everything else.
• Both joint and individual accounts. A third option is to do both by setting up joint checking and savings accounts while also keeping individual checking and savings accounts in your own names. Going this route allows you to bank together by combining some of your money while maintaining some independence in your finances as well.

Your money personalities and spending habits can influence which option is best for you. If you’re a saver but your spouse is a spender, you might prefer to have a joint checking account for bills and keep everything else separate.

Having honest conversations about budgeting, spending and your financial goals can help you decide what’s best when it comes to combining your cash. This is also an opportunity to set clear expectations with one another about priorities and how each account should be used.

When Should You Combine Bank Accounts?

Merging bank accounts after marriage can make your lives easier, but it’s not for everyone. Here are some of the main advantages of combining bank accounts:

• Easier bill payments. Paying shared bills is easier when you can schedule payments from a single account.
• Faster saving. Sharing a savings account can help you grow your money faster if you’re combining your efforts toward a common goal.
• Fewer fees. Combining accounts can help you save on banking fees.
• More insurance. Bank accounts are covered by $250,000 in FDIC insurance per depositor, so as co-owners of a joint account, you get $250,000 of coverage each. If you have your own individual account at another bank, that’s also FDIC insured.
• Survivorship rights. Most joint accounts can be set up so that if one spouse passes away, the other will have immediate access to the funds in it.

Though there are many good reasons for merging bank accounts, this isn’t necessarily going to be the right move for every couple. Here are some potential obstacles to consider:

• Trust and communication issues. Joint account owners can take money out of a shared account at any time, without the consent of the other owner. This can leave you in a difficult position if you decide to part ways.
• Different money management styles. Sharing accounts could lead to arguments about how to manage your money.
• Debt liability. You will both be responsible for each account you share and may be liable for your partner’s debts.

Bottom Line

Communication is key to making joint banking work. If you and your spouse have discussed your expectations and set down some ground rules for sharing bank accounts, follow these steps to get started on your shared financial journey.