The pros and cons of joint current accounts - Drivetime

Image audio The pros and cons of joint current accounts - Drivetime

Many couples use joint current accounts to share bills and manage money, but joint accounts are falling out of favour with the younger generations, with millennial couples being the least likely to have joint accounts.

The rise of digital banking has seen a shift towards online apps like Revolut or N26 to pool resources.

Daragh Cassidy, Head of Communications at, appeared on Drivetime to discuss joint current accounts, along with their pros and cons. 

Listen back to the interview above in full, or take a look at the main points below.

Main points from the interview

  • To have a joint account, you need to have a huge amount of trust in the other person you’re opening an account with. 
  • Times have changed though. Usually, people would have taken out a joint account maybe when they got married, when they had kids, or when they bought a house.
  • Those life events are all starting much much later for people now, so the need for a joint account for a lot of people just isn't there anymore.
  • A lot of younger people like to have control over their money, whereas previously when a husband and wife got married they might pool their resources.
  • When you have a joint account, you can see what transactions were made. This can be a con, as you can’t hide any spending. For example, if one person is planning on buying the other a gift, the surprise can be ruined. 
  • The main con, however, is the shared credit history. If you open an account with someone else and that person isn't good with managing their money, they could go into an overdraft, etc.
  • Some first-time buyers are under the impression that to apply for a mortgage, you need a joint account, but you don’t. It will make the process a little bit easier though. 
  • Joint accounts can have their pros too if both people are on the same page about what the money is used for and how much they are putting in each month. 
  • It’s a good idea to keep a separate account for your own money independently. This can be used for wages, etc. 
  • Maybe put any social welfare payments or child benefits into the joint account. This account can also be used to pay for any monthly outgoings and utility bills.
  • Whether a joint account works for you will depend on your personal preferences. 

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