Which is better: Combining bank accounts before marriage — or after?

April 21, 2023

Be prepared to talk finances and manage your money jointly as a newlywed couple.

Whether you’ve just tied the knot or you’re planning to take the leap soon, you might be making some major financial changes in the near future. Ask the following essential questions and talk with your partner about whether to combine bank accounts before or after saying, “I do.”

Should you combine your bank accounts?

It’s a big question, but don’t worry: You have options. You might prefer to have a shared account, or you may want to maintain separate accounts. Or there’s a third option.

Some newlyweds open a joint account while, at the same time, keeping individual accounts for things like personal purchases and pre-existing debts. This best-of-both-worlds strategy can make it easier to keep track of shared bills or other family expenses, and it helps couples retain some of their financial independence. You may find it easier to earmark money for emergencies or future savings goals when you have an extra account to hold it.

Don’t forget that you can always decide to unify more of your assets later. Recent data has shown that the longer couples stay together, the more likely they are to keep their money in joint accounts. Take your time and make a gradual transition.

What assets and debt do you have?

It might seem like suddenly you have more money from combining your incomes, but do you really? Check in on each other’s financial standings to make sure you know how much money you actually have to spend.

If you want to budget, save and plan for the future successfully, you and your spouse should discuss any existing debt or assets you’re bringing to the marriage, including student loan debt and major purchases.

What kind of future will you build together?

You got married to build a future together, right? Get started by talking about your dreams and how to support them with your financial goals. Now is the best time to consider major lifestyle choices, like saving up for travel, future education or retirement plans.

Does being married save on taxes?

Is it best to file joint tax returns? Does being married save on taxes? It depends on your circumstances. There are many factors to consider when doing your taxes as a couple. Consult a tax advisor to review the options that may potentially save you on taxes once you are married.

How will your assets be affected?

Most couples combine their assets by opening up joint accounts, but some assets cannot be combined. For instance, accounts like IRAs can’t be joined. But you may be able to make a spousal IRA contribution on behalf of your spouse who doesn’t work or whose income is sufficiently low. In such a case, having a clear idea of which partner can claim which assets can help you establish your contribution eligibility.

Additionally, people with high credit scores often add their spouses to their accounts instead of getting entirely new credit cards.

Before making a huge change, think about the potential benefits of different banking arrangements, and discuss your options thoroughly before making a decision.

Learn about checking and savings accounts at U.S. Bank.

Learn about U.S. Bank

Visit usbank.com

800-872-2657

Webinar: Bank Notes: College cost comparison

Do I need a financial advisor?

6 ways to spring clean your finances and save money year-round

Healthcare costs in retirement: Are you prepared?

Good debt vs. bad debt: Know the difference

Preparing for homeownership: A guide for LGBTQ+ homebuyers

Parent checklist: Preparing for college

30-day adulting challenge: Financial wellness tasks to complete in a month

Financial steps to take after the death of a spouse

Estate planning documents: Living trusts vs. will vs. living will

Do your investments match your financial goals?

Can fantasy football make you a better investor?

Annual insurance review checklist

A beginner's guide to investing

8 steps to choosing a health insurance plan

7 financial questions to consider when changing jobs

4 reasons why estate planning is important

6 tips for trust fund distribution to beneficiaries

5 unexpected retirement expenses

How to sell your business without emotions getting in the way

Webinar: 5 myths about emergency funds

How to best handle unexpected expenses

Which is better: Combining bank accounts before marriage — or after?

Multiple accounts can make it easier to follow a monthly budget

5 financial goals for the new year

4 steps to finding a charity to support

Key components of a financial plan

Webinar: ESG for Corporations: Building an all-weather, long-lasting strategy

Restaurant survey shows changing customer payment preferences

How to stop living paycheck to paycheck post-pay increase

Money Moments: 3 smart financial strategies when caring for aging parents

Financial gifts can be a valuable – and fun – choice for the holidays

5 myths about emergency funds

What military service taught me about money management

Save time and money with automatic bill pay

5 steps to take before transitioning your business

Closing on a house checklist for buyers

Tips to overcome three common savings hurdles

Questions to ask before buying a car

Take the stress out of buying your teen a car

How to winterize your vehicle

Car shopping: Buying versus leasing your next vehicle

What you should know about buying a car

Buying or leasing? Questions to ask before signing a contract

Saving for a down payment: Where should I keep my money?

Are savings bonds still a thing?

Certificates of deposit: How they work to grow your money

Does your side business need a separate bank account?

Is online banking safe?

How I kicked my online shopping habit and got my spending under control

What you need to know as the executor of an estate

Webinar: Mindset Matters: How to practice mindful spending

How to save money while helping the environment

What documents do you need after a loved one dies?

Retirement plan options for the self-employed

How to open and invest in a 529 plan

6 questions students should ask about checking accounts

Unexpected cost savings may be hiding in your payment strategy

How I did it: Learned to budget as a single mom

10 ways to increase your home’s curb appeal

Does your savings plan match your lifestyle?

7 steps to prepare for the high cost of child care

Housing market trends and relocation impact

Should you get a home equity loan or a home equity line of credit?

The lowdown on 6 myths about buying a home

Growing your savings by going on a ‘money hunt’

How I did it: Bought my dream home using equity

Dear Money Mentor: When should I refinance a mortgage?

U.S. Bank asks: Transitioning out of college life? What’s next?

Make your business legit

How to build wealth at any age

Year-end financial checklist

Year end tax planning tips

11 essential things to do before baby comes

How grandparents can contribute to college funds instead of buying gifts

How to manage your finances when you're self-employed

Webinar: Uncover the cost: Starting a family

Insource or outsource? 10 considerations

Multigenerational household financial planning strategies

How to choose the right custodian for your managed assets

Finance or operating lease? Deciphering the legalese of equipment finance

Friction: How it can help achieve money goals

How to save money in college: easy ways to spend less

How to manage money in the military: A veteran weighs in

Checklist: 10 questions to ask your home inspector

How to manage money tips

Working after retirement: Factors to consider

Using 529 plans for K-12 tuition

How to retire happy

What to consider before taking out a student loan

How to establish your business credit score

10 tips on how to run a successful family business

Spring cleaning checklist for your home: 5 budget-boosting tasks

Adulting 101: How to make a budget plan

Is it time to get a shared bank account with your partner?

3 steps to prepare for a medical emergency

How can I help my student manage money?

Checklist: 6 to-dos for after a move

Overcoming high interest rates: Getting your homeownership goals back on track

Steer clear of overdrafts to your checking account

What corporate treasurers need to know about Virtual Account Management

Pros and cons of a personal line credit

5 tips for parents opening a bank account for kids

Key milestone ages as you near and start retirement

Reviewing your beneficiaries: A 5-step guide

Should I itemize my taxes?

Your 4-step guide to financial planning

How to track expenses

How to use debt to build wealth

House Hacks: How buying an investment property worked as my first home

How I did it: Bought a home without a 20 percent down payment

Working with an accountability partner can help you reach your goals

3 tips for saving money when moving to a new home

5 ways to maximize your garage sale profits 

Common pitfalls to avoid in the equipment financing process

The secret to successful service provider integration

Protecting cash balances with sweep vehicles

Changes in credit reporting and what it means for homebuyers

What’s the difference between Fannie Mae and Freddie Mac?

High-cost housing and down payment options in relocation

ABCs of ARP: Answers to American Rescue Plan questions for counties

Crypto + Relo: Mobility industry impacts

For today's relocating home buyers, time and money are everything

Talent acquisition 101: Building a small business dream team

How I did it: Turned my side hustle into a full-time job

Costs to consider when starting a business

How to test new business ideas

How to get started creating your business plan

The costs of hiring a new employee

How to expand your business: Does a new location make sense?

Common small business banking questions, answered

3 signs it’s time for your business to switch banks

How to choose the right business checking account

How to choose the right business savings account

How to build a content team

LGBTQ+ financial planning tips

Should rising interest rates change your financial priorities?

Good money habits: 6 common money mistakes to avoid

LGBTQ+ estate planning considerations

How to talk about money with your family

How to protect your digital assets in your estate plan

Retirement expectations quiz

Retirement income planning: 4 steps to take

Preparing for retirement: 8 steps to take

LGBTQ+ retirement planning: What you need to know

The connection between your health and financial well-being

What is Medicare? Understanding your coverage options

3 types of insurance you shouldn’t ignore

7 things to know about long-term care insurance

Is a Health Savings Account missing from your retirement plan?

Saving vs. investing: What's the difference?

Investment strategies by age

What types of agency accounts are available for investors?

How to Adult: 5 ways to track your spending

Tips for navigating a medical hardship when you’re unable to work

Preparing for adoption and IVF

How to plan and save for adoption and in vitro fertility treatment costs

Resources for managing financial matters after an unexpected death

Checklist: financial recovery after a natural disaster

Webinar: Uncover the cost: College diploma

How to gain financial independence from your parents

How I did it: Paid off student loans

From LLC to S-corp: Choosing a small business entity

Recognize. React. Report. Don't fall victim to financial exploitation

Recognize. React. Report. Caregivers can help protect against financial exploitation

8 tips and tricks for creating and remembering your PIN

Is raising backyard chickens a good idea financially?

3 financial tools to help automate your finances

5 things to consider when deciding to take an unplanned trip

6 pandemic money habits to keep for the long term

How to decide when to shop local and when to shop online

A who’s who at your local bank

Webinar: Uncover the cost: Wedding

Webinar: Uncover the cost: International trip

How having savings gives you peace of mind

Helpful tips for safe and smart charitable giving

Personal loans first-timer's guide: 7 questions to ask

3 awkward situations Zelle can help avoid

Allowance basics for parents and kids

What’s your financial IQ? Game-night edition

You can take these 18 budgeting tips straight to the bank

3 tips for saving money easily

Do you and your fiancé have compatible financial goals?

U.S. Bank asks: Do you know your finances?

U.S. Bank asks: Do you know what an overdraft is?

Personal finance for teens can empower your child

It's possible: 7 tips for breaking the spending cycle

How to save for a wedding

Here’s how to create a budget for yourself

Don’t underestimate the importance of balancing your checking account

9 simple ways to save

Tips for working in the gig economy

How compound interest works

Dear Money Mentor: How do I set and track financial goals?

5 reasons why couples may have separate bank accounts

Checking and savings smarts: Make your accounts work harder for you

Lost job finance tips: What to do when you lose your job

Tips to raise financially healthy kids at every age

Money management guide to financial independence

First-timer’s guide to savings account alternatives

Money Moments: 8 dos and don’ts for saving money in your 30s

Myths vs. facts about savings account interest rates

Travel for less: Smart (not cheap) ways to spend less on your next trip

Money Moments: How to manage your finances after a divorce

Overdrafts happen: Steps to get you back on track

What’s in your emergency fund?

What you need to know about renting

Dear Money Mentor: How do I pick a savings or checking account?

Practical money tips we've learned from our dads

What I learned from my mom about money

How to cut mindless spending: real tips from real people

Building a financial legacy for your family and community

Understanding guardianship and power of attorney in banking

How to increase your savings

Bank from home with these digital features

What financial advice would you give your younger self?

7 steps to keep your personal and business finances separate

Know your debt-to-income ratio

How to use credit cards wisely for a vacation budget

How to use your unexpected windfall to reach financial goals

Is it cheaper to build or buy a house

For today's homebuyers, time and money are everything

Crypto + Homebuying: Impacts on the real estate market

Should you buy a house that’s still under construction?

Buying a home Q&A: What made three homeowners fall in love with their new home

Managing the impacts of appraisal gaps in a hot housing market

How I did it: Built living spaces to support my family

Your guide to breaking the rental cycle

What are conforming loan limits and why are they increasing

Military homeownership: Your guide to resources, financing and more

Webinar: Uncover the cost: Building a home

Home buying myths: Realities of owning a home

4 ways to free up your budget (and your life) with a smaller home

Get more home for your money with these tips

Money Moments: Tips for selling your home

Money Moments: How to finance a home addition

How I did it: My house remodel

Beyond the mortgage: Other costs for homeowners

Quiz: How prepared are you to buy a home?

What is a home equity line of credit (HELOC) and what can it be used for?

Building a dream home that fits your life

10 questions to ask when hiring a contractor

5 things to avoid that can devalue your home

What is an escrow account? Do I have one?

Is it the right time to refinance your mortgage?

What to know when buying a home with your significant other

What is refinancing a mortgage?

These small home improvement projects offer big returns on investment

Webinar: Mortgage basics: What is refinancing, and is it right for you?

Webinar: Mortgage basics: Prequalification or pre-approval – What do I need?

Webinar: Mortgage basics: How much house can you afford?

Webinar: Mortgage basics: How does your credit score impact the homebuying experience?

Webinar: Mortgage basics: Finding the right home loan for you

Webinar: Mortgage basics: Buying or renting – What’s right for you?

Webinar: Mortgage basics: 3 Key steps in the homebuying process

Is a home equity line of credit (HELOC) right for you?

How to use your home equity to finance home improvements

How do I prequalify for a mortgage?

Home equity: Small ways to improve the value of your home

Can you take advantage of the dead equity in your home?

8 steps to take before you buy a home

6 questions to ask before buying a new home

10 uses for a home equity loan

Webinar: Uncover the cost: Home renovation

Disclosures

Equal Housing Lender

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.