Joint Account Pros/Cons | The Burrow

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KA
Kamil
Newbie
Joint Account Pros/Cons
General
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What are the pros and cons of a Joint Account? Currently both of my wife and I have a DBS account. Should we open a joint account?
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family joint-account
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JS
jsimwj Boss
last edited by
Pros of joint account
- good if need to meet some minimum thresholds (eg. balance, salary credit) to enjoy higher interest rates compared to normal savings
- can manage shared budget together
- either one of the party is allowed to use the common funds - trust is important
Cons of joint account
- if one party does not trust the other - not advisable to open joint account
- in the event of disputes where money needs to be split, might have dispute on how much each party should get due to different contribution amounts
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