How to keep control of your joint account

Pros and cons of mixing up your money

- CAMILLA FOSTER

Setting up a joint account is a common and practical step that many couples take to simplify managing household expenses. But it’s important to not rush into it, as joint accounts can have long-term implications.

We spoke with Matthew Parden, CEO of the money management app Marygold & Co, who explained what a joint account is and outlined its key benefits and drawbacks.

“A joint account is a current account and unlike a sole account, which is in your name only, there are at least two parties attached to that account,” says Matthew.

“Joint accounts are usually set up by cohabiting couples who have commingled finances and require an account to receive contributions or income from both parties.

“They are usually used to pay bills and for any general household spending.”