There are certain milestones you hit as a couple over time. Your first kiss, your first holiday together, meeting the parents, and perhaps even combining your finances.
However, if you have a thorough conversation up front and do your research, setting up a joint account can be a quick and pain-free process that could ultimately make your shared life easier.
When you share financial responsibilities with someone (we’re talking groceries, bills, a mortgage etc.), you may find it practical to cover off these costs via one account.
A joint account is also a great option if you’re looking to hit a savings goal together. Whether it’s a short term goal such as a holiday or wedding, or you’re saving for your first home, there are lots of benefits in consolidating your money into one place.
Ready to get going? It’s easy to set up a joint UBank account online (you could even do it right now). There’s just a few things to keep in mind.
All of UBank’s accounts can be opened in a joint name – it’s up to you to choose which one suits you.
Our USaver is a savings account with competitive interest rates which could help you reach your bigger savings goals. Our Ultra is a transaction account that’s useful for everyday costs like rent and bills (keep in mind that you can only open an Ultra account if you already have a USaver).
A joint account means you’ll have shared access to the account, and can both access and operate it independently (you’ll have separate profiles and you’ll both get a Visa debit card with an Ultra, for example), so it’s best to only open a joint account with someone you trust.
If you’re saving for something together, UBank has lots of tools to help you, such as an Ultra Bonus Interest Rate. This is a higher interest rate that’s great in helping you hit your savings goals sooner, particularly with two people’s salaries going into it.
You can do it all online, and you only need a few minutes spare.
If you’re opening a new one together*, you’ll be asked to answer some questions and supply a few pieces of ID before you can submit your application, but we’ve made that easy for you too, with our online application and ID check 101.
*If you already have a single UBank account, you’ll need to do a new application for a joint account.