Talking about money and managing finances can lead to stress in even the best relationship. Perhaps you and your partner are considering opening a joint bank account but worry it may get too complicated. Or you may be leaning toward separate accounts but worry that will make managing your joint expenses difficult. Understanding what a joint bank account is and how it works can help you make a smarter decision for your finances and relationship.

A joint bank account can make your financial life easier and less complicated if you manage your money with another person, such as a spouse or partner. Joint accounts can also help couples take advantage of benefits that may not otherwise be available to them

Joint account is an account shared between two persons, which are mostly relatives, couples, or business partners who have a level of familiarity and trust with each other.

Joint accounts can cause problems, however, because they generally provide all parties unlimited access to the funds. Thus, if one spouse has difficulty controlling their spending habits, this may affect the other spouse, who may be more frugal. The frugal spouse cannot challenge the withdrawals or transactions of the other spouse with the bank because they are listed as a joint account holder.

Another thing to keep in mind with joint accounts is that all parties with access are responsible for any and all fees and charges.