So, regular readers, remember how I tried to cataloged my bank accounts, and then thought about how to minimise and streamline them? I closed some accounts and withdrew one bank completely from my tally – I was no longer actively using their online savings accounts.
Well, the other day, the BF and I went to *another* bank to sign up for a joint account. That’s right, we went to the bank that ‘can’ – Commonwealth Bank. This isn’t in my suite of banks, although it seems they have my details on file from uni days when I set up an account for a uni club, so that made things quicker (maybe!?)
Let’s just say this – my ‘home’ bank, the ANZ, offered me (over the phone) an online savings account which has a EFTPOS banking card attached. And an interest rate worth looking at (it won’t make me millions, but it will be a small token amount each month). And there were no fees.
The Commonwealth Bank doesn’t really have a cross platform account (ie, both card access and a competitive online interest structure). And, they will waive fees if you have more than $2000 through your account in a month. Which is kind of them, but I don’t like that it’s a conditional fee free account. Oh and the interest makes it not worth mentioning – as in, I’m not sure the tax office will notice or care if I don’t report the 1c I earn per annum.
I suppose I found Australia’s biggest bank, the Commonwealth Bank, to not meet the standards I set for it. I wasn’t comparing them to a rouge new player, fooling around in the market. I was comparing apples to apples. And challenging what was on offer didn’t get me any further. All they wanted is to sign all of my business over to them – the mortgage particularly. AND, cheekily, both the BF and I got letters printed for us, to take to our payroll should we want them to directly deposit into this ‘new’ joint account. Ah hmm, no?! Did we mention it was shared (therefore, in my opinion, not necessarily where ALL our money might be). Anyhow, I found that to be savy, but silly. And a waste of paper.
So why did we choose to get a joint account?
- To pay the rent from: I get paid weekly, and would like to move money for the rent, at the same frequency. However, the rent is a fortnightly expense, and it makes sense to pay it with the regularity expected, lest everyone gets confuse.
- To pay household bills from: if we’re both topping up the account the same, it’s easy to just pay any household bill from the one place. So that’d be lights, internet… what else is there? Water and strata (building) fees are the landlord’s responsibility, and there’s no gas
- To pay for groceries: to save paying each other back, or keeping a tally, this was I can do the bulk of grocery shopping (seeing I get home a nice 2hrs+ before the BF) without feeling I’m out of pocket.
Let’s see how ‘sharing’ my money goes!
Other posts on joint finances:
Evolving Personal finance on gifts being an excuse not to have a joint account
Girl Meets Debt about not sharing accounts even when engaged and buying a house