Joint bank accounts: When sharing money helps – and when it hurts

Couples considering a joint bank account need to have honest conversations about trust, control and financial values before combining their money, a personal finance expert has warned.

Speaking on CapeTalk, financial educator and author Mlamuli Mbambo unpacked the pros and cons of joint bank accounts, stressing that while they can simplify shared expenses, they can also magnify existing money tensions.

How joint accounts work

Mbambo explained that a joint account functions much like a usual bank account, except that both partners can transact on it and see every transaction made.

Couples can agree on safeguards, such as spending limits that require both parties’ approval for large purchases. “It’s transparency,” he said, “but you shouldn’t open a joint account to create trust – trust needs to exist first.”

Transparency versus control

While shared visibility can help couples manage budgets, Mbambo cautioned that there is a ‘thin line between tracking and control’.

To avoid conflict, he recommended a three-account system: one joint account for shared expenses and separate personal accounts for individual spending. “Sooner or later, someone feels stifled if every transaction has to be explained,” he said.

Personal accounts also allow partners to retain autonomy – and to buy surprises without alerting the other person.

Different incomes, different values

Mbambo said joint accounts often expose bigger differences in how partners relate to money, especially where income levels differ, or one partner stays at home.

He suggested recognising unpaid household labour as a financial contribution by calculating what it would cost to replace that work. “That’s not free work,” he said, adding that childcare, cooking and transport all save the household money.

He also warned that clashing money personalities can fuel conflict. “If an accumulator marries a romantic spender and they haven’t had real money conversations, conflict is inevitable.”

What should be shared – and what shouldn’t

According to Mbambo, joint accounts are best suited for major shared expenses such as rent or bond repayments, school fees, car payments, rates and groceries.

More personal spending – like coffee, clothing or gifts – should generally come from individual accounts.

Debt, credit scores and risk

Mbambo noted that poor behaviour on a joint account can affect both partners’ credit records, as liability is shared.

This makes discussions about debt, spending habits and even marital property regimes crucial before opening an account.

Money, he added, remains one of the leading causes of relationship breakdowns, largely because many people never reflect on their own relationship with it.

In closing, Mbambo – author of Winning the Money Game – described a joint account as ‘a powerful life hack’, but only if couples talk openly about money first and agree on shared goals.

For more information, listen to Mbambo using the audio player below: