There is no right or wrong way to combine your finances, just what works best for you and your spouse. Whether you choose to use a joint bank account or remain separate is entirely up to you. But one thing’s for sure, you shouldn’t be paying monthly fees. HomeFREE Checking is completely free, with no minimum balance requirements or monthly fees. Plus, you get a whole lot more — like rewards points with every purchase, access to 30,000+ fee-free ATMs nationwide, and free identity theft services. Applying online is quick and easy!
Consider these three ways to marry accounts, and be sure to check out our tips on handling finances as a couple:
1. Establish a Single Joint Account
- You and your spouse will be able to easily track income and manage expenses with your shared account history, Bill Pay, and Financial Tools.
- You can also establish multiple (free) Savings Shares, so you can budget and save for specific goals or expenses — like that dream vacation, the down payment for a home, or retirement.
- Interested in a joint account but worried it will spoil any surprises or gifts? You can open up to three HomeFREE Checkings on your joint account, which means you can each have a checking for discretionary income and one for shared household expenses. Since your HomeFREE Checkings are on one account, your rewards points will be combined and you can start working towards your wish list faster.
- Transferring money between your Checking(s) and Savings Shares is quick and easy with Online Banking or the Mobile App.
2. Maintain Separate Personal Accounts, Establish a Joint Household Account
- Review your budget to determine how much you and your spouse need to contribute to household expenses and shared savings goals. It’s easy to transfer money to or from other SESLOC accounts (or accounts at other financial institutions) with Online Banking or the Mobile App. You can even set up automatic recurring transfers to coincide with your payday schedule.
- Set up Bill Pay to manage your shared bills in one secure and convenient place. You can even use the service to pay your independent service providers, like a plumber or babysitter.
- You can establish multiple (free) Savings Shares for your shared savings goals or expenses — like a household emergency fund, kitchen renovation, or date nights.
- You can import information from your personal SESLOC accounts (or accounts at other financial institutions) into Financial Tools so you and your spouse can keep track of your combined finances.
3. Keep Your Money in Separate Accounts
- Review your budget to determine how much you and your spouse need to contribute to household expenses and shared savings goals, then decide who will be responsible for handling each expense.
- SESLOC makes it easy to transfer money between accounts if do you need to share funds.