Being in a committed relationship means sharing not just the joys of being together, but also the responsibilities that come with building a life side by side. When it comes to the latter, dealing with financial duties and goals is often the most crucial. Regardless of whether you’re newly married or have just moved in together, a discussion about income, expenses, and savings is in order.

That said, one of the biggest financial questions for couples is whether to combine money in a joint account or keep finances separate. When confronting this critical choice, the goal is not to come up with a single correct answer, but to find a solution that works well for the relationship and its unique circumstances.

Whether you decide to create an account for personal use or to employ a single account as a couple, it’s wise to consider the best banks to open an account with. This way, you can leverage competitive interest rates and other benefits that can help you reach your financial goals together.

For one, Maya Savings, offered by the #1 digital bank in the Philippines, comes with a base interest rate of 3.5% p.a., which is already a lot higher than those offered by most traditional banks. On top of that, you can increase this interest rate all the way up to 15% interest p.a. just by using Maya products and services consistently. These can include buying load, paying bills, paying with your Maya Card and with Maya Easy Credit, or paying with Maya online using your registered mobile number.

In this article, we will examine different options for managing your finances as a couple so that you can better evaluate which approach fits your financial goals and communication style.

The Benefits of a Shared Account

When you open bank account as a couple, you generally benefit from convenience and transparency. With a joint account, both partners deposit income into one place, making everyday money management easier. For one, a single account makes it simpler to track household expenses and pay bills since it eliminates the need to split every transaction and to keep score of who paid for what.

Additionally, deciding how to open a bank account for a common goal fosters the idea of working on finances together as a couple, as it makes saving feel more like a team effort instead of an individual pursuit.

The Drawbacks of Combining Finances

Despite its benefits, a joint account can also introduce challenges, particularly when it comes to freedom and decision-making. Access to account activity can lead to feelings of loss of independence for some partners, while differences in financial habits can lead to conflict when all money flows through one account.

Another disadvantage of shared accounts is the potential for imbalance when one partner earns significantly more than the other. Thus, couples need to set clear agreements on contributions to avoid resentment when one feels they are carrying more of the financial load.

The Advantages of Having Individual Accounts

The primary benefit of maintaining separate accounts is autonomy. Individual bank accounts allow each person to spend freely on personal interests without worrying about scrutiny. As a result, conflict over small purchases is minimized, while each partner keeps a sense of control over their own money.

Separate accounts are also practical when couples bring prior debts or existing obligations into the relationship. This approach ensures that each person can take responsibility for their own financial commitments while still contributing to household expenses.

The Disadvantages of Having Separate Finances

Separate accounts might offer freedom, but they also require more coordination. Maintaining individual accounts involves constantly keeping track of who is responsible for which bills or payables, with confusion and oversight potentially leading to mistakes that can cause missed payments and therefore stress.

Furthermore, this system lacks built-in transparency, which can lead to misunderstandings about spending. Additionally, long-term goals such as saving for a home or retirement may also be harder to achieve if money is not pooled together for shared priorities.

Finding Balance with a Hybrid Approach

Considering the pros and cons of both shared and separate finances, you might be thinking: why not combine the best elements of these systems into a more flexible solution? This is where a hybrid approach comes in. With this strategy, couples can create an account for shared expenses such as food and utilities, while keeping individual accounts for personal spending. Moreover, couples can decide whether contributions to the shared account should be equal or proportional to income, making it adaptable to different financial situations.

Additionally, a hybrid system gives partners the freedom to continue working on their own goals with an individual savings account. To this end, you can set up individual Maya Personal Goals accounts that help you budget and organize your money for specific targets, whether that’s a new gadget, a side hustle, or a special occasion. You can create up to five goal accounts at a time, and each personal goal account earns up to 8% p.a. on balances of up to PHP 100,000, with tiered interest rates that start at 4% for the first PHP 20,000 and gradually increase up to 8% for amounts above PHP 80,000. Setting up a separate account for personal savings targets doesn’t just make room for partners to maintain individuality in the relationship but also ensures that funds for essential expenses remain intact for their intended purposes.

Meanwhile, for long-term common goals, couples can open a Maya Time Deposit Plus account, which offers a guaranteed 3.5% p.a. base interest rate that can increase depending on the term—3, 6, or 12 months—and when the target amount is reached. You can open up to five Time Deposit Plus accounts at once, giving you flexibility to manage different goals and terms.

There’s no pressure to start big either; you can begin with any amount and keep adding funds until you hit your target amount of as little as PHP 5,000. Once you reach that target, your account’s interest rate can be boosted to as high as 6% p.a. Plus, with no minimum balance requirement, Maya Time Deposit Plus offers an easy, accessible way for couples to grow their savings together and build toward shared financial milestones.

Finally, with Maya, couples need not worry about safety, since it is a Bangko Sentral ng Pilipinas-supervised financial institution (BSFI). Maya’s banking products also come with robust security features designed to keep your money secure as it grows. This level of protection, paired with a significantly higher interest rate, means greater potential for building toward your goals, whether individually or as a couple.

For couples navigating a new path together, finances might not be the most appealing topic to consider. Yet, it’s a critical matter that can affect the relationship in significant ways. Whether you decide to keep accounts joint or separate, or to opt for a more flexible solution, the key to successful financial management as a couple lies in trust and honest communication. Just as these are the foundations to a happy and fulfilling relationship, the same commitment to openness can ensure stability in the long run.