Joint Savings Account for Newlyweds

Marriage is considered a sacred institution in India. A lot of things change post marriage. You share your home, your aspirations, your likes, your dislikes, etc., with your partner, but one aspect that may cause a major hurdle in your bond is finances. For a newly married couple, managing money can be a different ballgame altogether and it's vital to plan your future for financial wellness.

From creating a monthly budget to opening Savings Accounts, managing money in a proper way is essential for a secure future. Some couples even choose to opt for Joint Savings Account. But how do you know whether it works for you?  Let’s get to know.

A Joint Savings Account is an ideal saving option for couples as both partners are working nowadays. The income from both parties can be saved in the joint account directly. Moreover, a combined account will make it easier for you and your partner to pay for expenses, keep track of expenses, save for future goals, start investments & much more.

Now let's look at the benefits of opening a Joint Savings Account:

• Transparency:

A Joint Savings Account ensures transparency. For instance, if you earn a fixed income every month, while your partner has variable income generation due to business ownership, so when funds from both partners are saved in the bank account, you can be aware of how much income is generated by your spouse. It will help you to adjust your monthly budget accordingly. More importantly, it prevents the probability of misunderstandings.

• Easy access:

There are times when you are caught in an emergency & you need urgent funds. In such a case, you don't have to ask your partner to transfer funds to your separate account when you can immediately access the money from the Joint Savings Account. In fact, each joint account holder also gets a Debit Card to enable easy access to funds for online as well as offline transactions.

• Simplified Payments:

When it comes to managing essential and non-essential payments, a Joint Savings Account can be very useful. For instance, you can easily pay your recurring monthly bills using the account. Basically, a combined Savings Account will help to streamline your finances & stay true to your budget.

• Planning your finances:

While having a Joint Savings Account is recommended by several financial experts and advisors, it is not necessary that you should close your individual Savings Account. Both partners can maintain their separate personal account for pursuing a hobby, planning an outing, saving for future goals, etc. 

• You can open a Savings Account online with AU Small Finance Bank, India's Largest Small Finance Bank in India.
• The bank offers a higher interest rate on a Savings Account compared to other banks.
• You can instantly begin a video call via AU Video Banking here or schedule it on AU 0101 App.
• To apply for it, you only need your PAN Card and Aadhar Card.

Read More: How to open Savings Account with Video KYC?

• Many couples often struggle with financing needs. If financial planning is done ahead of the wedding, both partners can enjoy a healthy future.
• Opening a Joint Savings Account is the initial step for financial wellness. It sets the path for a smooth, happy married life.

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