Joint Savings Accounts For Couples 2024

There are two types of joint accounts:

  1. joint-alternate which allows both parties to use the savings independently
  2. a joint-all account requires both parties to approve the transactions.

It’s definitely more convenient to use joint alternate.

I’m looking at two different accounts: UOB One and OCBC 360. Both accounts have minimum balance to maintain:

  • UOB One $1000
  • OCBC $3000.

If not, you’ll be paying a monthly fall below fee.

General principle: Never allow yourself to incur the fall below fee.

Another note: Each person can only hold ONE UOB One and ONE OCBC360 account. So for example, if you already have a personal UOB One account, then you can’t sign up for the joint UOB One account.

Assume:

Both have your own personal accounts and already credit your salary in a high-yield savings account.

Best Case Scenario for Spending Account: Spend $500 a month on their card and make 3 GIRO bill payments + Do UOB One Salary hack

Winner: UOB One @ 5% for 100K

On top of that, if you use UOB Evol or UOB One to pair with the account, like for common household groceries, you would potentially get around 6.67-8% of cashback on your credit cards too (if you lifehack your way).

Second place: OCBC 360 @ 4.65% p.a.

On top of that, if you pair it with the OCBC 365 Credit Card, you can get an easy 3-6% cashback on all your household combined expenses (Min spend $800)

💳 Credit cards change their T&Cs every so often and it is difficult to stay updated. That’s why I created a Telegram Broadcast where you can receive timely bite-sized updates to get the most out of your spending.

💡 We believe in always paying our credit card bills on time and in full. It is only by doing that, can we fully maximise our credit card benefits.

Purchases made through links in this article may generate an affiliate commission that helps keep this site running. Found this post useful? Subscribe to our Telegram Channel for more updates!

lobangsis

Audz, your lobang sis shares personal finance to achieve happiness, prosperity and progress for us all.

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