How to Set Up a Bank Account: A Simple 5 Step Guide for Couples
- Brian Page
- Jul 24
- 4 min read
Opening a bank account is a foundational step for couples aiming to manage their finances collaboratively. Whether you're newlyweds, long-term partners, or cohabiting companions, establishing a joint or individual account can streamline bill payments, savings, and financial planning.
This guide provides a basic roadmap tailored for couples, drawing from trusted sources like the FDIC, NCUA, Consumer Financial Protection Bureau (CFPB), and Consumer Reports.
Why Couples Should Open a Bank Account Together
Research shows that joint accounts (no individual accounts) created marital happiness for engaged and first-time married couples.
For couples, opening a bank account—especially a joint one—offers several advantages:
Shared Financial Responsibility: Pooling resources can simplify budgeting and expense tracking.
Transparent Money Management: Joint accounts foster trust through mutual visibility of transactions.
Efficient Bill Payments: Automated payments from a shared account reduce missed or duplicate payments.
Emergency Preparedness: Both partners can access funds in unforeseen situations.
The best bank account system in your relationship is the system that works best for you. Couples with drastically different spending habits or a lingering debt they want to pay on their own should consider using the Our, Yours, and Mine strategy.
Step-by-Step Guide to Setting Up a Bank Account
1. Choose the Right Financial Institution
Consider whether a bank or credit union aligns better with your needs:
Banks: Typically offer a wide range of services and extensive ATM networks.
Credit Unions: Member-owned institutions that often provide lower fees and personalized service.
Ensure the institution is federally insured:
FDIC: Covers banks, insuring deposits up to $250,000 per depositor.
NCUA: Covers credit unions with similar insurance protections.
2. Gather Necessary Documentation
Most institutions require:
Identification: Government-issued ID (e.g., driver's license, passport).
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): For identity verification.
Proof of Address: Utility bill, lease agreement, or similar document.
Note: Some banks may have additional requirements, so checking in advance is advisable.
3. Understand Account Terms and Fees
Before opening an account, review:
Minimum Balance Requirements: Some accounts may charge fees if balances fall below a certain threshold.
Monthly Maintenance Fees: Understand any recurring charges and how to avoid them.
Overdraft Policies: Know the fees and whether overdraft protection is available.
ATM Access and Fees: Check the network coverage and any charges for out-of-network withdrawals.
Annual Percentage Yield: I have found the highest APY’s using Raisin.
Pro-Tip: Weigh the costs and services to find the right fit for you. For example, most folks don’t carry balances significant enough for interest earned on accounts to be more significant than fees, so consider selecting an account that does not include, or at least waives, all banking fees.
4. Open the Account
You can open an account:
Online: Many banks and credit unions offer online applications.In-Person: Visit a local branch for face-to-face assistance.
During the process, you'll:
Submit the required documentation.
Make an initial deposit (amount varies by institution).
Set up online banking and request debit cards.
5. Set Up Direct Deposits and Automatic Payments
Streamline your finances by:
Direct Deposit: Have your paychecks deposited directly into the account.
Automatic Bill Payments: Schedule recurring payments for utilities, rent/mortgage, and other expenses.
Pro Tip: Research has found that splitting your savings into such an account increases the chances you will reach your savings goals.
Establish a savings account at a separate bank or credit union from where you do most of your banking. Then, establish a split deposit with your employer to have a portion of your paycheck directly deposited into that account.
Tips for Managing a Joint Account
Regular Check-Ins: Schedule monthly meetings to review account activity and discuss financial goals.
Set Spending Limits: Agree on thresholds for individual purchases to prevent overspending.
Maintain Individual Accounts: Keep separate accounts for personal expenses to maintain autonomy.
Use Budgeting Tools: Leverage apps or spreadsheets to track spending and savings.
The CFPB emphasizes the importance of communication and transparency in joint financial management.
I support couples who want to better manage money or the home as a team in their relationship.
I'm the only Accredited Financial Counselor® and Fair Play Facilitator®, empowering high-achieving couples with systems to manage money and the home as a team — drawn from decades of national leadership and lived experience.
Click here to learn more about me and how I can help.
Conclusion
Setting up a bank account as a couple is a significant step toward unified financial management. By choosing the right institution, understanding account terms, and maintaining open communication, couples can build a strong financial foundation together.
For a more detailed guide tailored specifically for couples, consider the following resource:
The downloadable PDF linked above offers step-by-step instructions and checklists for helping couples open and manage bank accounts together.
Follow Modern Husbands
Modern Husbands Podcast
Winning ideas from experts to manage money and the home as a team. 2023 Plutus Award Finalist: Best Couples or Family Content
🔔 Click here to listen and subscribe to the Modern Husbands Podcast on Apple.
🔔 Click here to listen and subscribe to the Modern Husbands Podcast on Spotify.
Modern Husbands Bimonthly Newsletter
Winning ideas to manage money and the home as a team delivered to your inbox every two weeks. Click here to subscribe. You'll even receive a few free gifts!
