FINANCE

Is a Joint Savings Account Right for You?

A joint savings account can make managing your finances easier by facilitating family budgeting and saving. If you already bank online, you know how much simpler it is to conduct your banking transactions by computer rather than physically visiting the bank. Opening another savings account and sharing joint ownership can make handling financial matters even easier.

How to get started

Simply visit your bank's website to find out their requirements for making a savings account a joint savings account. If you have any questions that are not addressed on their website, get in touch with a customer service representative. You usually will need each account holder's Social Security number and birth date, but each bank is different and may have different requirements. At Ally Bank, opening a joint savings account is easy—in a matter of minutes you can have your account open, funded, and according to Bankrate.com, earning among the most competitive rates in the country.

Why open a joint savings account?

Many married couples like to have a joint account

to save money for a down payment on a home, a vacation, major purchases or debt management. With two owners, either one can contribute money or withdraw funds. Also, a joint account can help couples learn healthy financial habits by communicating spending and savings practices. Perhaps the biggest advantage to opening a joint savings account is that it helps you maximize your FDIC insurance coverage. With a combination of accounts, you can insure more money than a single depositor at a single bank. Visit the FDIC's EDIE (Electronic Deposit Insurance Estimator) to learn more about maximizing your FDIC insurance coverage.

Who can open a joint account?

Of course, you do not have to be married to enjoy the convenience of a joint savings account. Children of elderly parents, for example, may also enjoy the advantages of a joint account. A joint savings account is a helpful money management and savings tool in a variety of circumstances. Explore your options at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.


Category: Savings account

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