Rebecca Sowden

Combining finances with your significant other can be a nightmare– especially if one or both of you are Recovering Super Spenders. However, having a built-in accountability buddy is not a bad thing. Knowing the choices you make are both visible and impactful to someone you deeply care about can be the extra push we need to follow a budget and manage our money wisely. Here is my Bank Organizational suggestion for couples where at least one of you is a Recovering Super Spender.

Where to Bank

If you’re familiar with my money management preferences you’ll know that my #1 preferred bank right now is Ally (FDIC insured). This is where I am going to suggest you have the majority of your accounts. Here are some reasons why:

1. Savings APY is currently 4.35% (average)
2. No fees or account minimums (average)
3. You get a debit card for each Checking account you open (Above Average)
4. You can add “Saving Goals” to Savings Accounts and “Spending Buckets” to Checking Accounts. (Above Average)
5. Transfer Times are between 1-3 days depending on the bank you would like to connect to. This is a good thing for Recovering Super Spenders, since easy access to funds is something we work to limit. (average)
6. Rated “A” from the Better Business Bureau, and I have personally not had any issues with them in my experience using them for basic banking. (average)
7. Max of 3 Checking Accounts, no known Max number of Savings Accounts. (average)
8. Give your Accounts “Nicknames” to easily identify them. (average)
9. Access to 43,000+ Allpoint ATMs (no fees), and $10 per statement cycle (month) reimbursement for using ATMs with fees (Above Average)

When it comes to keeping a TRUE Emergency Fund, I recommend having this money stored at a bank totally separate from your “main” bank, which in this example is Ally. There are quite a few solid options for where to put your Emergency fund, ideally we prefer somewhere you can open a Checking and Savings account so you aren’t solely relying on a bank transfer to access your funds. Here are some good options:

• CIT Bank, minimum $5,000 balance for APY 4.65%
• Capital One, no minimums, APY 4.35%
• SoFi, Direct Deposit Required, APY 4.60%

I will not be going over how to open an account at these banks, but identical to opening an account at Ally, just in a different color scheme.

Which Accounts to Open

Ally Bank Accounts:

Checking Account 1 – Individual, My Weekly Allowance 

Checking Account 2 – Joint, Our Groceries (shared day to day expenses)

Checking Account 3 – Joint, Our Bills (Rent, Netflix, Spotify, Utilities, recurring payments,etc.)

Savings Account 1 – Individual, My Savings Goals

Savings Account 2 – Joint, Our Travel Funds

Savings Account 3 – Joint, Our Future (House, New Car, Baby Fund)

Savings Account 4 – Joint, Our Safety Net (For Unexpected and Unavoidable large costs)

You will receive a debit card for each Checking account; both of you receiving a card for your joint Checking Accounts. The debit cards all look the same so label them with a permanent marker or get sticker covers for them (Where I get my card covers). The individual accounts you have will not be visible to each other, but that’s okay! Got to have a little trust.

Secondary Bank Accounts:

For me this is CIT Bank.

Checking Account 1 – Joint, Emergency Fund Access

Savings Account 1 – Joint, Emergency Fund (For if your whole life falls apart)

How to Open the Accounts:

Your Accounts will be ordered by First opened to Last Opened, and as far as I’m aware you cannot change their order. 

Start by opening individual accounts, you and your partner will each need to do this. Heads up, Ally refers to Checking Accounts as Spending Accounts, it’s the same thing. Once you find the page click on “Open New Account” to apply. Select that you’d like to open an “Individual” account. They will ask for your personal details including your SSN. Don’t worry! They need this information to verify your identity, and will not be running a credit check or impacting your credit score. If you’ve recently changed your name, they may need more time or information to verify you are who you say you are. Once approved they will offer you an opportunity to transfer money into your new account, you can skip this if you’d like.

Once you have both opened an Account with Ally and established your Login details (the app is easiest for that), proceed to open your 2 Joint Spending Accounts. Whoever is going to be taking the lead on monitoring your balances or calling Ally for assistance if needed, should be the one to open the Joint accounts. To do this it is the same process, but instead of selecting “Individual” you will now select “Joint”. Ally will have you enter your Partner’s information, including their SSN. Once they recognize your partner is already in Ally’s system they will have your partner Login on your page, and this will make opening all other Joint Accounts way quicker. 

After you both have your Spending Accounts Opened you can move onto opening your Savings Accounts. Same as before, open your Individual Savings Account first. You should not need to re-enter all of your details. Followed by opening the rest of your Savings accounts (you can add multiple at a time).

To easily identify which account is for what I recommend giving each account a Nickname. Example: My Weekly Allowance, Our Groceries, Our Bills, My Savings Goals, Our Travel Fund, Our Future, Our Safety Net. 

Odds are both you and your partner already bank other places (maybe even Ally). Here is a Link to a quick article on why it may be beneficial to keep your original accounts open.