Newlywed banking questions

If you did not use your monetary wedding gifts to buy a house, what kind of account did you put it in?

Also, what kind of banking system do you have with your DH? Do you have joint checking and joint savings? Do you have individual accounts?

We were thinking about having joint checking, separate savings, and putting a good chunk of the wedding money in a cd.

What are some other options for us?

Thanks!

Re: Newlywed banking questions

we have a joint checking and savings
we both have a personal checking account
we have a big portion of money in a money market account that's earning interest. we call it the h ouse fund

Re: Newlywed banking questions

We had purchased our house before the wedding, so our money is just in our account collecting interest!

We have a joint savings account. Each of us has our own personal checking account

Re: Newlywed banking questions

We put almost all of our gifts into our joint ING Direct savings. We moved all of our separate savings into that account also.

This month we are closing our separate checking accounts and only using a joint checking. So after this month, we will only have joint accounts.

Re: Newlywed banking questions

When we first got married, we opened up joint checking/savings accounts and put the wedding money into the savings account because we were using it right away for the down payment on our co-op.
We recently sold our co-op and plan to use the money we made off of that sale to buy a house, but we're planning to wait a few months before we seriously look for a house, so we put that money into a liquid cd at the bank we use.
We were thinking of doing an INGdirect account, but the interest rate was almost the same at the bank, and it's just easier to see all of our money on the computer at once.

I'm not sure if that helps at all

Re: Newlywed banking questions

as soon as we got married we merged our accounts. it was just easier for us. it's working very well!

Message edited 7/2/2006 11:33:26 AM.

Re: Newlywed banking questions

we bought our house before the wedding, so we used our wedding gifts to pay off the furniture we had bought, and put the rest in a joint savings.
we have joint savings and joint checking accounts, BUT we also each still have our own checking and savings accounts too. we use the joint account to pay for groceries, house bills, etc- we call it the " family card"
and then our seperate accounts are if i want to go buy clothes or he wants to go buy tools or something.
its really nice becasue it cuts down on a lot of the " why did you spend that much on clothes?" stuff. - i can just say
" hey, i bought them with my own accoun"t my mom also always taught me that you never know whats gonna happen in the marriage, etc ( her parents were divorced), and you should always have some money put away for yourself....

.

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Message edited 6/5/2007 8:25:38 PM.

Re: Newlywed banking questions

DH and I moved in together 3 months after we met, we opened up a joint checking account then and I have been doing our banking ever since. About a year later we opened up a joint savings account.

Last August, I inherited some money, we opened a joint CD with that and then we did the same with our wedding money.

People always tell me that I should have my own accounts, but this is what works for DH and I.

Message edited 7/2/2006 1:46:39 PM.

Re: Newlywed banking questions

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Posted by ML110
we have joint savings and joint checking accounts, BUT we also each still have our own checking and savings accounts too. we use the joint account to pay for groceries, house bills, etc- we call it the " family card"
and then our seperate accounts are if i want to go buy clothes or he wants to go buy tools or something.
its really nice becasue it cuts down on a lot of the " why did you spend that much on clothes?" stuff. - i can just say
" hey, i bought them with my own accoun"t

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Re: Newlywed banking questions

We opened a joint savings account when we got engaged because we were paying for our own wedding. We still have it. All the money we received from the wedding we put into a CD to earn higher interest than savings. We only put it in a 6 month CD until we can figure out what to do with it.

Re: Newlywed banking questions

We had separate accounts until we got married, then merged our accounts, switched our direct deposits into our new joint account. We have both joint savings and checking.

Re: Newlywed banking questions

We took the wedding money, divided it by 6 and then every month created a 6 month CD. That way, we would never be more than one month away from access to a portion of the money in case of some sort of emergency if we needed the money quickly. Instead of having to break one whole CD and being penalized at a higher rate, we felt it best to do it this way.

We also have our own checking accounts and investments from before the wedding.