Money tips

Decide if a joint account is right for you

It’s a big step for any relationship so before you decide if it’s right for you, you should:

  • Be transparent with each other about your financial situations – including any debt or loans which could impact your finances going forward
  • Establish trust and be fair – you’ll both be responsible for the account and sharing money, so make sure you’re comfortable to do this
  • Set boundaries and be clear on what the account will be used for – joint bills and groceries only? Or personal expenses too?
  • Share the load – don’t let one partner control all the finances. You should both understand the household finances and make decisions together
  • Consider keeping some financial independence while you’re learning more about each other’s money management styles

Questions to ask your partner about money.

If you decide a joint account isn’t right for you, you can make or request instant payments from your partner with Beem It

Different ways to pool money

All couples manage their finances differently and while one way may work for some couples, it may not work for you. Here are some common ways joint accounts are used by couples:

  • Combine some of your money. Each person keeps their own personal accounts but contributes into a joint account for specific purposes e.g. utilities and rent
  • Combine all of your money and receive an individual allowance. Each person contributes all their income into a joint account and is allocated an allowance into their own personal account to spend on whatever they like
  • Combine everything. All income and expenses are combined and managed from one joint account

Decide on a budget together

Having a budget will help you manage your household expenses. Get started by mapping out what you each earn every pay cycle and how much you each spend during that time on things like:

  • Entertainment
  • Health and lifestyle
  • Travel to work or study
  • Groceries
  • Household bills (don’t forget TV subscriptions)
  • Any debt repayments

A good rule of thumb for budgeting your salaries is the 50-30-20 rule which helps you plan to pay bills (50%), add to savings (20%), and have money to spend on fun (30%). Get started with our budget planner tool or read more about how to manage your money with tech.

spending split: 50/30/20

Get into a savings habit

Once you’ve got your budget in place you can start saving for the next big thing. You may want to pool your savings together for something shared like a holiday or a house deposit, or you may want to keep your savings separate.

Start by setting yourselves a weekly or monthly savings goal that’s achievable and make sure you don’t dip into it when you feel like splurging.

It’s also a good idea to split your savings into different buckets, one for saving for the future and one for emergency savings in case the unexpected happens, like a broken washing machine or burst water pipe.

See how much you could save with our savings calculator

Couple

Which product is right for you?

Joint everyday account

Bank

Opening a bank account together can be a great way to pool your money and improve your household spending habits. With CommBank, this can be done online in a few minutes, no matter who you each bank with.

  • Have better visibility of your collective spending
  • Manage bills and expenses
  • Save time - no need to transfer money between separate bank accounts

Joint saving account

Save

Reach savings and financial goals together with our handy savings accounts.

  • No monthly account fees
  • Competitive interest rates
  • Bonus interest
  • 24/7 access to your money in the CommBank app

Credit cards

convenience

Whether it's for everyday convenience, to be rewarded for your spend, or to manage your combined expenses, our credit cards have a range of features and benefits for your needs, like:

  • Fee waivers, including no international transaction fees
  • Be rewarded with points for daily spending1
  • Add an additional cardholder
  • Pay on the go with your phone or your wearable
  • Handy extras like international travel insurance included upon activation in NetBank2
  • Up to 55 days interest-free
  • Break down a large purchase or balance into fixed monthly instalments over a set term with SurePay3
  • Keep track of your spend with Spend Tracker or set a Spending Cap4

Insurance

Insurance

Protect your loved ones and your possessions with life, home, and car insurance. 

Things you should know

1 The earning and redemption of CommBank Awards points are subject to the CommBank Awards Program Terms & Conditions. Points are earned on eligible transactions (excludes for example BPAY transactions, cash advances, balance transfers and payments to the Australian Taxation Office unless made using a Business Awards card) and are subject to points capping. Awards and the number of points required for Awards are subject to change at any time without notice.

2 Travel insurance included on your credit card provides cover for you, your spouse and your accompanied children for return trips from Australia, up to a set period. You will need to activate your travel insurance for each trip in order to have a comprehensive level of cover. To activate your cover, register on NetBank, the CommBank app or call Cover-More on 1300 467 951 before you travel. If you don't activate, you'll receive Base medical which includes personal liability cover and unlimited overseas emergency medical assistance and hospital expenses only. Restrictions, exclusions (including for pre-existing medical conditions and persons aged 80 years or over), limits, sub-limits and excesses apply. Before making a decision, refer to the Credit Card Insurances Product Disclosure Statement and Information Booklet for full conditions. Insurance issued and administered by Cover-More Insurance Services Pty Ltd (AFSL 241713, ABN 95 003 114 145) on behalf of the insurer Zurich Australian Insurance Limited (AFSL 232507, ABN 13 000 296 640) for Commonwealth Bank of Australia. If you purchase an Upgrade Policy, we receive a commission which is a percentage of your premium - ask us for more details before we provide you with any services on this product (including for pre-existing medical conditions and persons aged 80 years or over), limits and excesses may apply to all insurances. More information and the relevant Credit Card Insurances Product Disclosure Statement and Information Booklet can be found here.

3 You won't be able to apply for an instalment plan if you don't meet our criteria (e.g. if you have exceeded your limit or if you are in default).  Instalment plans are not available on non-Awards Business Cards, corporate cards or balance transfers or Great Rate transactions.  

The terms of the Credit Card Conditions of Use relating to instalment plans (section 5) will apply.

While you have an instalment plan, we apply your credit card payments first to your current monthly instalments. This will apply even when you have other card balances with a higher interest rate, such as cash advances and purchases not on a plan.

Any interest-free period on purchases will no longer apply once the purchase is put on a plan.

You can cancel your instalment plan at any time. When a cancellation is processed, the outstanding instalment balance will be transferred to your purchases balance (or cash advance balance for cancelled cash advance plans) and accrue interest from the transfer date at the standard purchase or cash interest rate applicable on your account.

If you miss a monthly payment your plan won’t be cancelled and you can continue to make any remaining monthly payments due up to the end of your chosen term. However, if you miss an instalment payment, the unpaid amount will be transferred to your purchases balance (or cash advances balance if the instalment plan was a cash advance plan). It will then accrue interest at the purchases (or cash advance) rate.

4 Note that some types of transactions made via CommBank branches, telephone, online or mobile banking such as transfers to other accounts, bill payments, assisted cash withdrawals and transactions flagged as recurring (for example, direct debits) or that are not sent to us for authorisation won't be declined. For full terms and conditions of the spending cap, visit NetBank or the CommBank app. Other conditions apply.

Applications for credit cards are subject to credit approval. Full terms and conditions will be included in our Letter of Offer. Bank fees and charges apply. Please read our CommBank Credit Card Conditions of Use.

Digital Wallet Pty Ltd ABN 93 624 272 475 AFSL 515270 is the issuer and provider of the Beem It facility.

Full terms and conditions of the CommBank app are available on the app. The CommBank app is free to download however your mobile network provider charges you for accessing data on your phone. Find out about the minimum operating system requirements on the CommBank app page. NetBank access with NetCode SMS is required.

The advice on this website has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide. Full terms and conditions for the transaction and savings accounts mentioned and Electronic Banking are available here or from any branch of the Commonwealth Bank.

Commonwealth Bank of Australia ABN 48 123 123 124 and Australian credit licence 234945.