Current accounts, when it makes sense to jointly manage them

Compared to a few years ago, financial autonomy between spouses is on the rise, and more and more couples are choosing to keep their finances separate, as a recent Census Bureau survey attests, according to which the percentage of couples with no disputed current accounts rose to 23% in 2024 from 15% in 1996. There could be a decisive further boost if the proposal by Senator Elena Murelli (League), first signatory of a bill obliging employers to credit their employees' salaries exclusively to personal current accounts that are not jointly held, were to pass. A measure, this one, aimed at fostering the economic autonomy of women, also limiting the gender gap phenomenon

In fact, trying to make ends meet as much as possible is a priority for many families these days, and a shared current account can be a first solution to reduce certain operating expenses, as well as providing cohabitees with an instrument with which they can easily operate. Indeed, precisely because it is a single account, the joint current account guarantees ease of control by both of them over the family ménage. It should also be borne in mind that joint account holders have the choice between a jointly or severally signed account. In the former case, any payment must be authorised by both and thus there is maximum control; in the latter case, on the other hand, each is free to proceed autonomously, without having to receive the other's countersignature.

Co-mingled current accounts are a useful tool for managing shared and family expenses, however, they are still undervalued by banking institutions. We tried to check how many banks currently offer these solutions with the help of Segugio.it's Accounts Observatory. According to the analysis, only 46% of the banks analysed allow online opening, often without making this possibility clearly explicit in the activation process. Moreover, a significant cost gap emerges between online current accounts and those offered at the physical counter. The former often allow certain charges to be waived more easily when conditions are met, such as salary or pension being credited, or the age of holders being below a certain threshold.

According to the data, an online joint account has an average annual fee of EUR 20.55, compared to an average annual fee of EUR 48 for an account opened at a branch. The cost of the annual fee can theoretically reach EUR 120 per year, as in the case of the account proposed by Mediobanca Premier, which, however, provides for the possibility of resetting it to zero under specific conditions. Then it takes at least 84 euros if you resort to Deutsche Bank, and always in terms of annual fee, the current account of Banca Intesa Xme Conto Silver requires an outlay of 70 euros. From this cost, stamp duty is always excluded, which is charged automatically when the account statement is issued, usually annually, half-yearly or quarterly depending on the contract entered into. But the payment is only due if the average balance exceeds EUR 5,000 in the reported period. In any case, when evaluating one account over another, it is a good idea to read all the conditions carefully and know what is included and what is not.

It is not only the cost of the annual fee that makes the difference, but there are other items that can push up the final cost, such as those related to bank transfers or the issuing of credit cards. For example, the bank transfer, while in most cases free of charge, costs almost one euro (EUR 0.95) at Deutsche Bank, while UniCredit and Banca Intesa charge EUR 1.20 per transaction. Turning to the fee charged for withdrawing cash, practically everyone asks for it in the case of withdrawing from an ATM of a third-party institution, with not inconsiderable costs. For example, it costs EUR 2.10 per withdrawal taken from another institution with the Credit Agricole account. Banca Mediolanum does not require anything, while many allow it provided certain conditions are met. For example, Revolut only requires a payout if you exceed 200 euro in withdrawals and after five transactions within a month. Fineco and Widiba only charge one euro if the withdrawal is less than 100 euro. These institutions do not have their own network of physical counters, so those who need cash must go elsewhere. The same applies to those who have an account with Ing: since this is also a totally 'cashless' institution, in order to obtain cash one must opt for the branches of other banks, with the difference that in this case one always pays a commission of 0.95 euro, regardless of the amount withdrawn.