My bf and I wana to start saving for our future expenses (eg: house).. And we plan to start a new bank account with our names.. At first, planning to open an account in CIMB.. but CIMB do not have account book.. so have to go for other banks..

Wana ask sifus here.. Which bank should I go? And which type of bank account should I choose? Or just choose any bank that is convenient for us (my bf and I)?

http://forum.lowyat.net/index.php?showtopic=609483&hl=joint

Anyway, most bank doesn't encourage bank books anymore.
Also when choosing a bank, obviously it must be convenient to you guys. No point telling you how good bank A is but in your area there's no bank A.

joint account?
AFAIK, u cant start a joint account with ur bf. (unless he is ur husband)

Yup choose the bank nearest to u for easy accessibility.

All banks are almost the same, different are just the interest rate but still not alot different

It depends on branches. Some branches said they got rules or bla bla bla. Then I went to other branch to open, without any question the gal open an account for me (same bank, PB Bank). PB Bank do have account book.

No point to open a joint account, u never listen to 988 this morning?

Don't mean to scare ya, but u should only consolidate yr accounts when u are legally husband & wife. Besides, I think most banks requires this before they allow you to have join account.

Remember that there are only 2 things certain in life - income tax & death!

ya, the advice is not to open bank account with bf.

if the house you want to buy is most likely to be more than 5 years later, then one of you simply open a Public Bank account and then setup a standing instruction to invest into a Mutual Fund / Unit Trust. The Unit Trust you can set to 2 persons and both to sign.

hope this helps ...

in case u break up, going to be difficult to split the money

I think the TS already considered all the pros and cons in opening a joint account, before asking a question here. What she wants just a recommendation of bank which offer good benefits for their joint account holders.

IMHO, there is no point telling the TS how bad a joint account is for her and her bf. She should have her own point of view regarding that

You were right. Thread starter possibly already considered all of it before decided to open a joint account. She will bear all the causes and consequences on her decision. Whatever results at the end is her karma.

---------------------------------------------------

To your questions, I personally think Public Bank would be suitable for both of you and partner. Moreover, it got bank book.

first of all, thks for all the replies..

tq for the link... got a lot other information from there besides here..

what did 988 say?

we are planning to input rm100 (each person) only every month.. so.. will split 50-50 if it really happen..

btw, my bf say.. will open an account in maybank.. if maybank not allowed, then will go for public bank (this will be my suggestion to him).. coz if the money grows.. then transfer to public mutual oso easier ma.. that is my opinion only..

hmm.. ne way, thks a lot for all the information given

Dont joint account. anything can happen between u and bf. even husband and wife also can divorced anytime or day. nothing is forever or secured

then u have a problem with joint name or account, asset, property, etc

if u do open joint ac, make sure its "BOTH TO SIGN" and not "either one to sign" else if ur bf run away, he can withdraw the $$. So anytime if u wanna withdraw $$ it'll need both of u to sign then can withdraw.
There'r pros & cons for joint acc.

This post has been edited by ekestima: Jan 30 2008, 05:10 PM

nowadays alot of people is very materistic and money minded. if anything turn sour or bad, or when a person character changes they take all yr $$

yah.. we are planning for the 'both to sign' policy.. thank you for the concern again..

Not sure how wise your choice is. And, not sure how sure you will get to husband-and-wife. It can be nasty to split if both of you can't handle it.

BTW, how old are you both, if you don't mind?

Then again, you have to check as some forumers are right. Some banks allow only related parties to open joint account.

The better option is to individually open a separate account in Public Bank. Then diligently put in a specific amount every month. You can decide to hold the ATM and bank book. Anyway, it's entirely your decision.

Usually for husband and wife joint account, it's not advisable to have signed the "BOTH TO SIGN" statement.
It's because in the event of emergency, both have to be there to withdraw the money which a lot of time is a hassle or not doable.

Yes, very true. This is only applicable to husband-and-wife joint account.

Oh, BTW, for husband-and-wife, it is always a must to have some sort of will. Otherwise it can be messy in settling those stuff later on.

both is abt 23 years old.. hmm.. i think ur idea to get own personal account is not bad.. actually the reason to open joint account is bcoz my bf hardly save money.. now thinking back, i think i shd not open a joint account.. i also don wan to feel like forcing him.. but he said he willingly to open the account.. sometimes, i forget abt opening joint account and he will remember to remind me to open the joint account.. actually, shd i open a joint account with him ?

erm.. we do not plan to tk out the money.. that is jz for saving purpose..

Honest and frank but unpleasant direct answer: No. You guys are way too young for this. I bet you knew him for not too long and just started working. Anyway, don't get me wrong with any bad idea.

Your thought of not forcing him is good. At least it won't turn him away with bad feeling. Well, perhaps I am refering to myself on this.

Friend, how sure are you that you will never ever withdraw from it? bOOn asking you to 'Both to sign' is for just-in-case.

ditto..

you are just way too young for that. my friend has actually checked with bank that they do not allow joint acct for couple purposes. i guess simply because bank has had bad experience with it.

a forced saving.. just get a unit trust or something.. or there's a lot insurance that has saving plan.. that way you can force him saving while keeping both of your accounts separated. IF YOUR SOLE purpose of having that account is having him to save up some money.

i knew him for very long alredi.. abt more than 16 years.. and we have been dating for more than 6 years.. and i am not working yet (but i have allowance monthly)

after reading the whole thread, what you want is to 'help' your bf to save money ....

so what account is not important. For ease purpose, open a normal bank saving account with interest, use either one of your names, then start saving every month to it. 1 year down the road, review it and see if both of you really put the money in and then adjust accordingly. When the money in there is enough to make you worry, then only you consider what account to open and transfer the money over.

joint account with both to sign : when one of you die, the account is locked down, some times it could mean for a few years. especially when there are disputes. for example, his family member said its all his money. you said its half-half. at the end, you pay lawyer more money than what you have in the bank account to get them back.

hope this helps ....

---

Added on February 27, 2008, 1:49 amanother approach is called Automatic Millionaire, from your bf existing bank account which is receiving salary, setup a Standing Instruction to deduct RM 100 every month to another account, it could be PBMutual as you said, or just simply another account that he cannot easily withdraw. That would also be a good way to 'force' saving without any pain at all. When setting up the SI, set it up so that it is only a couple of days after salary pay out day. Its called save first, use later.

This post has been edited by mtsen: Feb 27 2008, 01:49 AM

thank you, mtsen! it is a very valuable information that u hv gv.. yup.. the joint account is not important.. wat i wan is my bf to save money (and me too).. so i think we will jz hv our own account and save on our own.. reli reli tq mtsen..

Im curious!!! 988 morning topic about what??