Regardless of the strength of your relationship, do consider having your own bank account. I speak to many women who let their partner handle their finances, and might have a joint account, but do not have any accounts solely in their name.
Let’s look at some scenarios so you can understand the benefits of having your own bank account.
In the UK, if your partner dies and you don’t have a joint bank account, here’s what typically happens:
1. The account is frozen immediately.
As soon as the bank is notified of the death, the deceased’s sole accounts are frozen no one can access the money until the legal process starts.
2. You will only be able to access the account if:
- You’re a joint account holder (which you’re not in this case),
- You’re named as an executor in their will and have obtained probate
- You’re next of kin and have legal authority (also usually via probate or letters of administration if there is no will).
3. Bills and direct debits stop.
Payments from the deceased’s account stop. You may need to cover urgent expenses (e.g. funeral costs) yourself; some banks will release funds upon proof but not all will and this can prove stressful at a time when you have so much to deal with.
4. Probate or letters of administration are needed.
- If there is a will, you apply for a grant of probate.
- If there isn’t a will, you apply for letters of administration as the next of kin.
- This process can take weeks or even months.
It is worth noting that if you’re not on the account, you may not be able to access any of the money right away, even if you’re married or in a long-term relationship.
What happens to a joint account when one partner dies (UK)
1. The account stays active.
The joint account usually remains open and in the surviving partner’s name. You can continue to use it as usual.
2. Funds automatically pass to you.
Under the “right of survivorship,” all money in the joint account legally becomes the property of the surviving account holder, regardless of who deposited the money.
3. No probate needed for those funds.
This means the money doesn’t form part of the deceased’s estate and is not subject to probate delays.
4. The bank still needs to be informed.
Even though the account stays open, you must notify the bank of the death. They may ask for a death certificate and will remove the deceased’s name from the account.
5. Tax implications may still apply.
Even though the money passes to you automatically, Inheritance Tax (IHT) may still be due on the deceased’s share if you’re unmarried or in a civil partnership, especially for large balances.
Important note: If you’re unmarried or in a civil partnership, the tax rules are different even for joint accounts. It’s worth taking advice in this case.
Read more here about The Facts of Cohabiting.
The benefits of having your own bank account
1. Your own account gives you control
Having your own money gives you a profound sense of control over your life. Whether it’s about buying a gift, investing in personal growth, or simply knowing you can spend your money as you wish! A separate bank account supports autonomy and decision-making power. It’s not just about the money; it’s about the confidence and empowerment it brings.
2. Emergencies happen
Life is unpredictable. A personal account can be a vital lifeline in emergencies such as a job loss, sudden relationship breakdown or a partner’s sudden incapacity. It ensures you can access funds quickly when needed, providing a strong sense of security and peace of mind.
3. Identity & confidence
Managing your own money is a powerful tool for building financial literacy and confidence. It’s not about mistrust; it’s about being an equal financial partner who is informed and engaged. The more you know about your finances, the more in control you’ll feel.
4. Divorce or death changes everything
Even in the happiest marriage, planning for the worst is smart. If the relationship ends or a spouse passes away, women without financial access often face stress, delays, or worse, financial vulnerability.
5. Everyday practicality
A separate account simplifies daily money management from splitting bills to handling personal expenses. It encourages transparency and reduces unnecessary tension about spending.
6. Teaching by example
For mothers, especially, showing daughters (and sons) that women manage money independently sends a powerful message about equality, preparation, and capability.
Having your bank account isn’t about hiding money; it’s about holding your power. It’s about financial independence, empowerment, and the ability to make decisions that affect your life and future.
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