Love, marriage and banking: 1 account or 2?

Lauren Linscheid's grandmother always told her to have her own savings account. Although Lauren and her husband, Joe Linscheid, have been married four years, they still have separate bank accounts.

"I shouldn't have to ask for permission to get my hair done," she said.

The Linscheids are like a growing number of couples who keep their finances separate. Research from the Raddon Financial Group, based in Illinois, found 48 percent of married couples have two or more checking accounts. That's up from 39 percent in 2001.

Are separate savings and checking accounts a good idea?

Matt McKellar, president of ICON Consulting in Bellevue and a member of the Financial Planning Association, recommends a joint account.

"It simplifies banking and forces couples to talk to each other about money," McKellar said.

He prefers putting all income into one household account. Mortgage and bills are paid from that, then each partner gets an agreed-upon amount for discretionary spending.

Those funds could be transferred to individual accounts if one or both spouses fear losing their feeling of financial independence.

"From what I've seen through working with hundreds of families, it's more efficient to run all income and expenses from one account," McKellar said. "The most common problem with separate accounts is that one partner doesn't know what the other is spending or saving."

Another advantage is many banks and brokerages offer better interest rates for higher balances, which are easier to maintain through a joint account.

But there are some disadvantages.

Couples who have one partner's name on their bank or loan documents aren't building individual credit histories. That could be a problem if one spouse dies or the couple divorce.

If one spouse dies, bank accounts with his or her name on it could be frozen until the estate is settled. So it's smart to have some money in accounts under each spouse's name in case of emergency.

Lauren's grandmother would agree.