jchaven
jchaven t1_je2yq3c wrote
Reply to [Beginner] In my location, my bank (PNC) has a savings account interest rate of 0.03%. Capital One is 3.4%. American Express is 3.75%. Is there any reason not to switch to one of those? by Flopcandy
You don't "switch". You open an additional account (or more). These are where your emergency fund lives, or your new car fund, new refrigerator fund, etc. Your local Savings account is to cover your checking account.
jchaven t1_jeeews7 wrote
Reply to How to split bills fairly in this instance? by [deleted]
Joint account at separate bank each partner contributes what is needed to pay all the bills (including mortgage) plus $100 - $200 monthly. This should cover utilities, cable, groceries, etc.
Partner A "charges" rent to Partner B at FMV or FMV less a "Partner" discount. This may work out where A is paying 65% or mortgage and B is paying 35% more or less.
If partnership continues and A sells the house then of course, the proceeds could go toward the new house. At this point all money becomes "our" money. How to to spend and how much to save is a joint decision.
If partnership ceases then B leaves and joint account is closed. Remaining funds could be split equally or a portion gifted to B based on the percentage of mortgage covered by former "rent" agreement.