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Have you considered what bank accounts would best meet your financial needs at each stage of your life? Most people benefit from separating their spending and saving accounts – but these are just the basics. 


As you move through life and set different financial goals for yourself, children and retirement, you will need accounts that can provide the most benefit for your needs at different life stages. 

Newlyweds with no children

If you’re a young newlywed, you may just be starting to build up your savings. You probably already have your own separate savings and spending accounts, but you and your spouse may also want to open joint accounts together. 


One of these could be a current account for joint expenses, like rent or household bills. If you have saving goals as a couple, such as a vacation fund or a down payment for a home, you could save up together with a joint savings account. A joint savings account is also useful if you want to set up an emergency fund together.


Before opening a joint account, you may want to discuss and to decide whether to contribute in equal amounts or according to your earnings. But you don’t have to share everything – you’ll also want your own accounts for individual goals. Alongside your individual spending and savings accounts, you may also want to start growing your wealth for the future with investment accounts.

Married with children

You may now be thinking of saving up for your children’s education and may wonder “should I open a junior savings account for my kids?”. This can be a great idea! Some junior savings accounts (browse our junior accounts here) typically earn a higher interest than regular ones, which can help to grow your savings even more.


Talk to your spouse about how you should each contribute to take care of your children. Should one of you cover education-related fees while the other covers living expenses? Do you want to have a separate account for other expenses such as family trips, toys and electronic gadgets, clothing, entertainment and pocket money? Now that your family is larger, you’ll want to adjust your budget for larger household expenses and other things you might need, such as a car loan or wider insurance coverage.

With older or adult children

Your children should have their own savings and spending accounts by now. If your children are pursuing higher education, they may need accounts for daily living expenses and rent, especially if they are staying outside your home.


If your children are working, they may also need separate savings accounts for different savings goals – similar to the accounts you may have had as a young adult or newlywed. Now is the time to impart your wisdom and teach them how to choose the best account for their life stages! There are also fully digital savings accounts that can offer more convenience for your digital-savvy kids.  


You and your spouse may want to make adjustments to your own budgets and accounts as your children leave the nest, to suit your new savings goals.


Now’s the time to relax and enjoy your golden years. Although you may not be earning from work anymore, it can still be helpful to keep separate accounts for saving and spending. This will help you manage your retirement budget, so that you don’t use up your savings too quickly.


Aside from your regular living expenses, you may also want current accounts for your retirement goals – such as travelling or practicing a new hobby – or even discretionary spending for your grandchildren. 


Every individual is different, and the accounts you need at every life stage will be different from the ones your family and friends may need. With this guide, you can take the first step towards deciding what accounts suit your own lifestyle and goals.



This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.