A joint account allows two or more people to share access to the same account. Joint ownership is established when the account is opened, and you can choose how transactions are authorised – for example, whether all people can transact freely, or whether multiple approvals are required.
When they're commonly used
Joint accounts are commonly used by:
- Partners or spouses
- Family members
- Housemates managing shared expenses
As all account holders are equally responsible, it’s important that everyone is on the same page when setting up the account. For example, what the account will be used for, how much each person will deposit and how regularly, and when and how transactions will be authorised.
What are the benefits?
-
Allows shared visibility of spending and account activity, so everyone can see how money is being used.
-
Can make managing bills, expenses, and shared savings easier by keeping everything in one place.
-
Provides continued access to funds if one account holder passes away, helping avoid interruptions to everyday banking.
Things to consider
-
All account holders are equally responsible for the account.
-
Transactions made by one account holder affect everyone on the account, including transactions you may not be aware of.
-
Having multiple account holders can increase financial risk, so it’s important to regularly review your account activity and contact the bank if you have concerns or if a relationship changes.