A joint bank account is a transaction or savings account held in more than one name, allowing multiple people to access the account. These accounts are generally used by family members, couples or business partners who share expenses such as rent and bills as well as common everyday living costs. Both account holders will have access to the account, and you can order your own debit card each too.
Generally joint accounts will be set up to allow either account holder to make transactions freely. However, some accounts will have the options to require both account holders to sign or give permission before one person can withdraw money or make a transaction. These are less common, and you'll typically need to set this up specifically with the bank if you'd like it this way.
Consider the following features when choosing which joint account may be best for you.
Like any bank account, you want to choose a joint account that has no account keeping fees and no fees for transactions or withdrawals.
If you want a joint account that requires both people to sign or approve all transactions, check with the bank first that this can be implemented (most joint accounts will allow complete freedom of access for both account holders).
It's super handy to have access to your joint account via a mobile banking app so you can easily and quickly keep an eye on spending and transactions at any time, wherever you are.
Does the mobile banking app have any extra tools or features that'll help you manage the account, for example budgeting tools or spending summaries?
Some accounts offer things like cashback when opening the account or ongoing cashback offers when spending.
If you or you're joint account holder is often overseas, look for a joint account that has no international transaction fees.
Choose an account that has the payment options you both want to use, for example if one of you prefers Apple Pay while the other prefers Google Pay, look for an account that offers both.
There isn't one joint account that is 'best', as it depends how you'll be using the account. Here are a few of our top picks for joint bank accounts, and why we like them.
Suncorp Everyday Options Account
Remember, these are just a few of our picks, but they may not be the best choice for you.
My husband and I have a joint bank account for our regular household expenses and personal accounts for our pay and savings. I've found the joint account helps us both budget for regular bills, groceries and other costs we share. It also makes it easier for me to see how much I have left over for savings or anything I want to buy for myself.
Amy Bradney-George
Senior Writer, Credit Cards
If you're considering opening a joint bank account with your partner, friend, relative or business partner, here are some questions to ask yourself first.
If the account has an 'either party to sign' requirement you can close the account on your own by simply contacting your bank. However, if the account has a 'both to sign' requirement you'll also need the other party's signature to close the account. If the other party is unwilling to close the account you can request for the bank to freeze it.
Before the account is closed check all the direct debits that come out of the account and update the bank account details (these are things like your Netflix subscription and phone plan).
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Hi,
I have a joint bank account with my mother which has a very substantial amount of money in it.
My question to you is, if my mother was diagnosed with a horrendous condition such as dementia or terminal cancer, can a public trustee gain access to our money at all?
Also, my mother lives with me. We own our home with my name being the first name on the title for the house. Basically, I do all the financial responsibilities every day.
Hi Adrian,
The answer to your question depends on the terms and conditions of your joint account.
However, generally speaking, if the account has a right of survivorship, all the funds pass directly to the surviving owner. If not, some of the portions of the fund may be distributed to her estate.
I highly recommend you speak to your bank representative to get specific answers.
Regards,
Alison
With a joint bank account – if one person dies, will the other nominee be able to carry on as normal, or is the account frozen for estate purposes.
Hi Kay,
Thank you for getting in touch with finder. If the bank account is held jointly, ownership of the account will be transferred to the surviving account holder. The account will continue to function as normal. However, I also read that there’s a chance that the bank will ordinarily “freeze” the funds until probate has been granted and an executor is appointed to distribute the assets of the estate. Banking institutions have different rules when it comes to account holders accessing jointly held funds. Some bank accounts require the signature of both account holders to withdraw funds, but many do not. Often the account holders themselves will be able to choose upon opening the account. So you need to check how your joint account is set up.
I hope this helps.
Have a great day!
Cheers,
Jeni
I would like to open and save $50 a month for each of my children who are 14 and 18, but I do not want them to know about this.
They have $3000 each to invest. I would like to continue to invest $50 each on their behalf for the long term and not access the accounts.
Should I open the accounts in their names? Should they be joint accounts with me? What are the tax implications ? Would the accounts be exempt from tax? I obviously want to maximize profits for my children.
Hey Emma,
Thank you for reaching out to Finder.
Regarding your concern on the tax implications, you check our guide on How is Interest Taxed on My Savings Account for more details.
When opening a bank account under their name, it’s possible that they would be made aware of it as a joint account holder either upon application or in the time that the account is open.
You may compare your option from our list Children’s Savings Account. It would be best to consult with your preferred bank directly on the options to open an account with your preferences for your 18-year old.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Best,
Maria
Hi,
My boyfriend and I are looking to open a joint account but don’t want to use either of our banks (ING and NAB)
It seems like a lot of these need linked everyday accounts,
Can you please clarify the ones that don’t need a linked account?
Thank you,
Hi Chelsea,
Thanks for your inquiry.
Yes, there are actually (joint) savings accounts that do not need a linked transaction account and you can compare your options on our savings accounts page. I’d encourage you to play with the calculator (on top of the table) to see which account can give you high-interest earnings. Once you have chosen an account you wish to apply to, simply select the ‘Open’ button to head over to the bank’s website.
I hope this has helped.
Cheers,
May
I have a ANZ account and my partner wants to join in with my account as a joint account.cam I go to the bank and fill out a form and get him to sign. Then I bring it to the bank to get a new card
Hi Dianne,
Thanks for your question.
If your partner is a new customer to ANZ he will need to verify his ID in a branch or Bank@Post location. You can grab the forms but your partner will need to come into the branch anyway.
Hope this helps.