Joint bank accounts

What is a joint bank account?

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 option 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.

How to compare joint transaction accounts

Consider the following features when choosing which joint account may be best for you.

The account fees

Like any bank account, you want to choose a joint account that has no account-keeping fees or fees for transactions or withdrawals.

Access options

If you want a joint account that requires both people to sign or approve all transactions, check with the bank first to ensure this can be implemented (most joint accounts will allow complete freedom of access for both account holders).

Online account access

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.

Account management tools

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?

Extra perks

Some accounts offer things like cashback when opening the account or ongoing cashback offers when spending.

Overseas fees

If you or you're joint account holder is often overseas, look for a joint account that has no international transaction fees.

Payment options

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.

What are the best joint bank accounts?

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.

HSBC Everyday Global Account

• This account was a Finder Awards winner for 2023 and 2022.
• You can earn 2% cashback on tap and pay purchases, and with 2 people spending from the account you'll be able to boost the amount of cashback you earn.
• There are no international transaction fees, so if one or both of you like to travel you will save money on fees.

Suncorp Everyday Options Account

• You can open up to 9 mini sub-accounts linked to this account which can help you both manage shared expenses and budget for specific things e.g. a holiday fund.
• There are no international transaction fees, so if one or both of you like to travel you will save money on fees.

Macquarie Transaction Account

• This account was a Finder Awards winner for 2023.
• There are no international transaction fees and no overseas ATM fees, which is great if you like to travel.
• The money in your account earns interest, currently 4.75%.

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

Pros and cons of a joint bank account

Pros

• Easily manage joint expenses. It's handy to have a joint bank account if you regularly need to pay for joint expenses, such as groceries or household items. This way you won't need to transfer money back and forth to one another or constantly send IOUs; you can simply use the joint account.
• Individual access to the account. Each account holder will receive their own debit card that's linked to the joint transaction account, so you can make joint purchases without the others being present. You'll also receive your own logins to the account online.
• Easily manage bills. With all the money in one place, it makes it a lot easier for couples to manage their personal finances, pay rent and other bills.

Cons

• Both parties can access the money. Because you both have complete access to the account, either person can spend the money. This is why it's important to open a joint account with someone you trust.
• Overdraft facility. If your joint account has an overdraft facility available, it means you can spend more money than what's available in the account forcing your balance to go into the negative. Even if you didn't spend the money, you're both liable to repay the money and your credit score may be affected if you can't.
• Division of funds if you separate. If you separate from your partner, dividing the funds in the joint account can be a messy, awkward task. Also, there's nothing to stop the other person from clearing out the account entirely (unless you’ve set it up that all account holders need to approve).
• Loss of privacy. Everyone whose name is on the account will have easy access to the account online and can see the transaction history of all account holders.

Michael Todd's tip

Opening a joint account can be much easier than you expect - my wife and both already had our IDs verified individually with the same bank, and it then only took a couple of clicks to have a joint account opened and activated.

— Michael Todd, Finder crew member

How to decide if a joint bank account is right for you

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.

• Do you both spend money the same way? If one of you is more frugal with your money while the other loves to shop, you'll need to devise a spending strategy before opening an account together. It's a good idea to put together a budget that you're both comfortable with.
• Do you agree on your shared expenses? Some expenses are more obvious to define as shared expenses than others. You should agree on what expenses are shared and what expenses should remain individual expenses.
• Do you trust the other person? If you don't trust the other person to manage your money responsibly, then you might want to reconsider opening an account with them.
• Do you share the same financial goals? Opening a joint account will be much easier if you both have the same or similar savings goals in mind.
• How much money will you each contribute? Will you both deposit the same amount of money into the account each month or will one of you contribute more? For example, if one of you earns a higher salary you might decide they should contribute more.
• Will you keep a personal bank account as well? You might decide to open a joint account for your shared expenses and keep your individual bank accounts active for your own personal spending.

How to open a joint bank account

1. Complete the online application. You can apply for the account on the bank's website. Select the joint account option when beginning the application and be ready to provide names and personal details of all account holders.
2. Verify your identities. All account holders will need to verify their identity using their driver's licence, passport or Medicare card.
3. Select how many debit cards you need. If you'd like all account holders to have their own debit card linked to the account, you can request this during the application process. When your account is approved, you'll each receive a debit card in the mail.

How do I close my joint account?

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).

Frequently asked questions

• What if I have a dispute on a joint account?

  If the other account holder has made a purchase that you're not happy with, there is little that can be done. That's the risk of having a joint account. If there's a fraudulent transaction that neither of you has made, you should raise it with your bank immediately.

• Do we have to be married to open a joint account?

  No, you don't need to be married. Anyone can open a joint account together including married couples, de facto couples, friends or even roommates.

• How many debit cards will we receive?

  You'll usually receive one debit card for each account holder, however, you can request extras if you need.

• Can you convert your account to a joint account?

  Yes, you can add someone else onto your personal bank account if you'd like to convert it into a joint account.

• What types of joint accounts can I have?

  You can open a joint transaction account as well as a joint savings account or joint term deposit.

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Serina Bird is a proud frugalista who has amassed a multi-million dollar portfolio through frugal living and investing. She is the author of several books, including How To Pay Your Mortgage Off in 10 Years, The Joyful Frugalista and The Joyful Startup Guide, and host of The Joyful Frugalista podcast.

To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten and reviewed by Serina Bird, a member of Finder's Editorial Review Board.

Written by

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise

Alison has written 651 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living