Joint Accounts

What is a joint account?

A joint account is just a bank account that is held in two people's names. Most commonly, a joint account will be held with your partner, or, when you get married, you might open a joint account as well. It just allows two people to access that money.

Do I need to be married to get a joint account?

You don't need to be married to get a joint account. You can open up a joint account with any other person that you trust to have access to your money. That might be a partner or it might even be a child, if you're happy for them to have access to some of your money. You definitely don't have to be married to open a joint account.

What are the benefits of getting a joint account?

The benefits of having a joint account are really if you have your finances tied to another persons. If you have joint bills, a joint mortgage or even joint household expenses, it means that you both have access to the one joint bank account to pay for those things.

What are the drawbacks of getting a joint account?

The main drawback of having a joint account is that your financial history becomes tied to that other person's. If they're not responsible with managing their money and they run up some debts, that's going to severely affect your credit rating. A joint account can also be difficult in the event of a relationship breaking down. Your finances are tied together and you will have to sort that out.