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Joint bank accounts
A joint bank account can help you manage shared expenses and bills or save for a common goal. You can open one online for free in just a few minutes.
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Joint bank accounts are great if you have shared expenses with another person or even several people, such as a partner or roommates. In this guide you’ll learn about the different types of joint accounts available in Australia, the steps to set one up and what to consider before going ahead.
You can also compare some joint bank accounts in our comparison table below and apply online for free in less than 10 minutes.
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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.
Types of joint accounts
You can open a joint transaction account, savings account or even a joint term deposit in Australia. The best joint account for you will depend on how you pan to use the account.
Joint transaction accounts
A joint transaction account is a regular everyday bank account that you can use for everyday purchases and spending. Each account holder will have their own debit card linked to the account to make purchases. Each account holder will be also able to log in to the account using Internet banking or via the mobile banking app, to see all the transactions made and to transfer money.
Just like a regular bank account, you can set up direct debits for shared regular expenses like rent or your monthly Internet bill so the money is automatically debited from the account. If the bank supports Apple Pay, Samsung Pay or Google Pay you can also use these digital wallets to make contactless purchases with your smartphone.
Joint savings accounts
A joint savings account is the same as a standard savings account, except it can be held in more than one name. You can both transfer money into the savings account and earn interest on your balance, provided you meet the account conditions. To earn the highest interest rate on the account, you’re usually required to deposit a certain amount each month and make limited to no withdrawals. A joint savings account is a great way to save for a shared goal, for example a holiday or even a house deposit.
Joint term deposit accounts
A term deposit is a type of savings account that allows you to deposit a certain amount of money and lock it away for a length of time that you choose, while earning a fixed rate of interest. If you open a joint term deposit with someone else, you’ll be need to both decide how much money you’d like to deposit and choose your term length from one month to up to five years.
A joint term deposit is a good way to save for a shared goal or to use as a safe investment while you both don’t need to access the funds. When the term deposit matures, you’ll receive your money back plus your interest.
How to compare joint accounts
Use our comparison table above to compare a range of joint transaction accounts, savings accounts and term deposits. These accounts are all able to be opened in more than one name.
If you’re opening a transaction account look for one with low or no account keeping fees, ATM fees or transaction fees. If you’re opening a joint savings account look for one with a high interest rate and monthly deposit and withdrawal conditions you can easily meet. When comparing term deposits, you should look for a term length that suits you both that also offers a competitive interest rate.
Benefits of opening a joint account
- 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.
- Save together. If you’re saving for a shared goal, such as a house deposit with your partner, having a joint savings account is a great way to stay motivated and encourage each other to save.
- 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.
- Meet savings account conditions. Some savings accounts require you to deposit a large amount of money each month in order to earn the highest interest rate. With more than one person contributing to the account, it’s easier to meet this deposit condition.
Joint bank accounts come with some risks
- 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.
- Loss of privacy. Everyone whose name is on the account will have easy access to the account online and will be able to see the transaction history of all account holders.
HSBC Everyday Global Account
Special offer: $100 cash bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases (T&C's apply).
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.
Should you open a joint bank account?
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
Once you’ve considered all the points listed above and have agreed on a budget and/or savings goal, you can follow these steps to open an account.
- Compare accounts. Use our comparison table above to compare a range of joint transaction, savings and term deposit accounts. When you’ve decided on an account, click the “Go to site” button where you can complete the online application process.
- Complete the online application. You’ll need to select the joint account option when beginning the application and provide names and personal details of all account holders.
- Verify your identities. All account holders will need to verify their identity using their driver’s licence, passport or Medicare card.
- 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.
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Ask an Expert
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 us.
With regards to your concern on the tax implications, you may want to check out this page on How is Interest Taxed on My Savings Account.
With regards to 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 want to check out this page on Children’s Savings Account as it may be possible to open one for your 14-year old. 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.
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 here. 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, simply click on the green ‘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.
We have a joint account, twice a month there are 2 payments of $600 going to a separate mortgage account from the joint account. If i pay $600 at month and my partner pays 2 payments $300 how would this make a difference between our payments to the mortgage as the input is too a joint account and the correct amount is drawn by the mortgage account, the branch assistant says she is making 2 payments a month and therefore paying more than I am, but that’s rubbish as far as I am concerned, If i pay $1000 into the joint account only the same set amount will go to the mortgage irrespective. I feel we have been given misleading information.
If the money we both pay went directly into the mortgage I would agree with the assistants comments but not in this case. Assistance please. Regards.
Hi Revder,
Thanks for your question, though I’m not too sure if I understand the situation correctly.
Are the mortgage repayments being deducted from your joint account twice a month rather than once a month?
Cheers,
Shirley
hi. we have an account when we can only withdraw with both signatures. do we need to be at the bank together to do that, or could we go to different branches? Thanks
Hi Sveta,
Thanks for your question.
Yes you need to be in the same branch to do that so you can show ID etc together.
Cheers,
Shirley
I need a joint savings account for a few months to collect money and then withdraw to pay for an even, and then close account. Is this something one would do? When I say joint, I mean someone else can access the money if I happen to be incapacitated or die. How much would such an account cost?
Hi Carole,
Thanks for your comment.
As a financial comparison service, we can’t actually recommend any one service, strategy or product to our users as the ‘best’ option will always depend on their individual financial circumstances. The costs associated with a joint bank account will also vary according to which card you choose.
I would suggest you consider your financial situation and needs and compare these factors with the joint bank accounts available in the market. By completing such a comparison, you will be able to make an informed decision based on your specific needs.
I hope this has answered your question.
Thanks,
Sally
hi there,
my partner and i are wanting to open up a joint savings account and would like some guidance, we not live in different countries so it is a bit difficult, he is american and i am australian,
do we just open up an account in either one of the countries?
Hi Andy,
Thanks for your question.
Generally, Australian banks only allow overseas account holders to open accounts if the cardholders is moving to Australia in the near future.
You may need to research some US banks with your partner to confirm whether overseas and domestic account holders can share accounts there.
I hope this has helped.
Thanks,
Sally
I am looking to open a joint account with three parties listed, do any of the banks offer this type of account ?
Hi Robyn,
Thanks for your question.
Since it’s an industry standard that bank accounts allow up to two joint account holders, we don’t know of any banks that allow more than 2 joint account holders.
However, with some accounts you may be able to add a ‘signatory’ which allows someone else access to the account (you certainly can with Business accounts).
Cheers,
Shirley
hi which bank can i open up an account with my daughter so that we can both access it
Hi Tanya,
Thank you for contacting finder.com.au, a financial comparison website, we are not able to offer personalised advice or recommend a product to you however we can offer generalised advice on your query.
In order for both parties who are named on an account to have open access to the funds you will need to apply for an account that either party can sign, all the above accounts are able to be accessed via ATMs and most would allow you to get an additional card with the account to allow both parties to have ATM access.
It would be best to use the above comparison to see which account best suits your needs then contact the bank directly, through the “Go to site” button, to discuss your specific wishes.
Regards
Jodie