We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
There's nothing that takes a relationship to the next level quite like opening a joint bank account.These are accounts that two people can deposit into and withdraw from. They're a great way to handle shared expenses such as bills, cars or house deposits. Most bank accounts can be set up as joint accounts, so it's important to find one that takes your financial goals into account and fits both of your spending and savings styles.Let's jump into comparing accounts and learning about the benefits and risks of joint accounts.
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.
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.
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.
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.
If this is what you're after, take a look at joint savings accounts in our guide.
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.
You can use our comparison table above to compare a range of transaction accounts, savings accounts and term deposits that are all able to be opened in more than one name.
Opening a transaction account? Look for one with no account keeping fees, ATM fees, or transaction fees. Planning on starting up 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.
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.
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.
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.
Finder's Cryptocurrency Report 2021 explores the rise of cryptocurrency, why Australians are investing, and trends underpinning its future.
Finder uncovered which myths and misconceptions about Bitcoin are most widely believed. We found 98% of Australians believe a Bitcoin myth.
We've rounded up the essential statistics on cryptocurrencies in Australia.
Build both your knowledge and Bitcoin wallet with this simple guide to trading.
Your comprehensive guide to the best bitcoin wallets, how they work and how to securely store your bitcoin.
Your guide to the factors affecting bitcoin’s value and what to look for when forecasting bitcoin price changes in the weeks and months ahead.
We've rounded up the essential statistics on Bitcoin.
Live exchange rates featuring the Australian dollar to bitcoin. Historic exchange rates - Calculate your money transfer to BTC.
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.
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