Bank accounts with three or more people

Open a 3-person joint bank account if you want multiple people to access the account.

Joint bank accounts are mostly used by two people, for example couples. However, you can also open a joint bank account with more than two people. For example, you can open a three-way joint account, a four-way joint account or have even more people than this. This guide will outline the benefits of opening a bank account with multiple people, and how to apply for one online.

Bank accounts that allow more than two account holders

Rates last updated October 17th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
NAB Classic Banking
Visa
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.
MyState Everyday Account
Visa
$0
$2,000
A flexible option for day-to-day spending.
$6 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month or are 23 years or under. Apple Pay, Google Pay, Samsung Pay available.
NAB Classic Banking with Platinum Visa Debit Card
Visa
$0
$0
$10 cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance.
$10 monthly account fee.
Receive $10 cashback when you spend $1000 on contactless purchases. Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria.
Commonwealth Bank Smart Access
Mastercard
$0
$2,000
Get unlimited CBA electronic transactions using internet banking, phone banking, ATM and EFTPOS.

Compare up to 4 providers

How does a three-person joint bank account work?

A joint bank account is usually opened by two people, such as couples, to allow both people equal access to the account. A three-way joint account works in the same way: it's an everyday transaction account that allows three people to use the account. The account is held in three (or more) names. You can open a joint bank account with three people, four people, five people or even more than this.

Each account holder will have their own debit card linked to the account which will allow them to make purchases and withdraw cash at ATMs. Each account holder will also be able to access the account online via Internet banking or mobile banking, to transfer funds and keep an eye on transactions.

Here's a few reasons why you might want a joint account with more than two people

  • You want to share a bank account with your roommates to pay for shares living expenses and rent
  • You want a business bank account where multiple employees can make deposits and withdrawals
  • You want a bank account that all your family members can access in case of an emergency
  • You want a shared bank account with your friends to pay for an upcoming holiday

The need for more than two joint account holders most often arises in business situations, where partners, treasurers and other bookkeepers all need to be able to move money in and out of the account. In that case, you will either add them as signatories, or make them additional account holders. In the case of youth accounts, it is not uncommon to find both parents listed as account holders as well as the child. This ensures that in the event that one parent is absent, the account is still accessible.

How do I compare savings accounts that allow multiple joint holders?

If you want to open an account with two or more others, consider the following when comparing your options:

  • Account keeping fees. Look for an account with low or no monthly account keeping fees.
  • Transaction fees. With several people accessing the account, there may be a lot more transactions than with a single account. Make sure you're not charged any unnecessary transaction fees.
  • ATM fees. Look for an account that offers fee-free ATM withdrawals, so you're not hit with a fee each time one of the account holders withdraws some cash.
  • Easy online access. Make sure the account is easily accessible for everyone on the account, for example with an easy-to-use mobile banking app.
  • Number of linked debit cards. If there's more than two people requesting a linked debit card, make sure you're not charged extra fees for the additional debit cards.

What are the pros and cons of having a joint account with multiple people?

Pros

  • Easier money management. If you share a lot of expenses with a number of people, it can be easier if you all have access to the one bank account to manage these.
  • More transparency. Because you can all access the account online it's easy to see who is transferring or withdrawing money, and for what.
  • In the event of emergency. With more than two joint holders, there should always be a way to access the account even if one person were to become unavailable for any reason.

Cons

  • Less security. With others having access to your funds, you put yourself at risk of others withdrawing your money without your consent.
  • Management. With multiple individuals making deposits and withdrawals into your account you may find it difficult to keep track of the balance.

How to open a 3-way bank account

When you've selected an account from the table above, click "Go to site" to complete the online application process. Each account holder will need to verify their identity using their passport, driver's licence or Medicare card details. Each account holder will also need to provide their Australian residential address.

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8 Responses

  1. Default Gravatar
    LuluNovember 16, 2017

    My dad, brother and sister and I are seeking to open a joint account to save for a home loan. We’ve been living together for over 30yrs. Is there a way we can all access the account and only withdrawal with all signatures or something similar to this.

    • finder Customer Care
      JudithNovember 17, 2017Staff

      Hi Lulu,

      Thanks for your question. I hope you are doing great today.

      Usually, there is a type of joint account wherein all account holders or signatories would sign before any transactions should be done. You may discuss it with the listed options on the page you’re viewing. When comparing options, please make sure to take time in reviewing the relevant details as well as the Product Disclosure Statements / Terms & Conditions of each so you would be able to choose the one that would suit your needs.

      I hope this helps.

      Cheers,
      Judith

  2. Default Gravatar
    MelissaJuly 30, 2017

    We are owners of a residential unit that has a Body Corporate. We are looking for a suitable account for our Body Corporate to handle the finances with. We would like an online access account with no monthly fees or minimum deposits. Also we would like all four unit owners to have access to the online account, to have a visual on what goes on, but to nominate only the treasure, for example, to be able to make withdrawals. Can you advise on the best product for us to search for? Plus any other tips? THanks

    • Default Gravatar
      LiezlJuly 31, 2017

      Hi Melissa,

      Thanks for your question.

      While we are unable to recommend a particular product or bank, you may check this page for the list of banks who offer accounts for non-profit organisations. Moreover, the banks listed on this page might be able to set-up a savings account for you. Although I’m unable to give personal advise, you might find those body corporate banking articles I sent on your email helpful.

      I hope this will help.

      Cheers,
      Liezl

  3. Default Gravatar
    KittykaosMarch 16, 2016

    My partner Is so bad with money that we need an account where I can pay rent etc out of it before he can have access to any of it each pay day. What would you suggest?

    • finder Customer Care
      ShirleyMarch 16, 2016Staff

      Hi Kittykaos,

      Thanks for your question.

      You can opt for a joint account that requires both of the account holders to sign before a withdrawal is made. You can also have your partner only deposit the rent into this account and leave the spare funds in his individual bank account.

      This is a common feature among joint accounts – just let the bank know this is an option you want.

  4. Default Gravatar
    RobertJanuary 4, 2016

    What is needed for a person who is not yet an Australian permanent residence to obtain a joint bank account with her husband who is an Australian by birth IE the 100 points She has passport from her country of birth, she has a telephone account in hers and her husbands name showing there place of residence, she has a library card, are these sufficient? If she needs more points could you please suggest what else would suffice.

    • finder Customer Care
      ShirleyJanuary 4, 2016Staff

      Hi Robert,

      Thanks for your question.

      Any other forms of identification with her photograph will assist. Also, in this case, it would be best to open a joint account within a branch as it makes the process a lot easier.

      Hope this helps,
      Shirley

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