Comparing joint bank accounts is all about looking at your financial needs and deciding which deal best fits your needs. Savvy helps you in your decision-making journey by explaining the different features of joint accounts, and how you can use them to make your life simpler. By bringing you clear and easy-to-understand comparison information, we can help you find a joint account that’s a perfect fit for you and your busy lifestyle.
Joint bank accounts function in the same way that single-entity accounts do. They have all the functionality that you’d expect to find with a standard savings or transaction account. Their key difference is that more than one person owns the account and has access to the funds in that account.
There are various types of joint account available depending on the banking needs of the customer. A few common examples include:
Comparing different types and features of joint bank accounts with Savvy through our free-to-use comparison service can help you find the account that’s just right for your personal needs.
If you’re wanting to open an everyday transaction account
If you need a savings account
No – a joint account between two consenting adults will usually offer equal rights to both parties (such as a standard ‘one’ or ‘either to sign’ joint account). However, there are joint accounts where one of the signatories is the primary account holder and others are secondary holders who may have a debit card linked to the account but have limited account authority. In such an example, only the primary account holder may be able to close the account or make withdrawals over a certain limit.
Such an arrangement may be appropriate if a parent opens a joint account for their teenager, or for a student who is travelling overseas. They may want to be able to get money to their child in an emergency, but don’t want the teen to be able to make withdrawals over a certain limit or to close the account.
In business situations, a company director may grant themselves full access to the company joint business account and grant a company accountant, secretary or financial officer ‘create and update’ authority, but not ‘approve’ authority. This would mean the finance officer could create and input a batch of salary payments, for example, but only the director could authorise the payments to leave the account.