A bank account which is shared by two or more people is known as a joint account. This type of an account is generally used between couples, relatives or business partners. People who are named on the account are allowed to access the funds within the account. Such an account is is extremely convenient for those who wish to share the expenses.
More about Joint Account
A joint account can be established on both temporary, such as for a short term purpose and permanent basis, such as for couples for depositing their salaries. In case any one of the account holder dies, the remaining account holder(s) will have the access to the funds and also to the debts associated with the joint account.
An important note!
Opening up a joint account makes sense only in the right situation. It is important to make sure that the channels of communication are open and you are ready to deal with any sort of problem, while you are planning to open a joint account with your spouse, child or aging parent(s). It is essential to discuss the issues related to saving and spending habits now, so that you can be saved from the future problems!
