A joint bank account lets 2 or more people manage their money from the same account. Couples in a relationship or family members often use joint bank accounts. But friends or housemates can open them together too.
Look for a joint account that has no account-keeping fees or fees for transactions or withdrawals. If you shop or travel overseas don't forget about international transaction fees.
Most joint transaction accounts let both account owners move money in and out of the account individually. But it's possible to set up some joint accounts to require approve from all account holders before doing anything.
This is quite useful for joint savings accounts. But not every bank offers this, so check before signing up.
Does the mobile banking app have any extra tools or features that'll help you manage the account, for example budgeting tools or spending summaries? These tools make managing your money jointly so much easier.
Some accounts offer things like cashback when opening the account or ongoing cashback offers when spending.
Choose an account that has the payment options you both want to use, for example if one of you prefers Apple Pay while the other prefers Google Pay, look for an account that offers both.
The best joint bank account for most people is one that gives you easy access to your money without too many fees.
Here are the winners of Finder's 2024 Bank Account Awards. We used 12 months' worth of product data and a rigorous methodology to determine these winners.
These accounts are all available as joint accounts.
Macquarie Bank Transaction Account
HSBC Everyday Global Account
Suncorp Bank Everyday Options Account
Joint bank accounts are incredibly useful. But they're not right for everyone.
"Opening a joint account can be much easier than you expect - my wife and both already had our IDs verified individually with the same bank, and it then only took a couple of clicks to have a joint account opened and activated."
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.
Before the account is closed check all the direct debits that come out of the account and update the bank account details (these are things like your Netflix subscription and phone plan).
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When used wisely, a debit card provides you with great flexibility when it comes to handling your everyday financial needs.
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