Compare joint bank accounts

What is a joint bank account?

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.

Types of joint account

• Joint transaction account. This a standard bank account for everyday saving and spending. Every account holder should also get linked debit card.
• Joint savings account. These accounts are designed for building up your savings and earning interest. You put money here and try not to spend it. You can link it your transaction account.
• Joint term deposit. Banks will also let you open a joint term deposit. With a term deposit you lock up the money for a fixed period. And over that term you earn a fixed rate of interest.

How to compare joint transaction accounts

Account fees

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.

Access options

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.

Account management tools

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.

Extra perks

Some accounts offer things like cashback when opening the account or ongoing cashback offers when spending.

Payment options

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.

What are the best joint bank accounts?

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

Read review

• This account was a Finder Awards winner for 2024.
• There are no international transaction fees and no overseas ATM fees, which is great if you like to travel.
• The money in your account earns interest, currently 2.75%.

HSBC Everyday Global Account

Read review

• This account finished highly commended in the 2024 Finder Awards in the best bank account category. It also won for best travel debit card.
• You can earn 2% cashback on tap and pay purchases, and with 2 people spending from the account you'll be able to boost the amount of cashback you earn.
• There are no international transaction fees, so if one or both of you like to travel you will save money on fees.

Suncorp Bank Everyday Options Account

Go to site Read our review

• Suncorp's Everyday Options Account also finished highly commended at this year's Finder Awards.
• You can open up to 9 mini sub-accounts linked to this account which can help you both manage shared expenses and budget for specific things e.g. a holiday fund.
• There are no international transaction fees, so if one or both of you like to travel you will save money on fees.

Pros and cons of a joint bank 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."

Michael Todd

Finder crew member

How to decide if a joint bank account is right for you

• Do you both spend money the same way? If one of you is more frugal with your money while the other loves to shop, you'll need to devise a spending strategy before opening an account together. It's a good idea to put together a budget that you're both comfortable with.
• Do you agree on your shared expenses? Some expenses are more obvious to define as shared expenses than others. You should agree on what expenses are shared and what expenses should remain individual expenses.
• Do you trust the other person? If you don't trust the other person to manage your money responsibly, then you might want to reconsider opening an account with them.
• Do you share the same financial goals? Opening a joint account will be much easier if you both have the same or similar savings goals in mind.
• How much money will you each contribute? Will you both deposit the same amount of money into the account each month or will one of you contribute more? For example, if one of you earns a higher salary you might decide they should contribute more.
• Will you keep a personal bank account as well? You might decide to open a joint account for your shared expenses and keep your individual bank accounts active for your own personal spending.

How to open a joint bank account

1. Start the online application. You can apply for the account on the bank's website. Select the joint account option when beginning the application and be ready to provide names and personal details of all account holders.
2. Verify your identities. All account holders will need to verify their identity using their driver's licence, passport or Medicare card.
3. Invite the other applicant. Depending on the application process, the bank may require one person to complete the application and then invite the other person to complete their section of the application.
4. Select how many debit cards you need. If you'd like all account holders to have their own debit card linked to the account, you can request this during the application process. When your account is approved, you'll each receive a debit card in the mail.

How do I close my joint 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.

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).

Frequently asked questions

• What if I have a dispute on a joint account?

  If the other account holder has made a purchase that you're not happy with, there is little that can be done. That's the risk of having a joint account. If there's a fraudulent transaction that neither of you has made, you should raise it with your bank immediately.

• Do we have to be married to open a joint account?

  No, you don't need to be married. Anyone can open a joint account together including married couples, de facto couples, friends or even roommates.

• How many debit cards will we receive?

  You'll usually receive one debit card for each account holder, however, you can request extras if you need.

• Can you convert your account to a joint account?

  Yes, you can add someone else onto your personal bank account if you'd like to convert it into a joint account.

• What types of joint accounts can I have?

  You can open a joint transaction account as well as a joint savings account or joint term deposit.

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To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten and reviewed by Serina Bird, a member of Finder's Editorial Review Board.

Written by

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise

Alison has written 626 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living