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Joint accounts

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Posted by cgm cgm
Message 1 of 3 880 Views

I'm deciding whether to open a joint account, but I don't really know how they work.

 

What are the risks and benefits of a joint account?

 

Do individuals have rights under a joint account?

 

Are these types of accounts more restricitive than an individual account?

 

Has anyone had a bad experience with a joint account that they would be willing to share?

 

 

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Re: Joint accounts

Posted by PeteW PeteW
Message 2 of 3 874 Views

I think the most important thing to consider @cgm (as obvious as it is) is that both account holders have full access to the account and the money within it. So I guess this could be both a risk and a benefit depending on who puts more money in and who's spending it Smiley Very Happy But seriously, it's somethign to be mindful of.

 

There is however an option with some accounts to have a '2 to sign' requirement which means that both account holders need to authorise cash transfers/withdrawals, account closures, etc.

 

Will wait to see if anyone has stories to share about their joint account experiences.

 

 

 

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Re: Joint accounts

Posted by cgm cgm
Message 3 of 3 856 Views

Good points to be mindful of.  Thanks @PeteW.

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