Joint accounts are great for partners who share money or want to pay bills from a single account. Before you begin the process of signing up to a joint bank account, here’s the things you need to think about. 

How to open a joint account 

The process of opening the account is almost exactly the same as opening a solo account. 

Any named person will need to fill in an application form and provide proof of address and identity. You’ll also need to sign a mandate when you open the account, agreeing to any permissions and authorities set up on the account. 

Am I eligible for a joint account? 

If you have a permanent address in the US and are over 18, then you’ll be eligible for most joint accounts. 

Your application may be subject to a credit check for everyone who is planning to have access to the account. If those you’re sharing an account with have problems on their credit report, then this may impact your chances of securing an account. 

Who can access the account? 

Any named person associated with the account will be able to access it, transfer money in and withdraw money out. 

If you’re the sort of person who likes more control over your account, then look for a one that allows you to set some rules and restrictions. Some accounts can be set up so that permission must be requested from each named person before a transaction is made. 

What does a joint account mean for my own finances? 

Lenders can take the other person’s financial conduct into consideration when deciding whether or not to grant you access to certain products. 

It’s important to make sure that whomever you open an account with has a good grip on managing their money because it can impact your ability to secure affordable finance in the future.