The BBA is the voice of the banking industry for all banks who operate within the uk
Understanding joint accounts
08/01/2007
Joint accounts can be very useful where the finances of two (or more) people are closely linked, but it is essential that the account holders know exactly what their rights and responsibilities are. This BankFact deals with some of the most frequently-asked questions.
What is a joint account?
An account which is opened in the names of more than one person.
Why should I need a joint account?
It can sometimes be convenient for more than one person to be able to sign cheques alone to pay, for instance, household bills. An example of this would be where one of the joint account holders is away from home for extended periods of time. In this case you would need to instruct your bank to accept the signature of any one account holder alone.
It can also be useful to ensure that funds are only paid from the account provided both or all account holders have signed the instructions to the bank. In this case you would need to tell your bank that it could only accept instructions to pay money away (including cheques) if all the account holders have signed.
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