What is a joint bank account & is it right for You?

What Is a Joint Bank Account and Is It Right for You? A joint bank account generally works like any other checking or savings account. The difference is that two people—married or unmarried partners, parent and child, senior and caregiver—own the account and both have full control over it.

Do you need a deposit to open a joint account?

Some banks require an initial deposit to open a joint account, but many banks do not. Additionally, some banks let you convert existing checking accounts into a joint account by providing information for the new account holder. Many banks, especially online banks, let you open a joint checking account online.

How do joint bank accounts work?

Joint bank accounts work similarly to other bank accounts. Joint checking accounts work like checking accounts, letting you write checks and use a debit card. Joint savings accounts work like traditional savings accounts, keeping your money safe and paying interest.