Joint Account

What is a 'Joint Account'

A joint account is a bank or brokerage account that is shared between two or more individuals. Joint accounts are most likely to be used between relatives, couples or business partners who have a level of familiarity and trust for each other, as this type of account typically allows anyone named on the account to access funds within it.

BREAKING DOWN 'Joint Account'

Joint accounts can be established on a permanent basis, such as an account between a couple where their salaries are deposited, or may be temporary, such as an account between two parties who contribute funds for a short-term purpose. In the event of a death of one of the account holders, the remaining account holders will have sole access to the funds, as well as any debts associated with the account.

RELATED TERMS
  1. Money Market Account

    An interest-bearing account that typically pays a higher interest ...
  2. Savings Account

    A deposit account held at a bank or other financial institution ...
  3. Joint

    A legal term describing a transaction or agreement where two ...
  4. Linked Savings Account

    Any type of bank savings account that is linked by account number ...
  5. Trading Account

    1. An account similar to a traditional bank account, holding ...
  6. Account Activity

    A banking term that refers to any activity that creates a debit ...
Related Articles
  1. Trading Systems & Software

    Broker Summary: Scottrade Online Trading Platform: Account Types And Minimum Deposits

    Scottrade offers investors and traders a variety of investment and banking account types from which to choose. Most accounts can be opened online, although some require completion of physical ...
  2. Savings

    Explaining Checking Accounts

    A checking account is an account at a financial institution, usually a bank, that allows for deposits and withdrawals.
  3. Credit & Loans

    What is an Account Balance?

    An account balance represents the total amount of money in a financial account at any given moment.
  4. Executive Compensation

    Accountant: Job Description & Average Salary

    Discover what the job description of an accountant entails, along with education and training, salary and skills necessary for success.
  5. Budgeting

    3 Ways to Manage Money as a Couple

    Start your marriage off right: Decide how you will set up your accounts, create a household budget and don’t forget savings and retirement.
  6. Investing Basics

    A Day In The Life Of An Accountant

    An analysis of the accountant profession, who becomes an accountant, what they do, where they work, and salary ranges.
  7. Savings

    Understanding Savings Accounts

    A deposit account held at a bank or other financial institution that provides principal security and a modest interest rate.
  8. Professionals

    Career Advice: Financial Analyst Vs. Accountant

    Read an in-depth comparison between a career as a financial analyst and a career as an accountant, including how to determine which is best for you.
  9. Forex Education

    Forex Broker Summary: Saxo Bank - Account Types And Requirements

    Saxo Bank offers three different types of accounts, ranging from its basic classic account to its advanced premium account. The primary differences between the accounts - other than the minimum ...
  10. Economics

    What is a Capital Account?

    Capital account is an economic term that refers to the net change in investment and asset ownership for a nation.
RELATED FAQS
  1. Why would you keep funds in a money market account and not a savings account?

    Read about the differences between money market accounts and savings accounts, and see why a depositor would elect a money ... Read Answer >>
  2. What determines the interest rate in my money market account?

    Placing funds in a money market account may provide a higher interest rate than a savings account due to the underlying securities ... Read Answer >>
  3. What is the difference between the current account and the capital account?

    Learn how to differentiate between the capital account and the current account, the two components of the balance of payments ... Read Answer >>
  4. What are the primary disadvantages of forming a joint venture?

    Learn the disadvantages to forming and maintaining a joint venture partnership, including factors business owners should ... Read Answer >>
  5. Does it make sense for me to have a money market account if I don't want to buy any ...

    Saving funds within a money market account or mutual fund does not have to be limited to those wanting to buy or sell securities ... Read Answer >>
  6. What's the difference between the current account and the capital account?

    Learn the difference between the current account and capital account in the balance of payments. Compare and contrast their ... Read Answer >>
Hot Definitions
  1. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  2. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
  3. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  4. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
  5. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
  6. Weighted Average Cost Of Capital - WACC

    Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is ...
Trading Center