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Why would I open a joint account?

You may wish to open an account at a bank or building society jointly with another person with whom you have a financial partnership, such as your spouse or partner. For example, you might want to open a joint account with a spouse/partner or household member for the purpose of joint savings, mortgage payments, rent payment or other common and shared expenses. In these situations you may be quite happy to join your funds together as this reflects the trust that you have with each other. In this case, both owners of the account are willing to risk any loss caused by the other owner’s activities.

  • You may want to open an account jointly for the following reasons:
  • You may have a regular expenditure which is shared between the account holders, such as mortgage repayments or rent, and utility bills, such as heating, electricity or telephone
  • Pooling your money together can make budgeting easier
  • Pooling your savings together can make creating a joint savings plan easier
  • If one of you is away for an extended period of time, such as on a long holiday, this arrangement can allow the other parties to manage the finances temporarily 

Please note a joint account is not appropriate if you are unwell or are finding it difficult to manage your finances on your own. There are other more appropriate options in these situations, such as an enduring power of attorney.

It is very important to have a discussion with the other account owners. In this discussion you should agree clear ground rules about what the money in the account is for and you should communicate your shared expenditure and savings goals. It is also important that you state these intentions clearly to the representative of your bank or building society and that these intentions are recorded in writing by the representative.

University College Dublin (UCD)National Centre for the Protection of Older People (NCPOP)Health Services Executive (HSE)Older People's Empowerment Network (OPEN)
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