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Bank accounts glossary

Joint Account

A joint account is a bank account that is opened in the names at least two people.

Joint accounts can be opened for current accounts, savings accounts, personal loans, and mortgages. They can be set up to operate with just one, or all of the signatures required.

Joint accounts are most useful when the account holder’s finances are linked closely, for example if they are living together.

However, there are also combined responsibilities - in that the actions of one of the account holders can affect the other(s).

Credit card accounts operate differently, typically having a principal cardholder along with secondary or additional cardholders and therefore not a joint or combined structure. In most cases only the principal cardholder is responsible for repaying the credit card debt.


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