Everything You Need to Know About a Joint Account
Joint Account: A joint bank account can be a valuable financial tool for a variety of situations and typically functions the same as a savings or checking account. Managing your finances with another person, like a partner or spouse, parent, or kid, in a joint account will help easily handle your finances without any confusion.
A bank account of this type will help people develop sound financial practices, as well as take responsibility for effectively dealing with finance. With a joint account, you can avoid regular transfers of funds to your partner’s account. Both account holders can deposit and withdraw money, shop and pay, and save money.
What Is a Joint Account?
A bank account opened and shared by two or more people is a joint account and is similar to a savings account in operation. Spouses, relatives, couples, and even business partners, who trust each other open this bank account. The convenience of making deposits, writing cheques, paying or transferring funds, and using a debit card is enjoyed by each account holder.
Read also: Can Bitcoin Be Exchanged for Real Money?
For instance, DBS/POSB allows you to open a joint account right away online, without visiting its branch. Nonetheless, you can choose an account that suits your needs.
What Are the Features of a Joint Bank Account?
Some of the features of a DBS/POSB joint account are:
Open the account online
The process of opening a joint account is the same as opening a savings account. You do not have to visit the bank with your partner in person for the purpose. All you need to do is to download and fill out the application form with essential details and pay the initial deposit.
Hold funds in one account
With a joint account, the account holders can have their money parked in one place, allowing quick and easy payments of credit card bills, taxes, mortgages, and EMI by any account holder. It helps each of the joint account holders to keep track of payments and manage finances.
View the account statements jointly
The account holders can view the account statement showing the expenses and deposits.
Offers free FX conversions
You can trade multiple currencies with a DBS My Account joint bank account. The joint holders can hold as many as 12 currencies and convert them without a conversion fee.
Various Benefits of a Joint Account
A joint account’s main advantage is that sometimes having two or more joint accountholders is beneficial to have just one. Some benefits of having a joint bank account for different types of relationships are:
- Couples or spouses can save money by putting their resources in a joint bank account for a shared expense, like a mortgage or utilities, or to pay for a shared objective, like a vacation.
- Business owners can easily share financial obligations like purchasing office supplies and paying suppliers with this account. If the applicants do not want to maintain a minimum balance in their account but want to trade in foreign exchange can choose My Account, a joint account from DBS/POSB. It helps you open an account with no initial deposit and deal in 12 currencies with no conversion fees.
- With a joint account, parents can teach their children sound financial practices. It enables them to keep an eye on transactions and spending patterns while also teaching their children how to handle debit cards. Joint bank accounts for parents of children studying in a college will help make quick money transfers for incidental expenses.
For instance, My Account with Child is a joint account from DBS, which allows the guardian or parent to trade in 12 foreign currencies, free of FX conversion charges. With it, a child will learn to spend judiciously and save money.
Being a joint-alternate account, a joint account, indicates that neither party needs the other’s permission to access it for any financial transactions.