Set Up A Joint Bank Account

A monthly account fee waiver will also apply if you re under 25 years of age or you re a full time or part time tertiary student at an australian educational institution or undertaking an australian apprenticeship on student options.

Set up a joint bank account. You ll each have a debit card for spending and be able to take money out. 1 monthly account fee waived for accounts with at least 2 000 deposited each calendar month excludes bank initiated transactions. Joint bank accounts the pros and cons. With a joint account you will both have.

Under 19 and student accounts can t be made into a joint accounts. Natwest select our basic everyday banking account with the features you d expect from a standard account and no fee. Our reward current accounts earn 4 a month back in rewards for 2 or more direct debits 2 of those direct debits needs to be at least 2 each. Your own individual debit cards.

Manage collective household expenses like bills and rent or save up for something big however you feel like using it our joint account is designed to simplify shared spending. If you re applying for a new account you can add a joint account holder during your application online on the phone or in branch. Use of any benefits and features that come with the account. The money in a joint account belongs to both of you.

If you already have an account you can add or remove account holders by making an appointment at your local branch. A straightforward way of sharing money and managing living costs such as bills and mortgage or rent payments. Both account holders must be aged 18 or over. Joint accounts are covered by the financial services compensation scheme fscs which guarantees savings up to 85 000 or 170 000 for a couple for each authorised bank or building society.

If you choose this option it s a good idea to agree in advance how much you re each going to pay in each month and set some ground rules about what you ll use the account for. Access to view your account via the app and online banking. Joint bank accounts are great for couples or good friends who share financial commitments from time to time. Keep in mind the following.

Both account holders must be aged 18 or over. You don t need a joint account if you simply want to split everything 50 50 for example. If there are more than two names on the joint account the financial protection may extend further but you should check the terms and conditions with the bank or building society. Instead you can choose to have separate bank accounts for your personal spending and open a joint one for household bills such as your rent or mortgage utility bills and the weekly shop.

Please be aware of the following. If the relationship breaks down either of you can request to freeze the account. If you have any doubts about whether to set up a joint account don t do it. Both people named on the account are individually and jointly responsible for any debts on the joint account.

How to add or remove a joint account holder. Student current account and youth accounts cannot be made into joint accounts.