Joint accounts for couples

By opening a joint account with your spouse or partner, you may save a monthly fee for account maintenance and have a better overview of your family incomes and expenses.

Banks offer two types of joint accounts:

a) Joint account with two owners

In this case, the two owners have equal rights and the actions of either of them are considered joint actions. However, none of the owners is allowed to extend or cancel an authorisation to handle the joint account, nor to change or close it without the other owner's consent. At the same time, they have equal rights to use the funds held in the joint account. An advantage is that, if one of the owners dies, the other owner may immediately withdraw the funds from the account.

b) Joint account with one owner and one user

In this case, the owner may make any change in the joint account without the user's consent, while the user is only entitled to use the funds held in the account - even this may be restricted by the owner. A disadvantage of a joint account of this type is that, upon the owner's death, the bank will immediately block the account and thus the funds held in the account cannot be used until the end of inheritance procedure.