Section actions
Duration: Opening — 1 to 2 appointment; duration — indefinite until closing
Cost: According to the bank (on-line — often free, traditional — contributions)
Possible online
Who this guide is for
Section actions
- If you want a common account with your spouse/partner
- You if you hesitate between joint and individual account
- You if you already have a joint account and want to understand the liability
To be prepared in advance
Section actions
- The identity documents of all future holders
- A proof of domicile (common or individual)
- A decision on the account plan (account "or" vs. "and") and the bank application
Step-by-step procedure
Section actions
- 1Determine the type of account: joint account (each manages, in "or" mode — each acts alone) or undivided account (joint actions, in "and" mode — agreement of all). The joint account is the most common for couples.
- 2Compare offers: Online banks often cheaper (toll free), traditional banks more services. Check the subscription, card ceilings, insurance.
- 3Present yourself in a bank with the holders: open the attached account. Exhibits: NIC/passport of each, proof of domicile, sometimes tax notice. Sign the account agreement.
- 4Receive the cards and means of access from each holder. Everyone has their own credit card and online access, but the account is unique.
- 5Understand the responsibility: in joint account, each one is jointly and severally responsible for ALL the debts of the account (payment incidents, overdrafted). If one holder makes an incident, the other pays.
- 6Use the account for common expenses (rent, expenses, races). Keep personal accounts for individual money — it's healthy.
- 7In case of breakdown/divorce/conflict: block the account (opposition), share the funds. The bank requires the agreement of all holders for the closure.
- 8Taxation: The income of the account is reported by the holders in proportion to their shares (for a couple — 50/50 by default).
Common mistakes
Section actions
- Open an attached account without discussing usage rules — conflicts.
- Ignore joint responsibility — one leaves the debt to the other.
- Believing that a separate card = personal account. No, the funds are common.
- Do not block the account when a break—the other one can withdraw the funds.
- Failure to report income properly — tax matters.
Official sources
Section actions
Show sources in this section
Important remark
The conditions of the joint account vary according to the banks. This information is indicative — on your behalf, refer to your bank's agreements.
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