Opening joint account requires ‘utmost trust’

Couples considering opening a joint bank account must be sure to have the “utmost trust” in one another, according to the British Bankers’ Association (BBA).

Brian Capon, head of media relations at the association, explained that, while joint accounts are still a popular choice for couples and can be useful for bill paying and saving money, those involved must be completely confident in the others’ integrity.

“Regardless of who pays the money in, if it is an account which allows either to sign, either of those people can draw money out and there is nothing to stop them drawing it all out or potentially running up an overdraft,” he said.

He added that consumers must do their research properly before going ahead with such an endeavour, to find out their rights and responsibilities.

Recent research by Abbey National found that 93 per cent of people with a joint bank account used it for paying household bills, while 83 per cent used it for shopping and 72 per cent to pay for holidays.

Tags: couples, research, Opening, Abbey National, british bankers association, integrity, Banking Services