What is a joint account? How shared bank accounts work
By SendPay Business · · 2 min read
A joint account is a bank account held in two or more names. Couples, housemates and family members use them to pay shared bills, with each person usually getting their own card and full access to the money.
How they work
Every account holder can usually pay in, spend and withdraw without asking the others. Some accounts can be set up so that two people must approve certain actions, but most joint current accounts let anyone act alone.
Who owns the money
In most cases the money belongs to all account holders together, so any of them can take it out. Each person can also be held responsible for the whole of an overdraft on the account, not just their share.
The credit score link
In the UK, opening a joint account creates a financial association on your credit file. Lenders may look at the other person's credit history when you apply for credit. If you split up, you can ask the credit reference agencies to remove the link once the account is closed.
Alternatives and where SendPay fits
Some people prefer separate accounts plus a shared pot, or splitting bills with payment requests. SendPay platforms give each customer their own GBP, EUR and USD accounts with transfers between them, powered by licensed partners.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.