A joint bank account lets multiple people manage shared finances, but it also means equal access to funds. Learn how they work and if one is right for you.

Joint bank accounts can help make life a lot simpler if there’s someone with whom you already share expenses, especially a spouse. They can also help adult children pay bills for older parents.

Married people often find joint bank accounts convenient, because it allows them to pool their money and make decisions as a couple, but plenty of other people use joint accounts as well.

If you deposit a large sum to a joint bank account and your account co-owner withdraws it, you might have to pay gift taxes. In 2023, you can "gift" $17,000 or less without triggering gift taxes.

A joint bank account can cause other interpersonal conflicts, particularly with couples. One person may feel they need to ask for “permission” to spend money, Thiegs notes.

A joint account is simply a bank account shared by two or more people, each with full access to the funds. Having a joint account can make it easier to manage shared expenses, but it's not always ...

A joint business bank account is a deposit account owned by two or more business partners. Each business partner must have equal access to the account, which they can use to make deposits or ...

Joint bank account pros and cons. With a joint account, you get an extra layer of deposit insurance against bank failure. The Federal Deposit Insurance Corp. insures joint accounts for up to ...

Joint bank accounts have more federal insurance coverage than individual accounts. Co-owners receive as much coverage as they would in an individual account, $250,000.

Joint bank accounts belong to multiple people, each of whom can contribute to and use the money in the account. Learn more here.