Best Joint Bank Accounts [Opening a Joint Account]

Best joint bank accounts include a range of options from domestic banks in the United Kingdom to international and offshore banks in the Channel Islands, the Caribbean, and elsewhere.

In this article, we’ll share how to find the best joint bank accounts for you and how to start the application process. Of course, we will also answer the most common questions we receive about joint bank accounts below.

This article is part of our free series on opening the best online bank account in Europe, which you can access now by clicking here.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Best Joint Bank Accounts
  2. Who Can Open a Joint Account?
  3. How Do You Open a Joint Account?
  4. Frequently Asked Questions
  5. Do You Want Help Opening Bank Accounts?

Best Joint Bank Accounts

Best joint bank accounts may include private, premier, retail, or offshore accounts, depending on your specific banking objectives. In other words, joint bank accounts are available at all tiers of banking, including domestically and internationally. With this in mind, it’s important for prospective customers to consider what they are looking for in bank accounts before they decide which bank is best for them.

Who Can Open a Joint Account?

Who can open a joint account will depend on each bank’s onboarding policies and practices. In other words, if both individuals would qualify to open an account on their own, then they can qualify to open an account as joint bank account holders.

To help illustrate this further, let’s look at what joint bank account holders are.

Joint Bank Account Holders

Joint bank account holders are often married individuals or individuals with shared financial interests. In having an account, individuals are able to manage finances, write checks, send and receive payments, and carry out all normal banking activities.

How Do You Open a Joint Account?

To open a joint account, you will first need to select the bank where you want to open. Fortunately, most financial institutions offer joint accounts. That said, selecting where you want to apply and navigating the account opening process can be a challenge. This also includes meeting the account opening requirements, which can be difficult to do if you are a foreign non-resident.

Requirements for Opening a Joint Bank Account

The requirements for opening a joint bank account will vary depending on the bank (and country) you choose. However, in most cases, the following requirements should be expected when applying for an account. Please note that the following information and supporting documentation will need to be provided for both applicants.

  • Two forms of government-issued identification
  • Proof of address from an accepted source
  • Qualifying opening deposit
  • Source of income
  • Source of wealth
  • Completed account application
  • Video or in-person meeting

As you can see, the above requirements are the same for opening an individual bank account. In fact, the only difference when applying for a joint account is that requirements need to be met for both applicants.

Do You Want Our Free Non-Resident Banking Guide?

Sign up here to receive our Free Non-Resident Banking Starter Guide and weekly updates on the best account opening options available:

Where to Open the Best Joint Bank Account

When it comes to deciding where to open the best joint bank account, we typically suggest that individuals consider the best banking jurisdictions that they can access. In most cases, this means opening accounts in Singapore, Switzerland, Liechtenstein, Luxembourg, the Channel Islands, and even the United States.

That said, whether individuals are seeking private, premier, retail, or offshore banking can impact the specific jurisdictions that they may want to consider. Likewise, there is a wide range of other considerations that people should consider before choosing the best banking jurisdictions for opening.

Here is a look at some of the most important considerations that can help you decide where to open.

The Best Banking Jurisdictions for Opening Joint Bank Accounts

The best banking jurisdictions for opening joint bank accounts will be determined by your banking goals, deposit levels, client profiles, and reasons for opening an account. In most cases, we suggest that individuals consider the following before proceeding with account opening.

Account Opening Considerations:

  • Goals of the bank account
  • Jurisdictions where the individuals have ties
  • Reasons for wanting an account
  • Client profiles of both individuals
  • Currencies required
  • Deposit level of the individuals
  • Desired banking services

Frequently Asked Questions

Below are four of the most common questions we receive from people looking into the best joint bank accounts. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

How to Close a Joint Bank Account?

How to close a joint bank account will depend on the current account balance, outstanding liabilities, any standing orders or direct deposits, and the bank. However, in most instances, the account closure process is straightforward and simply requires the account holders (both of them) to sign the account closure request form.

Who Owns the Money in Joint Bank Accounts?

In terms of who owns the money in joint bank accounts, the simple answer is the individuals named. For example, if an account is jointly held by a husband and wife, the money deposited in the account is theirs jointly and does not belong to one person or the other.

Are There Alternatives to a Joint Savings Account?

Yes, there are alternatives to a joint savings account. For example, using an account that is set up for the sole purpose of managing joint assets by contributing jointly held assets to a wealth management entity like a trust or foundation. Alternatively, if a couple is looking to optimize for transparency, it is possible to set up separate accounts with permissions for the other person to view account activity. In short, the specific alternatives to a joint savings account will depend on the objectives being optimized for and the assets jointly held.

Which Joint Savings Accounts Are Right for Me?

Which joint savings accounts are right for you will depend on the specific objectives that you are trying to achieve. For example, are you looking to find the lowest cost accounts, accounts that offer attractive interest rates, or accounts from specific banks that you already have a relationship? In any case, deciding which objectives you are trying to achieve is the first step before deciding where to open a joint savings account.

Do You Want Help Opening Bank Accounts?

If so, you can get access to GlobalBanks IQ in just a few clicks.

GlobalBanks IQ is our flagship international account opening solution. It gives you instant access to the…

+ Expert insights on which banks to choose & why

+ Step-by-step reports to open accounts in the best banking hubs

+ GlobalBanks international bank database & detailed bank profiles

+ Tried & tested banks for high-risk, offshore, & non-resident clients

+ Plus, get YOUR most pressing bank account opening questions answered by our team!

And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.

In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.

Use the link in our menu above to learn more about GlobalBanks IQ. Or, contact us directly with any questions!


Sorry, but you cannot copy the content on this page.