Joint Account: How does it work? Is it worth it?

A bank account is a very serious matter, especially when it comes to money. That's why many people wonder if having a joint account is really worthwhile and if it's the best solution.

To shed some light on the subject, we have brought you the main information, including the advantages and disadvantages of having a joint account.

Follow our article and get all the information about this type of bank account!

What is a joint account?

A joint account is a bank account, which can be a savings account or a checking account, and which has more than one holder, that is, two or more CPFs are registered as holders of the account in question.

Transactions can be carried out by any of the account holders, but this freedom will depend on the financial institution and the type of account.

How does a joint account work?

This type of account works very simply. It's like any other account the bank offers its customers. It can be opened as either a savings account or a checking account.

You can carry out all normal account transactions, such as payments, deposits, transfers, PIX, etc. The difference is that it has more than one account holder.

Therefore, when making a transaction, it can be done by any of the cardholders, who generally have their own cards and use them to access their accounts as they wish.

What are the types of joint accounts?

Did you know there are two types of joint accounts? See what they are and how they work:

Joint Solidarity Account

A joint account is one in which each holder has their own card and can therefore make transactions on the account independently, meaning they do not need the other person's approval for this to happen.

This type of account is recommended for couples and families who want to have a joint cash reserve and who want the security of the other person's movements.

Joint non-solidarity account

Unlike a joint account, a non-joint account only accepts transactions with the approval of all account holders, which can be by physical or digital signature. Therefore, no transaction takes place without everyone's approval.

This type of joint account is often used by business partners who want their money to be secure and only be moved with everyone's authorization, avoiding problems.

Why open a joint account?

Now see the advantages and disadvantages of opening a joint account:

Advantages

• Possibility of better organizing fixed household bills.
• It's easier to save money, since both of you can contribute monthly to the account.
• Transparency in expense control for people who live together.

Disadvantages

• Less independence in money management.
• Every transaction uses the total money in the account, not just one account holder's share.
• Lack of privacy regarding earnings, especially if the salary is concentrated in the joint account.

Who can open a joint account? What are the requirements?

To open one, you just need to be over 18 years old, regardless of your marital status or whether or not you are related to the other holders.

Thus, in general, joint accounts are opened between:

• Spouses;
• Parents and children;
• Family members;
• People who share a property;
• Business partners;
• People in a stable union;
• Lovers;
• Etc.

A nice advantage is that you don't need to create a new account to make it joint. Some banks offer the option to convert a regular account into a joint account.

Which banks have joint accounts?

Traditional banks generally offer joint account options for their customers. Digital banks, on the other hand, only offer the Digi+ account.

Here are some of the main banks that offer this type of service to customers:

• Itaú;
• Federal Savings Bank;
• Bradesco;
• Bank of Brazil;
• Santander;
• Sicoob;
• Digi+.

In general, this list includes the main banks in Brazil and the most recommended for having a joint account with another person.

How to open a joint account?

To open a joint bank account, the process is the same as opening a regular account. The difference is that you'll need to bring documentation for all the account holders to the bank.

In general, you will need:

• ID;
• CPF;
• proof of residence;
• proof of income;
• form completed and signed by the holders.

What about the digital joint account? What's the difference?

Generally speaking, digital accounts work the same way as accounts at physical branches. Some traditional banks already offer the option of accessing a digital joint account, including:

• Bank of Brazil: Free digital joint account for up to four account holders. Must be opened at a branch and can be joint or non-joint, with the option of checking or savings.
• Bradesco: You open your account at the branch and manage it digitally. There's no limit on the number of people and it can be shared or non-shared.
• Caixa: offers a joint account for two people and a non-joint account for up to nine people, requiring opening at a branch.

So, for these banks, you must open a joint account and manage it digitally, just like your account.

Of the digital banks, as of the time of writing, only Digio+ offers a joint digital account to its customers.

It's possible to have a free joint digital account for individuals, with up to two holders, jointly. To do so, you'll need:

• The first account holder downloads the app and opens the account, entering the data and presenting all documentation (CPF, proof of income, proof of residence).
• Then, with the account open, send the invitation to the second account holder who must present the same documents.

It is worth remembering that in this case the account is joint, each holder has their own card and that there is an assessment by the bank to approve or deny the account.

What are the risks of opening a joint account? (And what precautions should I take?)

Like any banking transaction, you need to be careful with joint accounts. Therefore, it's crucial that you open them with people you have a good relationship with.

• Every transaction in the joint account is related to the holders, so if there is a problem, everyone's name will be involved.
• It is necessary to have complete trust in the person, since we are talking about operations that involve money.
• For couples, it is necessary to think about what to do in the event of separation, since, according to recommendations, it is necessary to cancel the account and divide money and expenses.
• There needs to be a lot of transparency regarding the joint account, as both parties will have access to the expenses and what is done with the money.

Therefore, you need to be careful when opening the account, knowing who the other person is, so that you avoid problems involving your name and ending up in debt in the process.

Frequently asked questions

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