When you open a joint bank account, each of the joint account holders will need to sign a contract, detailing the terms and conditions of the account and giving each holder equal rights to access the account. Once the account has been opened, there are various ways to deposit money into and withdraw money out of the account. For day-to-day transactions, it is usually possible for each account holder to separately authorise payments into and out of the account, either in-branch, at Automated Teller Machines (ATMs), via electronic account cards, chequebooks, online banking or telephone banking, depending on which of these services are offered by your joint account provider.
These access options are generally identical to those offered on regular current or savings accounts: for more details see the separate articles Current Accounts and Savings Accounts. Usually, each joint account holder will be given their own electronic account card, typically a debit card, and their own chequebook. Occasionally cheques will only be valid when every account holder has signed the cheque. Each joint account holder will be able to view the account balance, make withdrawals, set up standing orders and direct debits.
Since each of the joint account holders has equal access to the funds in the account, it is important to ensure that the people with whom you are sharing your money will act responsibly. It is possible for an account holder to make a withdrawal without the consent of the other holders.
For more information on this topic, see:
>Terms and Conditions of Joint Accounts
