What is a joint account?
The Bankrate.com financial term of the day is: "Joint account."
With a joint account, the more the merrier. It's a bank account shared by at least two people, and they share all the rights and liabilities. That means if one person deposits a million dollars into a joint account, all of the account co-owners would have the ability to spend that money. On the other hand, everybody loses when a joint account is sapped because of one co-owner. For example, the account could be garnished for one person's back taxes or old debt.
A joint account can offer togetherness with a loved one or convenience with a business associate, but there's always the risk that an account co-owner could clean you out.
To find the right bank account for your needs, visit the checking and savings section at Bankrate.com.
Follow these tips to avoid spending all of your hard-earned cash on your trip.
Changing your habits can save you money on your utility bill.
When shopping for products, do you prefer generic or name brands?
Bargaining for a better deal can save you money.
Meet a mom whose daily money-saving methods got her national attention.
A first-time homebuyer's inexperience can cause some costly mistakes.
Shopping for insurance? Follow these tips from top experts in the insurance field.
Investing can be intimidating, but getting started with a Roth IRA shouldn't be.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.