banking

What is a joint account?

 

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.

 

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