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Finding the best bank account can save you hundreds on fees and connect you with the very latest in smart banking technology. Compare bank accounts from a wide variety of providers with Savvy to find the very best offers available on the market right now.
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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NAB Classic Banking Account |
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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.More details |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
Signing up for a joint bank account can be an exciting next step in your relationship. Take a look at some of the issues to consider before opening a shared account and compare the key details and options available for a couple looking to make that next step forward together right here with Savvy today.
A joint bank account is an account held in the names of two people instead of one. All parties can withdraw and deposit funds just like a traditional bank account. They are frequently transaction or everyday accounts, but it’s also possible to open joint savings accounts, term deposits and offset accounts.
Joint accounts in Australia come in two different varieties: ‘both to sign’ or ‘one to sign’. The difference between these two is that with a ‘one to sign’ account, which is the most common type, either person can carry out transactions without needing the authorisation of the other. If the account is set up as ‘both to sign,’ this means both parties have to give their authorisation for a fund withdrawal to take place. The names hark back to the days before online banking when withdrawals and payments were made using cheques. In the case of ‘both to sign’, each cheque would require two signatures before it could be cashed.
Before opening a joint bank account, the two parties must discuss rules for operating the account. Both people need to agree and understand how the joint account is to be used, and what the limitations are. Here’s a checklist of some of the main issues that should be agreed to before the joint account is opened:
This varies between couples. Some prefer to have just one debit card and share the card between two wallets. However, it’s more common for the bank, credit union or building society to issue two cards, one for each account-holder. Both debit cards will enable the user to have access to the joint account to make payments, withdraw cash at ATMs and purchase items online. There aren’t usually any additional fees to provide two debit cards instead of one.
There are numerous situations where a joint account makes perfect sense, and for this reason, there are many different types of bank accounts for almost every situation. Some commonly seen scenarios include:
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Yes – some financial institutions allow more than two people to hold a joint account, although two people sharing an account is the most common option. In business situations, it’s sometimes necessary for all company directors to be signatories to a business bank account or for a director to co-sign any payments the company secretary wishes to make out of the company joint bank account.
Sometimes a joint account is used to hold money on behalf of a third party who is unable to manage the funds themselves. This may be because the third party is a young child or is otherwise incapable of making financial decisions for themselves. In such a case, a trustee may be nominated to administer the account on behalf of the third party, for the sole benefit of the third party. For example, a godparent may open a joint bank account for their newborn godchild and appoint the child’s parents as trustees, so any money in that account is held in trust for the child until they reach an age where they’re able to handle their finances themselves.
Yes – if the account was set up on a ‘one or either to sign basis,' either person can make withdrawals and close the account without the permission of the second party. It’s important to discuss this with your joint account-holder to ensure your shared funds are safe. Savvy can help you find the best joint bank account by comparing fees, charges and interest rates and presenting you with this information in an easy-to-read format.
This will depend on the financial institution and the conditions of the joint account with the child. At the age of 12, a child can legally open their own bank account in Australia. They can be issued with a debit card with their parent’s permission at the age of 12 and get a card themselves without parental permission at age 14. Some banks allow the young person to remove parental controls at the age of 14, while others allow progressively more control to the child from age 12 onwards.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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