A joint account is a bank account type that is shared by 2 or more individuals. Any one is a member of a joint bank account is able to withdraw funds from the account and also make deposit into the account. Most often, joint account are shared between close relatives, married couples or business partners.
Want to open a joint bank account online in the UK and EEA? Well, in this article, I will show you how to open a joint bank account in the UK and the European Economic Area- EEA.
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What is A Joint Bank Account?
As earlier said in this article, a joint account is a bank account that has been opened by 2 or more individuals or entities. This type of accounts are most often opened by closely related people or business partners even though it can still be used in many other circumstances such as a club committee.
Advantages of a Joint Bank Account
There are numerous benefits that one can enjoy from opening a joint EEA account in the UK and some of these reasons are:
- A joint account promotes a sense of security and trust for business partners
- A joint bank account is good for saving or budgeting by withdrawing funds from your personal account into the joint account
- This is an amazing banking feature for sharing bills or any other recurring payments
- Here, account holders are able to see all transactions and they also share the same right of access to the account
Disadvantages of a Joint Bank Account
Even though a joint bank account has numerous good features, there are still some cons that comes with using this type of account.
- In case your joint account holder's credit score turns negative, you might be affected in the same occasion
- The money in the account is not only attributed to you and can also be accessed by your joint partner
- If your joint account has an overdraft facility, you are both liable for the debt even if the money was spent without your awareness.
- Given that some people are uncertain in business and so, your other partner might be untrustworthy and can flee with the money in the account without letting you know.
Things to Consider Before Opening a Joint Account in EEA and the UK
Before opening a joint bank account in the EEA or the UK, you have to take into consideration checking out the below points
- How is the joint account holders and the bank will deal with overdrafts
- The closure of the joint bank account
- How will the bank handle the disputes related to the joint bank account
- If permission is needed for a single account holder to withdraw funds from the joint account
Joint Bank Account in the EEA
The EEA was put in place through the agreement on the European Economic Area which is an international agreement that enables the extension of the European Union's single market to member states of the European Free Trade Association.
Since the EEA is made up of numerous highly developed nations in Europe, this also means that its banking sector is highly developed and so for this reason, you may want to open a joint bank account in the EEA.
Opening a joint bank account in EEA is not much different from opening an ordinary account though each bank has its own rules so it is advisable that you check with your chosen bank. Most at times, the basic documents that each bank will ask is ID, proof of residence such as utility bill or tenancy agreement and a signed mandate.
Do not forget the fact that all EEA banks are compelled to comply with anti-money laundering laws and so documents such as proof of income may also be needed during the process of opening a bank account.
SEPA is a payment system in Europe that makes it simple for banks to transfer money from a European country to another and the EU and EEA countries figure under the SEPA.
Joint Bank Account UK
Well, in order to open a joint bank account in the UK, you are going need some documents that actually proof your identity and at the same time reflects the type of individual that you are. So below is a list of the things you will need to open a joint bank account in the UK:
- In some banks, you will be demanded to first of all open a regular bank account
- An ID will be demanded for each applicant and this ID can be a passport or driver's License
- A proof of address for each applicant's and you can use a utility bill or a bank statement to serve as a proof of address
How to Open A Joint Bank Account
Opening a joint bank account with most financial establishments is actually one of the easiest things and some people often ask if its possible to open a joint bank account online? Yes you can open it even online via your smartphone, laptop or tablet by simply visiting your bank's website and then filling in the necessary details or better still, you can open it in person by visiting the bank's branch.
A joint account is controlled by a document called mandate and this document stipulates the power and privileges of the account holders and this must be signed by each of the account holders.
Best Banks Offering a Joint Account in EEA
Since the banking sector in the EEA is highly developed, it is no surprise to hear that most banks in the EEA have a joint account facility for its customers and some of these banks that offer a joint bank account in the EEA are:
1. N26 Bank Joint Account
N26 features as one of the most convenient virtual banks in Europe and the US due to the fact that everything can be done online without having to visit a bank and signing numerous papers to open an N26 joint bank account.
The shared account in N26 is a sub account feature named "spaces" and they allow as many as 10 people to manage their funds collectively from that same account.
N26 is available in several American and European countries such as Austria, Denmark, Finland, Greece, Netherlands, Germany, Ireland, Italy Norway, Poland, Portugal, Spain, Sweden and many others.
However, it is necessary to note that N26 is no longer available in the UK since the UK left the European Union.
2. Bunq Joint Account
Bunq is among the widely known Virtual bank account provider that is active in the EEA and you are able to open Bunq +1, a Bunq joint account at 2,99 EUR monthly. To open a joint account with Bunq, you do not require any official paper work.
Bunq bank Germany on April 22, 2021, they became the first online bank outside of Germany to offer German IBANs. But actually, Bunq IBAN for German account holders is available for new account holders with personal accounts.
You can also find Bunq in many European countries such as Hungary, Luxembourg, Romania, Slovakia, Slovenia, Sweden, Greece, Czech Republic, Denmark, Estonia, Cyprus, Croatia and many others.
3. Revolut Joint Bank Account
Revolut is an online banking service based in the United Kingdom. Revolut joint accounts are a type of shared account feature known as "Group Vault." A joint Revolut account is essentially a feature that allows bank customers to work together to achieve a common financial goal.
Legal residents of Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom are currently supported by the bank.
Best Banks With Joint Bank Account in the UK
As well as we have seen some few banks that allow you to open a joint bank account in the EEA, let us also take a look at the banks that will allow you to open a joint bank account in the UK.
1. Monzo Bank Joint Account
Monzo provides its customers with a Virtual joint bank account that serves the United Kingdom. But note that before being able to open a Monzo joint account, you will first of all need to open a regular Monzo account and from there, you can now take a few minutes to open your joint bank account with the bank.
In order to begin with the process, you will just have to go to your account settings as no new ID will be demanded from you since you already have an account with them.
2. Monese Joint Account
Monese launched a joint bank account in 2019. Monese is a digital financial services provider based in the United Kingdom. In the United Kingdom, the bank offers instant joint accounts and money transfer services.
The Monese joint account allows for free transfers between euro and sterling accounts, as well as free international transfers. Apple Pay and Google Pay are both integrated into the joint account. Holders of Monese joint bank accounts must be European Economic Area (EEA) nationals who already have a Monese personal account.
3. Starling Bank Joint Account
It is simple to open a Starling joint bank account if both people who want to open the account already have a regular account. You can open a Starling joint bank account through their mobile app, where you can instantly add money to your joint bank account, spend it, and use the app's features to keep track of the account.
What Happens if Account Holder Dies?
It is not a joint bank account holder dies, the funds in the joint account are automatically transferred to the surviving account holder.
However, according to Scottish law, the surviving account holder will continue to have access to the account, but the share of the deceased account holder will not be automatically available to the surviving account holder.
Final Thoughts on How to Open a Joint Bank Account Online in the UK and EEA
Based on what we've said so far, you can open a joint bank account with the majority of banks in the EEA and the UK. Money and fund management with your spouse, roommate, family member, or business partner will be made easier with a joint account.
However, there are some drawbacks to having such an account. As a result, we recommend that you check the bank's terms and conditions before opening a joint bank account with anyone.
Frequently Asked Questions
Can I open a joint bank account with a foreigner UK?
Yes, you can open a 3S Money account as a non-UK/EU resident. Learn about which IBANs you can open, documents you'll need to supply and more here. Once you've been onboarded as a 3S Money client, you can feature up to 10 users per account free of charge.
Can you open a joint bank account online UK?
You will both need to come into branch to open a joint account, but one of you can get this started by applying online.
Can I have a UK bank account if I live in EU?
I'm an EU citizen living in the EU; will I still be able to have an HSBC UK Bank Account after Brexit? Yes, you'll still have access to all your existing accounts as you currently do, provided you use them at least once every 12 months.
Which UK bank is best for expats?
HSBC is one of the four largest multinational banks in the UK. It is popular among expats because of its global reach and wide variety of financial products from the best borrowing options to mortgage, investment and even insurance options.