Joint account

A joint account is simply a bank account in the name of two or more people. You can either convert your existing bank account into a joint account by adding someone else to it, or open a new account in two people's names.

Benefits

• Convenient way to share outgoings like shopping, bills, mortgage or rent payments
• You'll both get your own Visa debit card for payments and cash
• You can still keep your own current account and open an additional TSB joint account, and move money between the two accounts easily

Important things to remember

Along with the benefits of opening a joint account, there are also extra responsibilities. Here are a few things to consider:

• each person can make withdrawals, use cash machines or apply for an overdraft without needing the other's approval
• both of you are responsible for any debts on the joint account, such as an overdraft, even if it was only one of you who withdrew the money
• credit reference agencies will usually create a financial link or 'association' when you set up a joint account that lets you borrow money (for example an overdraft). This means that your financial affairs and those of the other joint account holder may affect each other

Apply for a joint account

You can open a joint account or add someone to your existing account at your nearest branch. You'll both need to go into a branch so that you can provide identification in person.