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Finance & Banking vocabulary · Accounts & Deposits

Joint account

Meaning in finance & banking, with examples

nounCommon term

In finance & banking, joint account means: A bank account shared by two or more people, such as a couple or business partners, who all have rights over the money in it.

In Turkish: ortak hesap, müşterek hesap, teselsüllü hesap

How it is used

Used in retail banking and account forms. Couples often open a joint account for household bills. The account mandate says whether each holder can act alone ('either to sign') or whether all must sign together ('all to sign'). All holders are usually responsible for any overdraft.

Example sentences

  1. We opened a joint account to pay the rent and the bills.

  2. Withdrawals from this joint account need the signatures of both holders.

Common collocations

  • open a joint account
  • joint account holder
  • either-to-sign account
  • joint and several liability
  • account holderThe person or company in whose name a bank account is opened and who has the legal right to use it.
  • current accountAn everyday bank account for receiving a salary, paying bills and making card payments. It pays little or no interest, and the money can be used at any time.
  • savings accountA bank account for keeping money you do not need every day. It pays interest, but it may limit how often or how quickly you can take money out.
  • open an accountTo start a new relationship with a bank by creating an account in your name, usually after showing identification and signing an agreement.

More terms: Accounts & Deposits

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This page explains English vocabulary for learners. It is not financial advice.