A bank or investment account shared by two or more people, each with full access.
A joint account is a bank, investment, or retirement account owned by two or more people, typically married couples or parents with adult children. All account holders can deposit, withdraw, and manage funds. Joint accounts are popular for married couples managing household finances and for parents and adult children managing elderly parents' finances. Important considerations: all account holders are liable for overdrafts or fraudulent activity; the account passes to surviving account holders if one owner dies (avoiding probate); and creditors of one owner can potentially access the full account. Joint account vs. separate accounts is a personal decision affecting financial management, asset protection, and estate planning. For married couples, some combination—joint for household expenses, separate for individual assets—is common.