Joint bank accounts and overdrafts
Joint bank accounts allow you and someone else, such as your partner, to have shared access to your money. Many couples run a joint account to pay household bills and living costs, for example.
Some joint accounts come with an overdraft facility which lets you borrow money in the same way as other unsecured debts.
Sharing your money with someone else can be risky. If the account becomes overdrawn you’re both responsible for paying the money back. Either person named on the account can also withdraw money they want from it, even if the money was paid in by the other person.
We recommend you think carefully before opening a joint bank account with someone, even if you’re in a relationship. Some couples prefer to keep their own bank accounts and just transfer an agreed amount into the joint account to cover shared costs.
Struggling to pay a joint debt?