Glossary · UK
What is Joint Account?
A bank account held in the names of two or more people, each of whom can usually deposit, withdraw and manage the money.
Full Definition
A joint account is a current or savings account opened in the name of two or more people -- commonly couples, family members, or business partners -- who each have access to deposit and withdraw funds, and who are usually each individually liable for any overdraft or debt on the account (this is called "joint and several liability", meaning the bank can pursue either party for the full amount owed, not just half). Joint accounts are often used to manage shared household expenses such as rent, mortgage payments and bills, and can simplify record-keeping compared with splitting costs between separate individual accounts. A key practical point is that Financial Services Compensation Scheme (FSCS) protection for a joint account is generally split between the account holders (for example, up to £85,000 per person, so £170,000 total for two named holders at the same authorised bank), rather than one single per-account limit. Ending a joint account -- for example after a relationship breakdown -- usually requires agreement from all named holders, or in a dispute may need to go through the bank's dispute process or, in more serious cases, the courts, which is why some couples prefer to keep some individual accounts alongside a joint one.