Business, Legal & Accounting Glossary
A joint account is opened by two or more owners. The advantage of a joint account is that each owner is able to invest, deposit or withdraw money individually. If one of the owners of a joint account is a minor, that person is allowed independent transactions only after attaining the age of maturity. Another name for a joint account is ‘joint tenants’. The joint account comes in two forms. A joint account with rights of survivorship allows the survivors total ownership if one of the owners dies. But in the case of a joint account with tenants in common, the surviving owners get only their designated portions of the account; the rest goes to the deceased’s estate. A joint account is suitable for families and partnerships.
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This glossary post was last updated: 9th February, 2020