Joint Account

Business, Legal & Accounting Glossary

Definition: Joint Account


Joint Account

Quick Summary of Joint Account


Any account owned by two or more people.




Full Definition of Joint Account


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.


Related Phrases


nominee distribution
joint account agreement
nominee interest


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May 18, 2024 https://payrollheaven.com/define/joint-account/.
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https://payrollheaven.com/define/joint-account/ (accessed: May 18, 2024).
American Psychological Association (APA):
Joint Account. PayrollHeaven.com. Retrieved May 18, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/joint-account/

Definition Sources


Definitions for Joint Account are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 5th November, 2021 | 0 Views.