How to open a joint deposit account

As with a standard deposit account, a joint account also allows you – and other account holders – to withdraw money and make payments from the account.

With an HSBC joint account, it’s easy to manage your combined finances through online banking and our mobile banking app.

To be eligible for a joint deposit account, most banks will require the primary applicant to be 18 years or older.

To open a joint account, you’ll need to provide proof of identification and proof of address. Depending on your bank, you may need to provide more than one proof of address document.

There are a number of documents which are accepted. Common types include:

The bank you’re applying for an account with might check your consumer deposit report, using information about your prior banking history from these specialty consumer reporting agencies:

You may want to check your consumer report and the information these agencies hold on you, to make sure everything’s up to date and accurate. Visit their websites to learn how to obtain a copy of your consumer deposit report.

The consumer report of the person or people you’re applying with may also impact your application.

Ask yourself whether you really want one. While they do have many advantages, merging your money with another person's comes with risks.

For example, you’re both responsible for anything that happens to the account. If one person uses the overdraft, you’re both responsible for paying it back.

The person you open an account with will have access to any money you put in, and if they spend it against your wishes, there’s no guarantee you’ll be able to get it back.

Making rules for how you’ll both manage your account can help things run smoothly. You may want to include things such as:

It’s best to agree on these things upfront and to communicate regularly to make sure you both know how much and where you’re spending.

Opening a joint savings account can be ideal if you have money left in your joint account at the end of the month.