A joint account is an account in the name of more than one person. If you open a joint account with another person, you will be jointly and individually liable for any money that is owed on the account.
All parties who wish to open a joint account must complete a Joint Account Application form.
Account statements are always sent to everyone on a joint savings account.
So this means you will get your own statement. If you hold other individual accounts with us, these will also be listed on your statement.
One way you can do this is to limit who can withdraw funds from the account. For example, you may wish to limit withdrawing funds unless all signatories to the account sign a withdrawal slip.
Please note that if you select this option (also known as “two to sign”), you will not be able to have Visa Debit Card access as this is only available where withdrawals can be made with only one signature (also known as “one to sign”).
You will be able to vary those instructions at any time. All parties to an account must sign an authority to vary the authorisations on an account.
Yes. All parties on the joint account are to complete and sign the loan application and the loan contracts. Remember that all parties are jointly and individually liable for the loan until it is paid out in full.
If only one person is required to sign on the account, then in most cases, one signature will suffice. However, if you wish to enter into a loan contract, then a registered Power of Attorney is required. Please seek your own legal advice on this.
The tax file number of all parties needs to be recorded, to prevent General Withholding Tax from being debited from the joint account.