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Do You Have to Live Together to Open a Joint Bank Account?

FAQs Cindy Castillo August 4, 2022

Traditionally, joint bank accounts are opened by married couples. But not only married couples can open a joint bank account. Civil partners, unmarried couples living together, roommates, seniors and their carers, and parents and their children can also open a joint bank account.

Can you open a joint account alone?

Yes, individuals can open a joint account with anyone. Most commonly, however, joint current accounts are opened between partners or family members, but two people can open one together.

Do you need to have the same address for a joint account?

Yes. You don’t even have to live at the same address, but if you’re planning to move in together, you could open an apartment in advance to help set up your new home, for example. You can also use a joint account to save for your wedding, honeymoon or other milestone.

Can I open joint account with my friend?

Most commonly, joint accounts are held by an individual and a spouse or partner, family member, or business associate, but it’s possible for any two people to open a joint bank account.

What do I need to know to open a joint bank account?

What do you need to set up a joint bank account?

Should I open a joint account with my boyfriend?

Orman recommends setting up a joint account if that works for you and your partner or spouse, but also keeping separate accounts. If you don’t have a separate bank account, you and your partner should have an open discussion about opening individual bank accounts.

Can I open a bank account with a different address?

Should the current address differ from that stated on the proof of address provided by the customer, a simple statement from him/her of his/her current address would suffice. Once KYC has been performed by a branch of the bank, it is valid for transferring the account to another branch of the same bank.

Can I open a joint account with my girlfriend?

Traditionally, joint bank accounts are opened by married couples. But not only married couples can open a joint bank account. Civil partners, unmarried couples living together, roommates, seniors and their carers, and parents and their children can also open a joint bank account.

References:

  1. https://www.investopedia.com/financial-edge/0312/should-you-open-a-joint-bank-account.aspx
  2. https://www.tescobank.com/guides/moving-in-together/opening-a-joint-bank-account/
  3. https://www.bankrate.com/banking/what-is-a-joint-bank-account/
  4. https://www.nerdwallet.com/article/banking/joint-checking-account
  5. https://www.lloydsbank.com/current-accounts/all-accounts/joint-account.html
  6. https://time.com/nextadvisor/banking/suze-orman-advice-for-couples-on-paying-bills/
  7. https://www.rbi.org.in/commonman/English/Scripts/PressReleases.aspx?Id=1497
  8. https://smartasset.com/checking-account/joint-bank-account

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