Joint Account

Banking & Credit

A joint account is a bank or brokerage account owned by two or more people, typically spouses, parents and children, or business partners. All account holders have equal access to deposits, withdrawals, and account information. FDIC insurance treats each joint owner separately — a 2-owner joint account is insured up to $500,000. Joint accounts simplify shared finances but mean either party can withdraw the full balance unilaterally. For couples, joint plus individual accounts is the common compromise. For aging parents, adding a child as joint owner has tax and inheritance implications worth discussing with a financial advisor.