InvestorQ : which type of account is a joint account?
harpal singh made post

which type of account is a joint account?

Rishita Das answered.
1 year ago

A joint account functions nothing but a standard banking account where more than two or more people own the account.

Why one must open a Joint Account?

This type of account is beneficial for pooling money together. Mostly joint account is planned among family members to cater to financial burdens or share expenses like mortgage, car payments, utilities, and groceries, or any household expenses. It helps to manage money at minimum balance by sharing the fund in a common account.

How does it work?

In joint account, both the account holder gets the liberty to perform several transaction-related activities like withdrawing cash, writing checks and making online payments from one account. Both the account holder must submit required information and identification. The interest rate in the joint account works similarly to a savings bank account.