What can you tell me about joint savings accounts?

Answer by  MikeyJ (123)

Joint savings accounts are bank accounts that are held jointly by two people (or more, I suppose). Each account holder has equal access to deposit and withdraw money, transfer funds in and out of the account, or to close the account. This is a bad idea because when you go your separate ways, the other person will take your money.

Answer by  pjsfb (221)

Joint savings accounts are any account with a banking or savings institution with two or more people being listed as owners of the account. Accounts can be set up to that any 1 person, every person, or a minimum number of people need to sign to withdraw funds from the account.

Answer by  Jennifer08 (554)

A joint savings account is a savings account where two or more people are saving together in the same account. Normally both people have to be present to withdraw funds.

Answer by  amswplusone (652)

All parties signing the account have full rights and responsibilities, meaning anyone can later close the accounts, and if the account goes negative all parties are equally liable.