A joint account offers the same features and benefits as a personal chequing or savings account, but allows two people to make withdrawals, deposits, payments and other transactions from the same account.
Some couples find joint accounts useful for paying for common expenses and managing household finances; but money can also be a common source of disagreement between people. Before you open a joint account, talk about it with co-owner and make sure you both agree on how the account will be used.
As a joint account holder, you share not only access to the account but you are also responsible for any transactions made by the other account holder. If, for example, you have overdraft protection or a line of credit attached to this account, both account holders will be held responsible for repaying the debt.
It is also a good idea to ask the financial institution what happens if one of the joint account holders dies. It is a good idea to make sure that the survivor will be able to access the funds without delay. If not, you may want to consider depositing your income into an individual account before transferring it to a joint account. Check with your financial institution to find out more about their policies on joint accounts.