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A joint account is a bank account shared by two or more people, giving everyone named on the account equal access to the funds.
In Depth
A joint account is a financial account, often a checking or savings account, that is owned and controlled by multiple individuals. All parties named on the account have equal access to the funds and are typically held equally responsible for any overdrafts or fees. These accounts are commonly used by spouses, partners, or family members to manage shared expenses and finances.
Example
John and Mary opened a joint checking account to pay for their household bills and groceries.