Shared Bank Account - ubank (2024)

FAQs

How many shared accounts can you have on ubank? ›

How many accounts can I have? You can have 1 individual and 1 shared Spend account, and up to 10 Save accounts in total. Are there any ongoing fees? No, there's no monthly or ongoing everyday banking fees for your shared Spend and Save accounts.

Joint savings accounts can be a useful way for two people to share responsibility for a pot of money or reach shared savings goals. Both account holders will have access to the cash though, so you should only open one with someone you trust.

You can open most of our current accounts as a joint account either online or in branch, but if you're applying in branch, you'll each need to bring 2 forms of ID with you. Look at our current accounts online and choose one that's right for you.

A joint account is a bank or brokerage account shared by two or more individuals. Joint account holders have equal access to funds but also share equal responsibility for any fees or charges incurred.

A joint bank account allows multiple joint account holders to deposit and withdraw money. Joint accounts most commonly have two account holders, but it is possible to have more. You can open a joint bank account with three, four or five people, or even more.

At ubank, our joint accounts are called shared accounts. Organising a shared account can be a quick and pain-free process to help set your financial partnership up for success.

Loss of Individual Control: One of the primary drawbacks of a joint savings account is the loss of individual control over funds. Each account holder has equal rights to the account, which means that any account holder can withdraw or transfer funds without the consent of others.

However, research from MarketWatch Guide shows that joint banking could lead to fewer arguments and increased relationship satisfaction. According to the study, 55% of couples who use solely joint bank accounts claim they never fight about money, compared to only 39% of partners who have personal accounts.

A joint account might damage your credit score

Opening a joint account adds a financial link to the other person. This means companies will look at both of your credit histories as part of any credit checks. If they have a poor credit history, this might lower your chances of acceptance.

A joint account is an account opened in the names of two or more people. You may open an account jointly with one other person and you may add additional joint account holders once an account is open, but no more than three people may have a joint account. All parties are equally liable for the account.

How do I add another ubank account? ›

Go to the “Accounts” tab, select “Add new account” and choose an individual or shared Save account. If you're in online banking, just select the “Add new account” tile on the left-hand side of the Dashboard to add an additional individual Save account.

Some banks might allow you to open two current accounts, while others do not - but you can still open a joint account. Is there a limit to how many bank accounts you can have? Legally you can have as many bank accounts as you like - as long as you meet the bank's criteria and you can keep track of them all!

Joint accounts can have two or more co-owners who share equal ownership and access to the bank account. These can include spouses, family members or business partners. All co-owners have the equal right to access the funds in the account. They can also deposit or withdraw money from the bank account.