What Is a Joint Bank Account and How Does It Work?

A joint bank account, according to Lawyers.com, is a shared bank account that two or more people have complete access to. When a joint account is established, any of the account holders may deposit or withdraw funds without the consent or knowledge of the other account holders.

For those sharing expenses, such as married couples or partners, joint accounts have several advantages over separate accounts, according to Lawyers.com. A joint account is easier to manage and keep track of than separate accounts. They also allow the account holders continued access to funds when the other account holders aren't available to handle their portion of the funds themselves. This continued access is available even if the other account holders die.

According to Legal Match, there are three types of joint bank accounts. A true joint tenancy account is the type that allows unrestricted access to the account by all registered holders. A convenience account is owned by a single individual but allows access to the funds it contains to the other account holders. This type of account is typically set up to handle funds belonging to someone who cannot manage the money personally. A POD account is similar to a convenience account except that the other named account holders may access the funds only after the account owner's death.