Consumer Comeback Blog

Credit Score Glossary: Joint Account

Joint Account: A credit or loan account held by two or more people.

Every account holder on a joint account has a legal responsibility for repayments on the account. Any member of the account can make withdrawals or deposits. Joint accounts are most commonly used by relatives, couples, or business partners. It’s best to enter a joint account with someone you trust. In the case of death of an account holder, the remaining account holder(s) will have access to the funds, as well as take on any remaining debt.