We’ve all been there. You want to have a financial share with your friends or family, but you don’t have the same financial institution and aren’t really sure how to go about it.
In fact, it’s not that hard at all, especially if you’re with CommBank one of Australia’s largest banks.
In this article, we’ll look at how you can open joint account with CommBank and take a look at its benefits as well as its downsides so you can make an informed decision about whether it’s right for you and your loved ones. So let’s get started!
What is a Joint Account?
A joint account is an account that is owned by two or more people. This type of account can be used for savings, checking, or both. Open joint account can be a great way to manage finances with someone else, such as a spouse or partner.
It can be used for any kind of financial transaction, such as paying bills, transferring money between accounts and making payments.
Joint accounts are unique because they allow you to have access to your money without giving up ownership.
If you have different people in your life who may need to access your funds, you can create a joint account and each person will have access to their money.
What to keep in mind when Open Joint Account
Open joint account with someone can be a great way to manage finances together, but there are a few things to keep in mind before opening one.
First, make sure you trust the person you’re opening the account with.
Second, be clear about what the account will be used for and how much each person is responsible for contributing.
Third, consider setting up some ground rules for managing the account, such as who can make withdrawals and when.
Fourth, Both must have a good credit score to qualify for the loan. If you don’t have a good credit score, then it’s unlikely that anyone will be willing to provide you with a loan.
Finally, Both Parties have valid ID proof
Why You Might Want to Open Joint Account
A joint account is a bank account that is held by two or more people. There are many reasons why you might want to open joint account, such as:
- You want to manage your finances together.
- You want to build your credit history together.
- You want to have an emergency fund together.
- You want to take care of one another financially in the event of death or disability.
- You both trust each other and don’t want your partner to go through the trouble of opening their own account somewhere else.
- You both want the convenience of having a single bank account, but you still have separate accounts in your own name.
- You have different financial goals for the future, and you don’t want to put all your eggs in one basket.
- You both want access to funds at any time, and don’t mind paying fees for that convenience.
- You can transfer assets between the two of you easily, and don’t need to worry about filing paperwork after the fact.
- You want to make monthly payments on large expenses jointly (e.g., rent/mortgage, car payment, student loans).
Make sure you’re Eligible
In order to open joint account with Commonwealth Bank, both parties must be over the age of 14 and residents in Australia. In addition, both parties must have a valid form of ID, such as a driver’s license or passport. If you meet these requirements, you can proceed to the next step.
If one of you is under 14 years old, then that party should submit their parent or guardian’s full name, contact information and banking details on their behalf.
The second party should also submit proof that they are living at the same address as their parent or guardian (such as a utility bill).
This will ensure that both parties on your shared account are eligible for banking services from CommBank.
Work out what type of Joint Account suits you best
If you’re looking to open joint account with CommBank, there are a few things you’ll need to consider first. Namely, what type of account best suits your needs?
Here’s a quick rundown of the most common types of joint accounts
Pros of Commonwealth Joint Bank Account
- You each have a debit MasterCard, totalling two.
- No monthly account fee to pay – Conditions Apply
- No fees for using your debit Mastercard to make purchases in Australia
- Transfers between accounts are free.
- BPAY and other electronic payments, such as PayID payments, are free.
- Withdrawals from CommBank ATMs are totally free.
Cons of Commonwealth Bank Joint Account
There are a few disadvantages of having a joint account with CommBank.
If one person spends all of the money in the account, the other person will be left without any funds.
If there is a dispute between the two account holders, it can be difficult to resolve.
Both parties are responsible for all debts incurred on the account, even if only one person incurs them. If one party dies, the balance of the account becomes part of their estate and must be distributed according to their will or intestacy laws.
Because people have different lifestyles and values when it comes to spending money, using a joint account may not work out well.
While opening an account at CommBank is easy, closing an account at CommBank may not be as simple as some people would like.
Obtain necessary documents
If you’re thinking of open joint account with Commonwealth Bank, you’ll need to bring some documents with you.
Make sure you have your Medicare card, Driver’s licence, Passport, and Birth certificate. Once you have any one or two of these documents, you’re ready to open your account!
Open your new Joint Bank Account
Open joint bank account with your partner is a great way to manage your finances together. Plus, it can help you both keep track of your spending and save money.
Here’s how to do it
1) Ask the bank for an application form
2) Fill out the form with your details and those of your partner
3) Provide two pieces of ID, such as a driver’s license or passport numbers
4) Return the completed form to the branch. If you open joint account with another adult, they’ll need to sign an agreement next to their name on the form.
5) You’ll be given a card which will have your name and that of your partner.
6) Your first transaction will need to be either $250 for a savings account or $2,000 for an everyday account.
7) The whole process should take around 30 minutes.
*Both should Visit branch for Verification.
Talk to each other about spending, saving and goals
Open joint account is a big step in any relationship. You’re now entrusting your partner with your hard-earned money and vice versa. So it’s important to have a serious discussion about spending, saving and financial goals before taking the plunge.
Make sure you know where each other stands on different topics such as debt repayment, savings, or investing.
Before you sign up for a joint account, be clear on what you want to achieve financially together.
Do you want one person to take control of the finances and pay all bills? Or do you both want equal access?
Knowing these things will help you decide which type of open joint account is best for your needs.
CBA has the most ATMs in Australia (over 2500), is the only bank with branches on each of the 6 inhabited continents and is part of the Global ATM Alliance. They have some of the best online banking facilities and access to almost any account on the fly, 24/7 international banking.
So what are you waiting for? Take advantage of all that CommBank has to offer and sign up today!
The benefits of having an account as a couple are endless. The benefits are endless! You will both be able to see your financials at any time, any day without the hassle of meeting face-to-face with a banker or accountant.
You can both share your finances by being able to view every transaction made on your behalf. It also takes the stress out of planning future purchases because you can make decisions together about saving money or buying something large like a car or house.
And it’s just more fun when you don’t have to keep track of your own finances!
From my point of view, CommBank offers a lot of nice features and services, so will be an excellent choice for students and young people.