Joint accounts are popular with partners and housemates and others who have a shared financial interest. These accounts provide access to two or more people, which means that everyone who has access can manage the account and make deposits and withdrawals.
Joint accounts offer convenience for groups of people who have shared expenses – such as utility bills – and for couples. The account works in the same way as a regular current account but there are multiple cards and chequebook options available, and there are even options available for people with bad credit (Visit – www.thebadcreditsite.co.uk/accounts/cash-plus-account/ )
Protective measures are available with joint accounts. For example, if disagreements or problems arise with other joint account holders, the account can be frozen so no one can withdraw money. The bank will only free up the account once all joint account holders agree as to how the money shall be divided. If legal disputes arise, the courts determine who gets the money based on who paid in the money.