What is a joint bank account? 

A joint account works similarly to any other bank account you may have in your name however the primary difference is that a joint bank account is an account that more than one person can have access to. This means that two (or more) people who own the account, have full control over it. This also means that any funds held in a joint account, belongs to all account holders equally. The bank makes no distinction between funds deposited by one person or the other.

Method of operation

Upon opening a joint account, all account holders must stipulate a Method of Operation via a signed Account Authority which confirms how they wish to operate their account & this can be amended in accordance with the existing Account Authority at any time if requested.

A joint account can be managed by two different Methods of Operation, namely;

  • Either to Operate – authorisation from either account holder is required to operate or access the account
  • Jointly – authorisaion from all account holders is required to operate or access the account
  • Two (or more) to Operate – authorisation from the number of account holders specified is required to operate or access the account

If an account is Either to Operate, each account holder can choose to have various methods of access to the account such as card, chequebook, internet banking or over the counter access, and/or set up direct debits. This also means both account holders can make debits/withdrawals on the account.

If an account is Jointly or Two (or more) to Operate, all debits/withdrawals on the account would need to be authorised by all account holders (jointly) or the number of account holders specified in the account authority (two or more to operate). This also limits the methods of access available.

Jointly & Two (or more) to Operate methods of operation are not available to customers who hold an Everyday Account, Future Saver, Smart Saver or Simple Saver account.

Benefits of opening a joint bank account

Whether it’s an everyday transaction account or a savings account, merging funds can help to:

  • Manage & keep track of joint expenses
  • Manage and pay bills from one account
  • Provide shared account access with visibility on all transactions
  • Easily divide up expenses
  • Pay fewer account fees
  • Reach your savings goals together

What you need to know about opening a joint bank account

Before opening a joint account, decide what the account will be used for – such as emergency expenses, reaching a savings goal or for daily transactions. You may want to decide:
  • How much and how often you’ll each contribute into your joint account
  • What you’ll use the account for e.g. paying bills, as an emergency fund or saving for a goal like a joint holiday
  • Whether you can separately sign off on withdrawals on the account or whether you both need to sign (account authority)
  • What your financial goals are - our savings calculator can help
  • Who will be making bill payments
  • What the spending limit is on the account
  • Whether you’ll each keep separate bank accounts too
  • Set up a budget using our handy budget planner

Disputes between joint account holders

A dispute between joint account holders may occur when an account holder is experiencing difficulty, separating from a partner, experiencing financial abuse, as a form of domestic or family violence or doesn't agree with how another account holder is operating the account.

You can advise BOQ of a dispute by visiting your local BOQ Branch, in writing or by phoning 1300 55 72 72.

How do I open a joint account at BOQ?

  • Download the myBOQ mobile app to get started with setting up a joint account with a friend, family member or significant other
  • For our everyday bank account with no monthly fees, check out the Everyday Account.
  • Need an account with a high interest rate that can help you with your joint savings goals? Check out the Future Saver savings account.

Applying online

You can apply for a joint bank account online for any of the savings and transactions accounts listed below:

Download the myBOQ mobile app to get setup in just a few minutes.

Chat to us

Here's some of our joint bank accounts at BOQ

Everyday banking with no monthly fees

Everyday Account

Our simple, intuitive everyday transaction account, made even better for you with user-friendly features that help you make the most of your money.

  • Access your money whenever you need, exclusively on the all-new myBOQ mobile app. Please note: As an app-exclusive account, it cannot be accessed via Internet Banking.
  • Managing your money has never been easier, with in-app spend tracking to help you budget better and bill tracker to give you a heads up when bills are due.
  • Fast, easy payments. Pay or be paid instantly with PayID.
  • Open an Everyday Account directly within the myBOQ app and start banking with BOQ today!

BONUS INTEREST VARIABLE RATE FOR BALANCES UP TO $50,000 IF BONUS CRITERIA MET**

Future Saver Account

Our high-interest saver accounts for 14 to 35 year olds, with easy-to-earn bonus interest and no monthly account keeping fees.

  • Access your money whenever you need, exclusively on the all-new myBOQ mobile app. Please note: As an app-exclusive account, it cannot be accessed via Internet Banking.
  • Let your high interest savings soar higher. Super charge your savings with easy to earn Bonus Interest.
  • Simply deposit $1,000 into your linked Everyday Account from an external bank account (cash and cheque deposits excluded) and make 5 or more eligible transactions (settled, not pending).
  • Stay on track and manager your savings. Set up savings goals to keep you on track with your targets.
  • Switch on Round Ups to add to your savings without even thinking about it! We'll round each of your transactions to the nearest dollar and put the extra right into your savings.

GET A GREAT, ONGOING INTEREST RATE FOR BALANCES UP TO $5 MILLION

Simple Saver Account

No hoops and no fuss when you just want to save. Simply sit back and watch your savings grow.

  • Access your money whenever you need, exclusively on the all-new myBOQ mobile app. Please note: As an app-exclusive account, it cannot be accessed via Internet Banking.
  • No monthly account keeping fees.
  • Open up to 9 Simple Saver accounts and keep on track with all your goals
  • Open a Simple Saver account directly within the myBOQ app and start banking with BOQ today!