Joint Bank Accounts

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.

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.

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

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

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.

• 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.

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

• Everyday Account
• Future Saver (14-35 years old) or Smart Saver (36+ years old)
• Simple Saver

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

Chat to us

• Call us on 1300 737 766
• Chat to us directly via the myBOQ mobile app
• Come in and see us
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