A joint bank account is just like any other bank account – the only difference is that it can be opened in more than one person's name.

Most joint bank accounts are held by couples who live together, but you can open one with family, friends or a housemate. Typically, they're opened by two people, but some banks let you have more people on a joint account if you like.

They work just like standard current accounts. Joint accounts allow all account holders to pay into them or withdraw money. This also means that any account holder could withdraw all the money in the account if they wanted to.

You can set up Direct Debits to pay rent, mortgage payments, council tax and utility bills. Each account holder also gets a debit card so they can make purchases using that account as well.

The primary purpose of a joint account is to manage shared bills and expenses. For example, couples or housemates who live together can get a joint account so that mortgage or rent payments can be taken from it. This could also include any shared bills or expenses such as utility bills, food shopping, or TV and internet bills.

Parents could also get a joint account with their child who is at university to pay for tuition or living expenses. Or if you’re a custodian for a care recipient, a joint account can be useful to help them with daily expenses or manage their finances for them.

Once you've decided on which bank you want to go with, setting up a joint bank account can be done in person by visiting your chosen bank's branch.

You can also often apply online, but you'll need to supply scanned copies of documents proving things like your address, age and identity.

All account holders will need to have a permanent UK address and are generally required to be at least 18 years old.

When you open your joint bank account, you'll usually get access to online banking or an app. Each joint account holder will be able to access the bank account in this way.

If you already have an existing current account, you could also make it a joint account by adding the other person to it. Just remember that whoever you add will have full access and will be able to deposit or withdraw money from the account.

Opening a joint bank account doesn't directly affect your credit score on its own, but it could in the long run.

That's because when you open a joint bank account, your financial history becomes linked with the other account holders. That means it's important to think about how this could impact your personal credit rating.

If you apply for credit in the future, lenders may also look at the credit report of the people you share a joint current account with.

So, if someone you share a bank account with has a poor credit history, you could be rejected for a credit card or loan because of your association with them.

Joint accounts jargon buster

Joint bank account FAQs