Definition
A bank or investment account owned by two or more people, each with full access. Common for household spending between partners; clarity about what flows through it beats assumptions.
Why it matters
Joint accounts make shared money frictionless and shared assumptions dangerous: both owners can spend it all. The account is a tool; the agreement about what runs through it is the actual system.
Example
A couple routes both paychecks into a joint account that pays rent, groceries, and utilities, then auto-transfers agreed personal allowances to individual accounts. Shared costs are transparent; personal spending stays private.
Put it into practice
Related terms
This definition is educational, not financial, legal, or tax advice. U.S. rules and limits change; verify time-sensitive details with official sources. See our disclaimer.