A joint account is a current account held by two or more people and used to manage shared expenses. It operates in the same way as a standard current account and gives all holders access to the funds in the account. Each holder can withdraw cash, make online payments or check their available balance. In addition, thanks to a reciprocal proxy system, each party can make payments without the need for a joint signature.
"}},{"componentType":"sectionTitle","title":"What are the advantages and disadvantages of joint accounts?"},{"componentType":"paragraph","richBody":{"value":"While merging bank accounts is a sign of trust and unity, it's important to make sure it's the right decision for you.
Advantages:
Disadvantages:
While these are general points that will help you decide whether a joint account is right for you, the first thing to do is to discuss it with your partner/roommate and decide what's best for you.
"}},{"componentType":"highlight","title":"Manage all your accounts via the app","richBody":{"value":"With the ING Banking app you can monitor each of your accounts and easily manage your income and expenditure on both your personal and joint account.
"}},{"componentType":"sectionTitle","title":"Pro tip: Try the hybrid approach!"},{"componentType":"paragraph","richBody":{"value":"In addition to a joint account, you can of course always keep your personal account(s). Many couples opt for a hybrid approach. Their salary/income is paid into their respective personal accounts. A direct debit is set up to transfer an agreed amount into a joint account each month to cover mutual expenses. Having both a joint bank account and individual bank accounts can help equal out the expenses making spending a little more equal depending on each person's income.
Whatever your decision, the most important thing is to be on the same wavelength with your partner or flatmates from the outset.
"}},{"componentType":"sectionTitle","title":"How do I open a joint account?"},{"componentType":"paragraph","richBody":{"value":"Live in Belgium and have an email address? Then easily open your joint account online: