What is Joint Account?
A joint account is a bank account that has been opened by two or more individuals or entities. Joint accounts are commonly opened by close relatives or by business partners in an unincorporated business, but they can be used in other circumstances.
Best Joint Account In South Africa
Absa Group Limited
TymeBank
First National Bank
Capitec Bank
Bank Zero
Spot Money
Which bank is good for a joint account in South Africa?
The MyWORLD Bank account was designed with this in mind. As a shared bank account, MyWORLD opens doors for ordinary South Africans to embrace their sense of family and community in their finances. It’s also easy and safe to use.
Can you get a joint account in South Africa?
Joint ownership of a bank and/or investment account is generally not recognized in South Africa. One of the reasons for this is that there is no legislation specifying what will happen to the cash and/or investments held in the account if one of the joint account holders passes away or becomes insolvent.
What are the disadvantages of a joint bank account?
You’ll lose some privacy. All other account holders will be able to see what you’re spending money on. If one of the account holders takes money out of the joint account, there aren’t many options for getting it back. If the account goes overdrawn, each joint account holder is responsible for the whole amount owed.