What's a joint account and how do I open one?

Managing money with a partner, flatmate, or family member can quickly become a complex process of splitting bills, chasing payments, and keeping track of who owes what. If you're part of a duo looking for a clearer way to manage your collective finances, you've probably started exploring the idea of a joint account.

A joint account, sometimes called a shared account or a joint bank account for couples, is one of the most popular tools for people who live together, share expenses, or simply want to save for a common goal. It brings clarity and simplicity to shared finances, but it's also a big decision with legal and financial strings attached that go beyond just budgeting.

In this guide, we cover important topics like how a join account works, debt liability, and what happens when relationships or living arrangements change, ensuring you have all the knowledge needed to make a fully informed decision.

What exactly is a joint account and how does it work?

A joint account is a type of account held in the names of 2 or more individuals. Every person named on the account has full and equal access to the money. This means any co-owner can make payments and deposit and withdraw money without needing the formal approval of the other account holder.

The point of a joint account is to centralise shared financial responsibilities. This removes the hassle of constant bill splitting and transfers between 2 separate personal accounts.

What you can do with a joint account

A joint account allows 2 or more people to manage all shared finances seamlessly. This includes:

• Shared bills: paying for a mortgage, rent, council tax, and utilities directly from the communal pot
• Day-to-day spending: using a debit card each for groceries, shared travel, or household maintenance
• Income management: receiving shared income or having both account holders contribute set amounts via standing order
• Remote management: both account holders receive full, independent access to the online platform or app, with instant visibility of all transactions
• Savings goals: the ability to link or create a dedicated joint savings account for shared ambitions, like holidays or a house deposit

How a joint account creates a financial link

When you open a joint account with a traditional financial institution, you establish a formal financial link with the other account holder. This link is registered by credit reference agencies.

This means that when you apply for future credit in your sole name, such as a personal loan or mortgage, the lender could look at the financial history of the person you're linked to as well as your own. If the other account holder has a history of poor credit management, it could affect your ability to borrow, even if you have an otherwise spotless personal record. This is why careful consideration and frank conversations are essential before you decide to create a joint account.

However, this financial link isn't created with us. Your Revolut Joint account is designed purely to make transactions easier and help you budget together — it doesn't impact the credit file of either account holder.

The non-negotiable risks of a joint account

While the convenience of shared money management is undeniable, you must fully understand the risks involved before you open a joint account.

The reality of joint and several liability

This is the most important legal aspect of a joint bank account. It refers to any debt attached to the account — for example, an overdraft.

Here's how it works:

• Joint liability: both account holders are collectively responsible for the entire debt
• Several liability: each account holder is individually responsible for the entire debt, not just their proportional share

If one account holder uses the entire overdraft facility and is unable to repay it, the financial institution can request the full amount from the other person. This liability exists regardless of which person took out the debt and whether or not the relationship has ended. For this reason, you should only ever open a joint account with someone you trust completely.

Our Joint accounts don't currently offer an overdraft facility, so you don't have the same liability risk with us that you might have with another provider.

Protecting yourself against financial abuse

In a trusted relationship, a joint account can be a powerful tool, but in cases where there's financial control or abuse, it can become a dangerous risk.

Financial abuse involves one partner controlling or exploiting the other's financial situation. This includes preventing them from accessing their money, forcing them to take on debt, or running up debts in their name.

If you're considering a joint account, you must be sure that:

• you keep a separate, private personal account for financial independence
• you understand all fees and features and aren't being pressured into signing up for something you don't want
• you never feel pressured to add money, sign documents, or give up control over your personal finances

If you have any concerns about financial control, avoid opening a joint account and seek advice right away.

How to open a joint account

Opening a joint account online is often much faster and more straightforward than visiting a branch, but the eligibility criteria for both applicants are strict.

To be eligible for a Joint account with us, both people must:

• be at least 18 years old.
• have a personal account with us and pass our verification checks. If you don’t have one yet, start by signing up.
• live in the same country.
• belong to the same entity (e.g. Revolut Ltd). To check your entity, tap your profile icon in the top-left corner and scroll to the bottom.
• not have another Joint account with us, or a pending invite for one.
• already have each other in their contacts. If not, send a small amount of money to their account to make them a contact before you try to open an account together.

Can you convert a personal account?

Depending on the provider, there are 2 ways to create a joint account:

• Opening a new joint account: both people apply together, and a brand-new shared account is created. This is how it works with us.
• Adding a person to an existing account: some providers allow you to convert your existing personal account into a joint one by adding a second signatory. If you choose this route, be aware that you're immediately creating a financial link between both of you.

While the Current Account Switch Service (CASS) allows you to switch a sole account to a joint account, you can't then switch a joint account back to a sole account.

What identity checks are needed?

When you open joint account online, you both need to provide proof of identity and address, typically including:

• a valid passport or UK driving licence
• proof of address, such as a utility bill, council tax bill, or bank statement dated within the last 3 months

You provide this information when signing up with us, so you should already have this sorted before you open a Joint account.

How do we close a joint account?

Closing a joint account with a traditional bank usually involves a lot of paperwork. You generally need to gather multiple forms, ensure all account holders provide written consent, and sometimes even visit a branch in person. There can be delays if any information is missing or if one person isn't available to sign documents. Also, any outstanding debts on the account must be cleared before the account can be closed.

With us, everything is handled in-app, without any paperwork. Once you’ve brought the balance down to zero by withdrawing the money (both of you can do this), you can close the account in just a few taps.

Why a Revolut joint account is built for modern duos

Our Joint accounts remove the admin and complexity from shared money management and offer a digital, app-based solution perfect for the modern couple or duo. We give both of you control and clarity over the shared money.

Joint savings and budgeting

We make shared life expenses simple:

• 2 cards, one balance: both account holders receive their own physical and virtual cards, all with access to the same central balance. This removes the need for constant transfers and tracking.
• Budgeting tools: our in-app tools work for both personal and joint accounts. You can categorise shared spending, set limits, and receive instant notifications for every transaction, keeping both people fully in the know.
• Shared goals: you can create a dedicated Joint Savings account linked to your Joint account. This lets you set shared targets and easily transfer money to save for common goals, helping your pooled money work harder for you.
• Instant payments: you can both add money to the shared account or pay other Revolut customers instantly.

We want to make sharing finances as straightforward as possible, ensuring that your collective money management is organised, clear, and focused on your joint ambitions.

How to create a joint account with us

If you're ready to take the next step and open a joint account online, our process can be completed easily in-app. Here's a simple, step-by-step guide on how to get started:

1. Open the app. Make sure you have the latest version installed on your phone. If one of you doesn't have it yet, download Revolut and sign up in a few minutes.
2. Navigate to the Home screen. Tap More, then Add new account.
3. Select Joint. Then choose the person you want to open the account with from your contacts (they must be a Revolut customer in the same country).
4. Complete the application. Follow the on-screen instructions and we'll verify your identities and eligibility.
5. Start spending. Once approved, your new Joint account is ready to use. You can both add money and order your physical cards right away.

The information provided is accurate as of 21 September 2025.

The content of this page is for general information purposes only and does not constitute financial advice. If you have any questions about your personal circumstances please seek professional and independent advice. Revolut is not a financial adviser.

Joint account T&Cs apply.