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The best joint accounts are the EVO Smart Account and the BBVA Online Account without commissions
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The ideal is that they are free accounts and that they do not require linking or this is the least possible
Living together, whether as a couple or with roommates, is quite a challenge. And not only because of coexistence, but also because the day-to-day economy must be managed in a common way, at least. To facilitate this task, there are many who choose to open a joint account to manage money for shared expenses, whether they are generated by contracting a mortgage, paying rent, for food or to pay household bills.
Having a shared account does not mean that you have to give up your personal financial independencesince each one can maintain their personal account to receive their payroll, pay their own bills or make purchases and have the shared account for the sole purpose of managing money for common expenses.
In that case, and in any it is important that the joint account is free and does not require linking. And you should know that currently there are banks that offer accounts for several holders that meet these conditions and that, in addition, you can contract in a simple way, without having to go to any branch.
In Tracker We tell you what the best shared accounts are and we explain what shared bank accounts are, what advantages they have and how you can cancel them a joint account.
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What are the best joint bank accounts?
Shared bank accounts are a very convenient option if you manage your finances with someone else. But, which are the best? At Rastreator, we have made a selection of those that support multiple account holders and do not charge commissions.
EVO Bank Smart Account
The smart account It’s a product without any requirements and without commissions: neither for maintenance nor for national and community transfers (SEPA) in euros or for income from national checks and that admits two holders. These are two accounts connected to each other, a current account for your day-to-day expenses, in which you will not have to pay anything, and another, in term, that will remunerate your savings (up to 30,000 euros) at 0.01%.
In that account, EVO Banco will deposit, on the 15th of each month, the balance of your checking account that exceeds 3,000 euros (in addition to what you want to deposit). In addition, You will have two Smart Cards for freewhich works like a debit card and a credit card, but in the same product.
Online account without BBVA commissions
The Online Account Without Commissions is a checking account New customers which, as its name suggests, has no fees for administration, maintenance and transfers. Contracting this BBVA account includes the Aqua Debit Card, without issuance and maintenance fees for all account holders (admits two). You do not need to domicile your salary or receipts to enjoy its advantages.
Clara de Abanca account
The Clara de Abanca account supports two holders and is a product No commissions for all those who operate digitally. In fact, if the entity perceives that the holder is operating in the offices, it might apply an additional cost.
With this Abanca account, the entity offers you a debit card without issuance fees or renewal for each of the holders. And although it is not necessary, if you domicile your payroll of more than 1,200 before March 31, the entity will give you 300 euros. If your salary is between 600 and 1,200, you can take 150 euros.
Openbank Current Account
The Openbank Current Account admits up to four holders and has no commissions, neither for standard transfers in Spain and in the European Union, in euros. Of course, the Open Debit debit card will be free for one holder only. The cost of the card for the following holders will be 18 euros per year. With it, you can withdraw cash on debit at the more than 7,500 Banco Santander ATMs in Spain.
ING Payroll Account
The ING Payroll Account supports up to two holders and It has no opening and maintenance fees. National transfers or within the EU up to 50,000 euros are also free of charge. With this ING account, which forces you to domicile a payroll or have a monthly income of at least 700 euros, credit and debit cards are free for both holders. In addition, you have two days of free overdraft and if a receipt arrives and you do not have enough balance, ING notifies you and gives you two free days to catch up.
| Entity and product | Characteristics | Number of holders |
|---|---|---|
| EVO Smart Account | No commissions. Two connected accounts, one current and one savings. | Of the |
| Online account without BBVA commissions | Current account for new customers. No commissions and no need to domicile the payroll | Of the |
| Clara Abanca Account | No commissions. Debit. Benefit if you direct payroll. | Of the |
| Openbank Current Account | No commissions. Free debit card for one cardholder. | Four |
| ING Payroll Account | No opening or maintenance fee. Payroll direct debit mandatory. | Of the |
What are shared bank accounts and how do they work?
Shared bank accounts are those that admit two or more holders. And although there are several types of co-ownership (indistinct or joint, joint or joint and subordinate), the normal thing in a shared account for the day-to-day or family economy is that all holders enjoy full freedom to carry out movements in the account individually (income, transfers, payments,…). That is, it must be an account with indistinct or joint ownership. Thus, all holders will have the same rights over the money that is in the account, but also the same obligations. And even in case of debt, everyone will be equally responsible.
In addition, depending on the use that you are going to give to the shared account, you can opt for a joint savings account or a current account with several holders.
- The first will help you to enter your money and that of the second holder and try to find a certain return on those savings.
- The second is the one you will need for day-to-day operations.
Therefore, it is important that the shared account allows you to domicile receipts, deposit money in the account (by check, cashier or transfer) and that offer separate cards to each of the holders (better if it is free), among other services. And, if possible, without commissions and without any type of connection. Definitely, the operation is the same as if you contract a current accountbut can be used by two or more people at the same time.
What are the advantages of a joint account?
Open a shared account greatly simplifies financial management of the income of its holders, especially when there are common expenses, whether as a couple, family or friends, as long as you trust them. And it is that having a joint account allows you to centralize all those expensesavoiding having to invest time and make numbers and constant transfers between their respective accounts.
Also, centralizing all resources in one place will make it easier to create a common budget of expenses and savings. Also, somehow you get more financial stabilitysince it is more complicated for the account to remain in the red, since the income of one holder can offset that of the other.
What are the drawbacks of a shared account?
Sharing a bank account with another person, no matter how much trust you have, also has its drawbacks. Like, for example, the lack of independence. And it is that, in the end, the account will always be controlled by a second person. On the other hand, another disadvantage is the difficulty of deleting a shared accountsince it is somewhat more complex than with a traditional account.
And they can’t be ignored. the tax consequences of having a jointly owned account. For tax purposes, the Tax Agency will understand that the funds in an account are divided equally among its owners, unless otherwise specified.
How many holders can a bank account have?
The number of holders that a shared account can have will be marked by the bank with which you contract it. Some only allow sharing between two people, while others allow up to five holders. The best thing is that before opening your account, you find out how many owners it can have, in this way you will avoid surprises if you want to add someone and they do not allow it.
How to cancel a shared account?
Canceling a shared account is not as simple as an individual one, since it is necessary that all account holders agree. There are banks that allow you to do this process online.sending an email or a burofax, but the usual thing is that all holders have to report to the office to close the bank account and do the following:
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Provide your DNI, NIE or any other document that proves the identity of the holders.
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Sign the account cancellation document by all account holders.
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Destruction of all products associated with the account, such as cards, notebooks or others.
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Request proof of account cancellation (you may need it later).
What happens to the shared account in the event of the death of one of the holders?
In case of death of one of the joint account holders, the money belonging to the deceased will pass to the legal heirs. In addition, the money will not be distributed equally among the account holders, but they will verify the capital that each one contributed and it will be distributed proportionally according to the money that each holder entered.
And in case one of the two holders wants to unsubscribe?
There may also be the possibility that one of the shared account holders unsubscribes. In this case, while it will be necessary to obtain the approval of all account holders to close a joint account, to unlink yourself from such an account, you can do it yourself, unless there is some cause that prevents it. For example, a debt or overdrafts. Of course, the rest of the holders will have to be aware of this decision.
However, if the shared account has only two owners and one decides to unsubscribe, the usual thing is that the bank requests that the account be closed permanently and the owner who wanted to continue using it opens a new one to continue operating individually.
Compare the best bank accounts
In the market you can find different shared bank accounts and it is important that you choose the one that best suits your personal financial situation. At Rastreator bank account comparatoryou will be able to study the characteristics of different products and choose the one that best suits your financial situation.
