A joint account is a bank account owned by two or more people. All account holders can deposit, withdraw, write checks, and manage the account. It is most commonly used by married couples, business partners, and parents with children.
Joint accounts come in two main types: "Either or Survivor" (any holder can operate the account independently) and "Jointly" (all holders must authorize transactions together). The first type is more common for household accounts; the second offers more control.
A key legal feature: in most countries, when one account holder dies, the surviving holder(s) automatically inherit the funds — this is called the right of survivorship. However, joint accounts also mean shared liability — if one holder runs up overdrafts or debts, the other holders are equally responsible.