This is a joint account, which means all account holders share access to the money in it in accordance with your instructions.
Payment instructions
"Either party or survivor": If you want any single account holder to be able to withdraw money without the written agreement of any of the other account holders, you must select the payment instruction option; "Either Party or survivor" when completing the account opening application.
"All parties or survivor": If you want all account holders to approve withdrawals, you must select the payment instruction option; "All parties or survivor" when completing the account opening application.
Choosing this option means:
- Two or more people will be needed to authorise transactions.
- You will not be able to make online transfers and debit cards are not available.
- You will need to visit a branch for certain actions.
What happens if an account holder passes away
- If any one of the Joint Account Holders should pass away, any funds left in the Account and any interest that has accrued may be withdrawn in total or retained in the name(s) of the surviving/sole surviving Joint Account Holder(s). This happens even if the deceased person’s will says otherwise. This is subject to receiving the appropriate Revenue and, where required, testamentary documentation.
- If the account becomes overdrawn, the surviving account holder(s) become responsible for repaying the debt to the Bank.
Before you continue
- Make sure you understand the legal, practical and financial implications of opening a joint account.
- Talk to the other account holders and agree how the account will be managed.
- If you are unsure, get independent legal or tax advice.
- If you have questions, speak to our team before proceeding.
Key points to remember
- Each account holder can access all of the money (unless the account is set up so that all account holders have to confirm payment instructions).
- All account holders are responsible for any money owed to the Bank (e.g., Overdrafts), even if only one account holder caused the account to become overdrawn.
- If a joint account holder passes away, becomes incapacitated, or there is a legal dispute, access to the account or funds may be affected.
- If you are unsure whether a joint account is right for you, seek individual independent advice before continuing.
