OPENING A JOINT ACCOUNT WITH NAB

A joint account is an account that has more than one owner. It can be any type of account, such as a transaction account, savings account or term deposit. Joint accounts can make managing shared expenses easier, but it also means the other parties will have access to the funds you put in that account. It’s important to decide whether a joint account will work for you and your needs, and how you’d like the access to the account to be set up.

Before opening a joint transaction account, you should discuss your financial goals and spending habits together. You’ll also need to agree on:

• how much is deposited, how frequently each party contributes and what expenses are to be paid out of the shared account
• if one party signs or all parties must sign to approve transactions. This is important because it will determine how the account is used.

A joint transaction account will give you greater visibility over your shared day to day spending and help you better manage your joint bills and expenses. Both of you can get a NAB Visa Debit card when opening a joint NAB Classic Banking account or link an existing card to the new account.

If on the other hand, you plan on opening a joint savings account, you should discuss what your savings goals are, such as a holiday or house deposit. A joint savings account could help you reach your savings and financial goals together.

In addition to opening a joint bank account with NAB, consider if you should also keep separate bank accounts. If you’re unsure, please contact NAB on 13 22 65 or visit a branch.

You can apply for most joint accounts online if you’re 16 years or older, and a permanent Australian resident. If you’re after a NAB Term deposit, you’ll need to be over 18 years old.

You can open a joint account online if both applicants are new customers to NAB, or existing customers who already have a joint account at NAB. If you don’t meet these requirements, you’ll need to apply at your nearest NAB branch.

When setting up a joint transaction or savings account, you need to make some decisions about what different account holders or signatories can do with your account. This is referred to as account authority, and you should carefully consider the implications of each of the options outlined below.

Account authority: one-to-sign

One-to-sign means that any account owner or signatory can perform any action (except closing the account, unless the account holder is a minor) without the authority of other parties. There are a few things to be aware of if you choose this option.

• Any party can withdraw some, or all, the funds without permission of the other account holder(s).
• If your joint account goes into a negative (debit) balance, each accountholder is responsible for repaying it immediately.

Note: you can change an account listed as one-to-sign to a different authority. All account holders will need to agree on the change and go into a NAB branch to sign a new authority form.

Account authority: other options

If you choose an account authority other than one-to-sign, actions on the account can require multiple owners or signatories to authorise. (Note that no authorisation will be required to make deposits into the account). You can talk to one of our bankers to help you explore what your options are. There are a few things to be aware of if you choose this option, depending on how you set your account up.

• If all parties won’t sign, funds may not be able to be withdrawn or used.
• Getting everyone to sign at short notice can be difficult.
• If an account owner or signatory is unable to sign, it can be difficult to access funds.
• Joint operating authority suits accountholders who have a mutual purpose for the funds and transactions on the account.

Note: you can change your account authority as one-to-sign instead of both to sign. All account holders will need to agree on the change and go into a NAB branch to sign a new authority form.

When setting up online access for a joint account, all parties on the account will receive their own unique NAB ID. It’s important that if you would like to use NAB Internet Banking or the NAB app that you register using the unique details provided to you when you applied for the account.

You can register for NAB Internet Banking or download the NAB app quickly and easily to get your online banking started.

Once you’re set up for internet banking, each person on the account will be able to see the transactions within the account. You’ll be able to view any funds deposited, transferred or withdrawn so you can keep track of your expenses easily.

A dispute may happen when you or another account holder or signatory is experiencing difficulty, separating from a partner, experiencing financial abuse, as a form of domestic or family violence or doesn’t agree with how the account is operated.

If an account is in dispute, we can pursue many actions, including:

• temporarily blocking withdrawals from the joint account (even if the account is one-to-sign)
• transferring funds from the disputed account to other personal accounts to allow short term access to funds (with the approval of all parties)
• open a separate account without the other parties’ name
• organising statement access if only one party receives them.

We can provide a range of support if you find yourself in a difficult personal situation, from connecting you with appropriate support organisations, to helping you set up accounts to get you on your feet again.

Call our Customer Support Hub on 1300 308 175 (Monday to Friday, 8am to 8pm AEST, Saturday 9am to 1pm AEST) to find out what other support we can give you.

1800RESPECT, the National Sexual Assault Domestic Violence Counselling Service, offers confidential online and telephone counselling, information and referral services. Visit 1800RESPECT or you can call 1800 737 732, 24 hours a day, 7 days a week.