When looking to manage a loved one’s finances, leave money to a beneficiary or simply monitor an immediate family member’s account, many turn to joint accounts. While they may be easy to use, as described in a recent blog, joint accounts have risks. And there may be better options, depending on your needs.
Joint bank accounts can be a great convenience for people who share income and expenses — often the case with married couples. However, joint accounts also can have disadvantages. It is important for consumers to understand what a joint account is and what it is not, along with all its corresponding liabilities. When it comes to joint bank accounts, you need to ask yourself: is a joint bank account right for me?
Search AARP Blogs