A trip, a down payment for a car or a house, start a business, or have a fund for any emergency; The reasons to save can be many.
Allocating a percentage of your income to savings can be an individual exercise. It can also be done jointly with our partner, family, or friends. For this, there are joint accounts.
This product, also called a joint account, allows two or more people to deposit and save the amounts they want and manage the operations of said account.
The administration of this type of account can be flexible or restricted, so before opening one, it is essential to know more about this product and the purpose for which it will be used and thus choose the account that best suits you.
Joel Cortés, director of the digital platform specializing in payment methods Kardmatch, indicated that this type of product resolves the need to have savings in a single account, whether as a couple or as a family.
There are two types of joint accounts. The first is called mutual savings, where the members can deposit to the report, but all the holders’ signatures or authorization are required.
In this type of product, banking institutions only give a card to one of the holders, while the others are given a checkbook.
The second type of account, called indistinct or solidarity, allows operations to be carried out individually, giving each holder a debit plastic so that they have the funds deposited. The authorization of the other savers is not required to carry out any operation.
Cortés pointed out that one characteristic of this type of account is that it is limited to three holders, so it would be beneficial for a couple but perhaps not for a family.
How to open it?
According to the Accounts, Payment Methods, and Direct Debits area of BBVA Mexico, to open a joint account, all interested holders must present themselves since the attendance and signature of each one are required.
According to the banking institution, some of the requirements requested for the opening are the valid official identification of each interested holder, proof of address of each one, in addition to conducting a face-to-face interview at the branch, and the signing of the contract and covers. A copy will be given to each.
The director of Kardmatch pointed out that, although most banks have this type of account, they are rare products.
“In all banks, there is an account in which the user can tell the executive that he needs an account managed by two or more people,” he explained.
The institutions do not charge opening fees because it is a savings account and, therefore, a debit account. However, the bank can request minimum balances or charge fees for inactivity.
BBVA points out that one advantage of this type of account is that it does not require a maximum amount, and deposits can be unlimited.
Another point in favor of this type of account is that it serves to have a little certainty when it comes to savings between several people and allows you to put some locks for the withdrawal of funds.
On the other hand, the bank highlighted that with a joint account that belongs to another’s account, the consent of all the holders is required in case of a cancellation, modification, change of address, and any other operation that derives from the use of this product.
If you have a checkbook to withdraw funds, it must be signed by all account holders to carry out the said operation.
Cortés stressed that another point to consider is the use of digital services offered by banks and that this type of account is also restricted, depending on whether it is a joint or several.
set a goal
Before opening this type of account, the objective of opening it must be stated, whether for a family matter, a savings goal, or to improve control of money and thus choose the most appropriate product.