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A happy couple planning to open a joint account with UBank

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What is a joint bank account? And how can they make life easier?

There are certain milestones you hit as a couple over time. Your first kiss, your first holiday together, meeting the parents, and perhaps even having shared finances.

However, if you have a thorough conversation up front and do your research, setting up a joint bank account can be a quick and pain-free process that could ultimately make your shared life easier.

Why open a joint account?

When you share financial responsibilities with someone (we’re talking groceries, bills, a mortgage etc.), you may find it practical to make withdrawals from the one account.

A shared bank account is also a great option if you’re looking to hit a savings goal together. Whether it’s a short-term goal such as a holiday or wedding, or you’re saving for your first home, there are lots of benefits in consolidating your money into one place.

Ready to get going? It’s easy to set up a joint UBank account online (you could even do it right now). There’s just a few things to keep in mind.

Types of accounts

All of UBank’s accounts can be opened in a joint name – it’s up to you to choose which one suits you.

Our USave is a savings account with competitive interest rates which could help you reach your bigger savings goals. Our USpend is a transaction account that’s useful for everyday costs like rent and bills (keep in mind that you can only open a USpend account if you already have a USave).

What you get

A joint account means you’ll have shared access to the account, and can both access and operate it independently (you’ll have separate profiles and you’ll both get a UBank Visa Debit card with a USpend, for example), so it’s best to only open a shared bank account with someone you trust.

If you’re saving for something together, UBank has lots of tools to help you, such as a USave Savings Bonus interest rate. This is a higher interest rate that’s great in helping you hit your savings goals sooner, particularly with two people’s salaries going into it.

You’re eligible to earn the bonus interest each month as long as you:

  • Hold a USave and USpend account – they have to be in the same names;
  • Deposit at least $200 per month into either account from an external source during that month;
  • Maintain a balance of $250,000 total or less across all your USave and USpend accounts. This is inclusive of you and your partner’s accounts (i.e. the cap doesn’t double to $500,000 because there’s two of you). You'll get the base rate for anything extra!

How to set up a joint bank account

You can do it all online, and you only need a few minutes spare.

If you’re opening a new one together*, you’ll be asked to answer some questions and supply a few pieces of ID before you can submit your application, but we’ve made that easy for you too, with our online application and ID check 101.


*If you already have a single UBank account, you’ll need to do a new application for a joint account.

To qualify for the bonus variable interest rate on eligible amounts in your USave account(s) in a calendar month, you must have both a USave and USpend account and deposit $200 or more into your USpend transaction account or your linked USave savings account from non-UBank accounts during the same month. The bonus variable interest rate will be applied to a combined balance of up to $250,000 held in your USave account(s), including joint accounts. Any remaining balance greater than $250,000 will earn the USave base variable rate. Bonus interest is earned the same month you meet the bonus interest criteria. If you qualify for bonus interest, your interest will be paid in 2 credits. The first credit is calculated using the base variable rate, and will be visible in the morning of the 1st of the following month. The second credit is the Bonus Interest, which will be processed overnight on the 1st, so please check your account on the 2nd of the following month.


The information contained in this article is of a general nature only. It doesn’t take account of any person’s objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate for your circumstances and seek independent legal, financial, and taxation advice.