Joint bank accounts work very similarly to other bank accounts. Joint checking accounts work like any other checking account with services like writing checks and debit cards. The Joint savings accounts also work like regular savings accounts, keeping your money safe and paying interest.
The difference between the regular and joint accounts is that both people who own the account have full control over it. Either of the account owners can write checks and make purchases. Both account holders are liable to add funds or even withdraw them from the account when the need arises. Since the account is primarily for handling shared expenses and both individuals are notified about the money that is put in the account and the money is taken out, it is not possible to take a loan discreetly.
