What is an account?
You open an account with at least 2 people. Both account holders can have the money. It can be a checking account or a savings account. You usually open an account with your partner, but there are more options. How exactly does an account work?
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How does an account work?
A and / or account is a joint savings account or joint payment account. Both account holders can deposit or withdraw money from the account. You do not need the consent of the other person for transactions. The and / or bill differs from one and / and bill. With one and / and account, you need the consent of both account holders for each transaction. So only close one and / or account with someone you really trust, because the other person can withdraw all the money from the account.
Who to open an account with?
Who you open the account with doesn’t matter. This is often a partner, but it can also be a parent / child relationship or housemates. A and / or checking account is easy if you both want to make payments from the same account. This is especially useful for people who live together in a house. You can save money together on one and / or savings account. You often see this with partners, but also with parents who want to make a gift to their child through an account.
Please note: Do you want a construction for a savings deposit? Then first contact the bank.
Where can I open an account?
You can open an account at most banks. You then initially open a payment account or savings account of your choice, for example the savings account with the highest savings interest. When opening you indicate that it must be an account. You will then receive the account that you have chosen, but with access for both account holders.
And / or cancel
If you want to cancel an account, both account holders must give their permission. If you no longer want to hold an account together, the account can be canceled. But often it is also possible that one of the account holders will keep the bill on their own.
And or bill upon death
If you have an account together, it is important to keep a good record of where the money in the account comes from. This prevents difficulties if one of the account holders dies. The credit that comes from the deceased falls under inheritance law. That is, the balance of the deceased falls under the estate. Tax must be paid on this before it goes to the heirs.
The and / or account remains the property of the living account holder after death. The latter must immediately report the death of the other account holder to the bank.
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