Thinking about opening a joint account with someone?
It might be a great idea.
But before you start signing forms and sharing debit cards, let’s learn exactly how these accounts work.
Here we go.
Joint bank accounts in South Africa
What is a joint account?
A joint bank account in South Africa is a single account shared by two or more people, where each holder has equal access and legal responsibility. Each account holder can deposit, withdraw, and manage the funds. It’s commonly used by couples, families, or business partners to manage shared expenses like rent, groceries, or joint savings.
It’s basically one account, but multiple people can use it, and are all responsible for it too.
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How does a joint account work?
A joint account works by giving all listed account holders access to the same bank account. Each person can make transactions, and all are legally responsible for the account. In South Africa, you can choose between “either-to-sign” (each person can act alone) or “both-to-sign” (everyone must approve transactions). This setup is useful for managing shared finances but requires mutual trust and accountability.
In South Africa, joint accounts typically use one of these mandates:
- Either-to-sign: Any one account holder can transact independently.
- Both-to-sign: All account holders must authorise transactions jointly, offering more control but less flexibility.
Ready for the next step?
Let’s take a look at what you need to do to open an account.
How to open a joint account
To open a joint account in South Africa, all applicants must go to the bank together, provide valid ID and proof of address, and complete the necessary forms. The bank will verify the documents and ask everyone to agree and sign to set up the account’s signing rules.
Steps to open a joint account:
- Choose your preferred bank.
- Visit a branch with all account holders.
- Bring valid ID and proof of address for each person.
- Complete the joint account application.
- Agree on a signing mandate (either-to-sign or both-to-sign).
- Submit all documents and wait for account activation.
Most major banks require in-branch applications for joint accounts to ensure that each person understands their responsibilities.
You’ll also need to agree on the account mandate — whether transactions can be made independently or require joint approval. So take a moment to discuss these things and write them down before you visit the bank.
Everyone involved has to show up with ID and agree on how the account will be used — that’s the gist.
What is your estimate? *The calculation is an estimate actual amounts may vary. What is your estimate? *The calculation is an estimate actual amounts may vary.
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Try our debt reduction calculator to calculate your lower monthly debt instalment*.
Which banks offer joint accounts in South Africa?
South African banks that offer joint accounts include ABSA, Standard Bank, Nedbank, and FNB. Each bank allows shared access and has different features, such as online banking and signing mandates.
- ABSA – Offers joint transactional and savings accounts, with flexible signing mandates.
- Standard Bank – Provides joint accounts with online banking access for all parties.
- Nedbank – Allows joint ownership of several account types, including savings and cheque accounts.
- FNB – Offers joint accounts mainly on cheque and premier accounts, with customisable authorisation options.
While Capitec does not offer traditional joint accounts, clients can request a secondary card for a trusted individual and give them access to the account. In this case, legal ownership and liability remain with the primary account holder. So trust is extra important.
Which bank is best for a joint account?
The best bank for a joint account in South Africa depends on your preferences and priorities. Most major banks — including Nedbank, Standard Bank, ABSA, and FNB — offer similar joint account functionality with shared access and signing options. Some may offer better digital tools, while others may appeal more for their branch support, lower fees, or flexible account types.
Take a moment to compare the specific features that matter most to you. Is it mobile app quality, account maintenance costs, or how easily you can customise transaction permissions? Then, pick the bank that you feel wins.
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Final thoughts
Managing money with someone else doesn’t have to be messy. A joint account, done right, helps you stay organised, transparent, and financially united.
Just remember to treat it like a partnership — equal parts trust and accountability.
By the way…
If you want to take care of your debt to make your money go further. Talk to someone on our team at My Debt Hero. We specialise in helping South Africans with their debt.
