You want to open a joint account with your son but you wonder if it’s possible. We explain how to do it!
Generally, it is the couples who decide to open a joint account. But this type of account is not only reserved for spouses, PACS partners or cohabitants. Discover all the particularities of the joint account and the conditions to be met in order to open one. Everything you need to know about this banking product. We answer your questions about opening a joint account with your son or another family member.
The particularities of a joint account, what there is to know
Conditions for holding a joint account
First, you need to know the difference between an individual account and a joint account. The first has only one holder while the joint account works with several holders.
Often, it is the couples who choose to use the joint account to pool household income and expenses. Indeed, it facilitates the management of the daily budget.
However, the joint account is not just for couples. Indeed, members of the same family have the possibility of opening a joint account. And even unrelated people can open a joint account. To do this, you just need to be of legal age.
On the other hand, the opening of a joint account is generally carried out by two holders. However, there is no limit number. In fact, a group of several people has the possibility of opening a joint account in a bank. However, some establishments prohibit it by setting a ceiling.
The types of accounts concerned
You cannot open any joint account with your son or another family member. In fact, regulated savings accounts such as PEL or livret A, as well as equity savings plans can only be individual.
On the other hand, it is possible to open a joint bank savings account, a joint securities account or a joint term account.
The different possibilities
Finally, be aware that there are three mentions:
- “Sir/Madam or Sir/Madam” is the most common. In this case, only a signature of one of the holders is sufficient to carry out a current banking transaction;
- “Sir/Madame and Monsieur/Madame” implies the signature of all holders to carry out banking operations;
- “Sir/Madame and/or Madame/Sir” is a hybrid version that allows you to perform only certain operations with a single signature. Other, more important, require the agreement of all holders.
Can you open a joint account with your son?
Even if it is mainly couples who use the joint account, nothing prohibits members of the same family from opening this type of account.
Indeed, the joint account is open both to people who live together and to those who are related. Thus, a father or a mother can open a joint account with his son or daughter. Similarly, siblings can open a joint account. And it is also possible for several people from the same family (father, mother, children, etc.) to hold the same joint account. There are no restrictions in the domain.
But why open a joint account with his son or daughter? It may seem surprising. But be aware that it is sometimes an effective solution when the child has to take care of the finances of his elderly parents. Thus, this facilitates the management of the bank account and in the event of death, the money present in the joint account is not blocked.
To note : the bank can however set a limit on the number of holders. On the other hand, it cannot refuse the opening of a joint account between people with a family link. However, holders must be 18 years old.
The steps to follow to open a joint account with your son
To open a joint account with your son, follow the standard account opening procedure:
- make an appointment with your bank advisor;
- on the day of the appointment, show up with your son. Indeed, all account holders must be present during the opening;
- each of the holders must then present their identity document as well as proof of address;
- you must also each sign the account agreement;
- do not forget either to indicate a common address to simplify the sending of mail;
- finally, be aware that it is possible to designate one of the cardholders as the sole person responsible for the banking ban in the event of an incident that could lead to a file being filed with the Banque de France.
To note : banks may charge fees for maintaining a joint account. To find out the rate applied by the establishment, consult its rate sheet online or on paper.
Read also: Which documents to open a bank account?
What happens to a joint account in the event of death?
It is possible to open a joint account with your son or daughter to facilitate procedures with the bank in the event of death.
Indeed, when one of the co-holders of the joint account dies, the surviving holder can continue to use his account. And he has no particular steps to take with the bank.
In addition, in the case of a single survivor co-holder, the joint account automatically becomes an individual bank account. In rare cases, the heirs or the notary of the deceased holder can request the blocking of the account.
And for its part, the bank sends the list of existing sums to the Directorate of Tax Services. She has 15 days from the notification of death to complete the process. The remaining sums are then divided between the heirs, unless there is a defined matrimonial regime or a will.
On the other hand, if the balance of the joint account is positive, in principle half of it belongs to the surviving holder. The half belonging to the deceased holder becomes part of the estate.
On the other hand, if the balance of the joint account turns out to be negative, the surviving holder must pay all the sums due to the bank.
Warningif the surviving co-holder has spent sums in the meantime that did not belong to him, he must repay them to the heirs.
Finally, note that the personal bank card of the deceased, attached to the joint account, can no longer be used.
Read also: Can we open a joint account without being married?