You can have multiple Amazon partner accounts

This is how it works with the joint account

Do you live with someone in a household or in a shared apartment? Then you cannot avoid certain common costs. You can keep track of things with a joint account.

The joint account - one for all, all for one

A joint account is a current account that is available to at least two account holders with equal rights. Many couples who live in the same household use it to carry out their financial transactions and use this account to pay all common costs such as rent, insurance, telephone, internet.

You should know that!

  1. You can manage the joint account as an "And account" or "Or account". With the AND account, the partners can only jointly dispose of the account. In the case of the Oder account, each holder is solely entitled to dispose.

  2. Each partner is entitled to half of the balance in the account (proportionally if there are several people). It doesn't matter who pays how much and where the income comes from. Exception: You make other agreements and fix them in writing.

  3. The question: "Do you already have ...?" falls away. On your bank statement you can see whether the electricity back payment has been made or the child benefit has been received.

  4. Most of the time, the partners already have their own accounts. They should keep that and open a joint account as a third party account. So everyone can continue to meet their own needs with their own money. Expenses that affect both are paid from the joint account. This saves discussions about who pays which costs.

  5. However, a joint account also means: Each partner is jointly responsible for every transaction, and overdraft and overdraft interest are borne by both parties. Even with no fault. That is why joint accounts should only be opened with people you trust.
  • Biallo tip: Are you looking for a third party account? Then take a close look at the offer from the bank of your choice. Because there are still a good 40 banks and fintechs that offer a free current account.

Opening the joint account

You can open joint accounts at any bank that offers checking accounts. How many people open an account and how they relate to one another is not relevant to the bank. You should be able to work and legitimize yourself. At a branch bank, legitimation takes place by showing the ID at the counter. At the online bank, proof of identity is possible via the Postident procedure or video legitimation. Before opening an account, discuss how you would like to manage the joint account.

Tip 1:

Make up your mind on one Three account model. Here each partner has their own account. Salary receipts and other income run separately. Everyone pays a certain monthly fee to the joint account. Joint payments such as rent, electricity, water and GEZ can be processed through a joint account. In the best case, via a free one, so that you do not incur additional costs. You can find free and cheap accounts with our current account comparison.

Tip 2:

Fixed costs usually go out of the account on the first of the month. The best thing is to top up the joint account immediately after receiving your salary. A standing order is recommended for this. Who pays how much should be discussed with one another. Income is used as an index.

The "or account"

Available:

Liability:

EC card:

With an OR account, all account holders have full rights of disposal. Anyone can bank individually and without the consent of the other account holders.
If one of the account holders overdoes the account, all partners have to pay for the debts. If an attachment decision is made against an account holder, the entire balance will be withdrawn from the joint account. Even if the other has nothing to do with the debt.
All account holders receive their own debit or credit card with a PIN. So everyone can pay, shop or make transfers.

The "and account"

Available:

EC card:

Power of attorney:

Liability:

With the AND account, the account holders can only act together. In practice this means: withdrawing cash, transferring money, setting up standing orders - all of this can only be done together.
With an AND account, you do not have the option of accessing the money with a debit or credit card.
If you definitely want an AND account, you should set up a power of attorney. In an emergency - if you are seriously ill - you can do banking without a partner. You will receive the relevant powers of attorney from the bank.
If there is an attachment order against the co-owner of the And account, the unaffected account holder can try to be exempt from liability. To do this, they must provide evidence of a "community of fractions". If they can, not the entire balance of the account will be seized. Only the part against which the decision has been made will be withdrawn. also read: With the P-account, almost 1,200 euros are taboo for creditors

Joint account or power of attorney?

Another possibility to use one account together is the power of attorney. The authorized representative is the representative of the account holder and acts on account of the account holder. With the joint account, each person entitled to dispose is responsible for himself.

The account holder (= principal) can, however, restrict the authorized representative's freedom of action. For example, he can prohibit:

  • To grant sub-powers of attorney,
  • to open additional accounts,
  • to terminate a loan or the account,
  • To order loan collateral,
  • apply for your own credit cards.

The account holder of the individual account can withdraw the power of attorney from the proxy. This is not possible with a joint account.

The joint account as a deposit

If you would like to run a joint account with your partner, the same rules apply as for the joint account. The deposit is in the names of all account holders, everyone can place orders or sales individually. There are exceptions for:

  • Forward transactions, in particular financial or currency forwards at the expense of the custody account,

  • Granting and revoking powers of attorney,

  • Dissolution of the depot.

This requires the consent and signature of all account holders.

Close joint account

The cancellation of the joint account can only be initiated jointly by all owners. Do you have doubts about your partner or are there always disagreements? Then you have the option of converting the OR account to an AND account without the consent of the other person.

Tax trap joint account

Many couples have a joint account. This makes sense because common expenses such as rent, electricity or purchases can be paid from one pot.

But be careful: If larger amounts of money flow into the account, this can lead to undesirable tax payments, decided the Federal Fiscal Court (BFH judgment of June 29, 2016, Az. II R 41/14).

Reason: The tax authorities consider half of the money as an inflow of wealth to the other partner. Such a "donation" triggers gift tax.

Wild marriages should be especially careful

The tax offices are particularly prudent to unmarried couples. In contrast to married couples who enjoy a mutual exemption of 500,000 euros, wild marriages only have a tax exemption of 20,000 euros per person. For example, if the life insurance of one partner transfers 200,000 euros to the joint account, the other partner may have to pay tax on 80,000 euros as a gift. In this case, the tax authorities collect 30 percent of the sum, i.e. 24,000 euros. By the way, the same thing can happen if you convert your well-filled single account or custody account into a joint account.
  • Attention: It gets even worse for couples who do not have a joint account. The transfer of assets to a single giro account of the partner counts 100 percent as a gift and must be fully taxed - minus the 20,000 euro exemption.

What can couples do?

A joint account is problem-free for couples if it is used for joint household management and only the usual amounts such as salary or pension are received there. In this case, the tax office does not sense any design abuse.

However, if larger one-off payments are announced, for example from an inheritance or life insurance, then you should open a separate current account that is solely in the name of the payee. With a singles account, you avoid the gift tax.
  • Biallo tip: Instead of a current account, we recommend an interest-bearing overnight money account for storing larger amounts of money. Our overnight money comparison shows which bank is currently paying attractive interest rates.

Community of gains does not count

Incidentally, the property regime of the community of gains does not relieve married couples. In terms of tax law, the tax authorities assume that each spouse has their own assets and assesses them accordingly in the event of increases. Only if you can prove that your property belonged to you before the marriage will the tax authorities refrain from doing so. It is a different matter when spouses grant each other powers of attorney for separate checking accounts. Such a power of attorney does not lead to a gift tax obligation.

What should be considered in the event of inheritance?

If one of the account holders dies, the following procedures apply, depending on the account model:

  • With the AND account, the heir takes the place of the deceased account holder. As a result, the heir will continue to manage the account together with the previous beneficiary.

  • In the case of the Oder account, the partner still has the current account in the event of the death of the other account holder.

The most common questions about the joint account

What is a joint account?

A joint account is a current account that is available to at least two account holders with equal rights.

For whom is the joint account profitable?

Joint accounts are useful for couples to pay for common living expenses. Associations or shared flats can regulate their finances via the shared account.

What is an and account?

With an AND account, only all account holders can act together. All authorized persons must agree to all transactions.

What is an OR account?

In the case of the Oder account, each account holder alone has full rights of disposal. He can carry out banking transactions individually and without the consent of the other account holders.

Who owns the money in the account?

The credit on the joint account belongs to each account holder on a pro rata basis. If there are two account holders, each half.

What happens in the event of a divorce?

In the event of a separation, each spouse is usually entitled to half of the balance on the account. It is of no interest who made the most deposits.

How do I cancel a joint account?

All account holders must agree to the termination. Notice of termination should be given in writing.

Can I convert a joint account into an individual account?

In theory, you can convert a joint account into an individual account. To do this, it should be at zero. But that is extremely cumbersome. It is easier to close the joint account and open an individual account.



* Advertisement: Links marked with an asterisk (*) are advertising links. If you click on such a link, buy or complete something, we receive a commission. There are no additional costs for you and you support our work.