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Can we open a joint account if in a vat en sit?

By Faeza
19 November 2015

Ausi nthabi

Question: We want a joint bank account

Does the law allow us to open a joint account even though we are not married, but are living together?

Anonymous, Klerksdorp

Answer

South African banks do not normally allow joint accounts for couples who are cohabiting, unlike they do married spouses. One partner can open the bank account and the other can be given co-signing rights. However, only the account holder will be considered the rightful owner of the money in the account. The law does not give instructions as to whether couples who are cohabiting can have joint bank accounts or not.