Everyone has savings needs that extend beyond education and retirement. Think about setting money aside for an emergency fund or getting a head start on saving for a vacation or a home improvement project. With the intent to provide options for all scenarios, joint accounts are owned by two or more adults. Commonwealth Funds can help you navigate registration for each type of account so you have strategic investment opportunities to bring it home.
Rights of Survivorship
This form of a joint account allows the surviving owner rights to automatically take over the deceased owner’s share.
Tenants in Common
This type of joint account allows two or more people equal ownership. When one owner dies, his or her part of the account is left to the beneficiary.
Tenants by the Entirety
Spouses use this form of a joint account. If one spouse dies, the full title of the property goes to the surviving spouse, since each spouse has undivided interest.