Which bank for a shared account?

[Akasha]

As per title, fiancée and I want to open a shared bank account for household shopping etc.

Must be able to pay using Samsung pay. Any suggestions on where to go?

 

[LinuxMan]

Standard Bank Mymo Account.
Works as shared along with Samsung Pay.
Something like R5 per month

 

[deweyzeph]

As per title, fiancée and I want to open a shared bank account for household shopping etc.

Must be able to pay using Samsung pay. Any suggestions on where to go?

As far as I know South African banks do not have the concept of a true "joint account" for individuals like in many foreign countries. If you open an account it will have to be in the name of a main account holder, with the other person having signing rights. However if the main account holder dies the account will be frozen and the other person will lose access to the money in the account. So think carefully about how you structure this.

 

[diapason]

As far as I know South African banks do not have the concept of a true "joint account" for individuals like in many foreign countries. If you open an account it will have to be in the name of a main account holder, with the other person having signing rights. However if the main account holder dies the account will be frozen and the other person will lose access to the money in the account. So think carefully about how you structure this.

Absolutely correct. For that reason salaries should never be paid into such an account. They should always be paid into each individual's account.

 

[Akasha]

We plan to pay a certain % of our salaries into this account and then use that account for shopping. We'll both still have our own accounts with our own bills, so the issue regarding the salaries won't affect us

 

[deweyzeph]

We plan to pay a certain % of our salaries into this account and then use that account for shopping. We'll both still have our own accounts with our own bills, so the issue regarding the salaries won't affect us

There are also potential tax implications for the main account holder if you guys are still not married. SARS could view any money going into that account as a donation from the person who is not the main account holder. However this only becomes an issue if the total amount from the non-account holder is more than R100 000 per tax year. Once you guys are married though this becomes a non-issue because donations between spouses do not attract donations tax.

 

[Akasha]

There are also potential tax implications for the main account holder if you guys are still not married. SARS could view any money going into that account as a donation from the person who is not the main account holder. However this only becomes an issue if the total amount from the non-account holder is more than R100 000 per tax year. Once you guys are married though this becomes a non-issue because donations between spouses do not attract donations tax.

Ahh cool thanks. That won't be a problem either

 

[8BitLife]

As far as I know South African banks do not have the concept of a true "joint account" for individuals like in many foreign countries. If you open an account it will have to be in the name of a main account holder, with the other person having signing rights. However if the main account holder dies the account will be frozen and the other person will lose access to the money in the account. So think carefully about how you structure this.

Would be because joint accounts are illegal in SA for some reason beyond my understanding. As a South African resident, you are allowed to have a joint account outside of SA, just not within our borders. Because reasons.