Having recently arrived in Spain, my partner and I were looking to open a joint account to manage our shared living expenses, like rent and utility bills. After doing some research, I found there’s quite a bit to know, including details on BIC/SWIFT codes. So, I’ve compiled this guide on Spanish banks to share with anyone who might find it useful.
What is a Joint Account?
Simply put, a joint account is a bank account owned by two or more people. All account holders have the right to manage the funds, including making deposits, withdrawals, and paying bills. This is very convenient for spouses, couples, or roommates sharing expenses.
Two Main Types of Joint Accounts
When you open the account, the bank will ask you to choose how it can be operated. This is a crucial decision as it determines how the money can be used. There are two main types:
Joint (Y/Y or Concurrente)
This type requires all account holders to sign or authorize transactions, such as large cash withdrawals, transfers, or closing the account. It offers high security, making it suitable for significant joint savings or investments, but it can be cumbersome for daily use.
Several (O/O or Indistinta)
This is the most common type. Any account holder can manage the account independently without the consent of the others. Most accounts for daily shared expenses are of this type because it’s very flexible and convenient. However, the downside is clear: it carries higher risk and requires absolute trust between the holders.
Application Documents and Important Notes
The documents required are similar to those for a personal account, but all holders must be present to open it. When we went, we brought the following:
| Required Document | Description |
|---|
| Identification | Original and copy of NIE/TIE or passport |
| Proof of Address | Empadronamiento (residence certificate) or a recent utility bill |
| Proof of Employment | Work contract, recent payslips, etc. |
| Other | The bank may request additional documents depending on the circumstances, such as proof of income |
Important Reminder: Before opening the account, be sure to ask about maintenance fees, transfer fees, and the annual fee for any associated bank cards. Some banks waive many fees for a ‘payroll account’ (cuenta nómina), so ask if these benefits apply as long as at least one holder has their salary deposited regularly. Additionally, it’s wise to discuss and agree on how to handle the account in case your relationship changes in the future. While talking about money can be uncomfortable, having clear rules from the start can prevent a lot of trouble down the road.
