4 things to note about joint accounts

Just like joint property owners, the one who contributes more money can claim a bigger share of the asset. PHOTO: PEXELS
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SINGAPORE - Many people would not think twice about opening a joint bank account with their spouses, children, siblings or even live-in companions because it is convenient to have one more person taking care of the finances.

But you should know the law that governs such accounts because it determines who actually owns the money. Just like joint property ownership, a joint bank account also comes under the survivorship rule.

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