onvista joint deposit: opening and tips

Depot student Dominik

Joint custody is useful tools for building wealth together. For example, ETF savings plans and share savings plans that can be saved together are particularly popular.

Onvista (onvista bank) is a good address for opening a securities account – both for individual accounts and for joint accounts.

In this article, you will find out how the joint depository onvista is opened, what the rules are and what you need to be aware of.

When opening a joint custody account, it is important that the correct underside is used for the application – otherwise there is a risk that an individual custody account will be created by mistake.

Instructions: Open a joint custody account with onvista bank

  1. >> Call up this subpage to open a securities account
  2. Select “Open deposit now”.
  3. Select “joint deposit” for deposit type
  4. Enter the data there and submit the application online

The opening of the onvista joint deposit can easily be completed online on the onvista website.

Characteristics of the joint deposit at onvista

Official statement from onvista bank on the subject of joint custody:

“Joint custody has two account holders – either as a married couple or as a joint custody. This is also about natural persons. The joint depository is administered as one or depository, i.e. each custodian is individually authorized to dispose of it. By notifying one or more powers of attorney, the joint depository can have other persons authorized to dispose of it.”

Advantages and disadvantages of joint depositories

The purpose of a joint custody account is to accumulate wealth together. For example, shares, ETFs and funds are saved together.

Advantage:

  • Emotional aspects through joint asset accumulation.
  • Avoid double costs and reduce order costs.
  • Joint dispensation order possible (sometimes only for spouses or registered civil partners).
  • Possibility of mutual representation.
  • The ability to act is maintained (e.g. if one party is ill).

Anyone working together to build wealth and provide for old age can emotional take advantage of this by creating common goals towards which we work in partnership. The joint repository can be seen as a joint project.

It has a positive effect on performance after costs Avoid double costs because, for example, custody administration fees only apply once and the percentage order fees are often lower due to the higher savings rates than when splitting into two separate custody accounts instead of one common custody account.

that joint use of the exemption order makes it possible for the savings allowance to be used in full as part of the joint deposit.

The opportunity to mutual representation ensures that each party is fully authorized to act, and e.g. in the event of illness or death, the assets can be disposed of – the ability to act maintained by the joint deposit.

>>> On this page of onvista, you can open the joint depository*

Disadvantages:

  • Possible inconsistencies in decisions.
  • Different risk profiles and ideas when investing.
  • Equal donation: The deposit is considered to belong equally to the parties.
  • Expenses for the tax return.

Since both parties should agree on the decisions regarding joint escrow, it can possible discrepancies come – the decisions must be taken together.

If one party wants to be very risk averse and the other party is more risk tolerant, they can different risk profiles result in the ideas for the system diverging from each other.

as “half gift” refers to the fact that with joint custody it is assumed that both parties have the right to equal parts of the assets in joint custody. If the two partners have different savings rates, this may mean that the distribution does not correspond to the actually contributed share. This can also have tax implications as gifts are treated differently depending on the degree of relationship or marital relationship.

Especially after many years tax declaration turn out to be more complicated with the joint deposit than with the individual deposit. This is because an assessment basis must be created for the tax return: For example, which movements and transactions were within the joint depository and how these must be assessed.

Tip: There are two different variants of joint depositories. The common “Or-Depot” and the very rarely found “Duck-Depot”. Both parties can dispose of the account at “Oder-Depotet” independently of the other party. At “And-Depot” orders can only be placed jointly.

Custody: rules for joint custody

If you want to ensure clarity right from the start, you have the option of entering into a custody agreement – there you can regulate what exactly happens in the event of separation or divorce and how the assets are distributed. This contract is not entered into with the custodian bank, but between both parties in the joint custody.

It is, for example, possible to regulate that the distribution must be in proportion to the payments made. For example, in a ratio of 70 to 30 instead of the usual 50 to 50.

Anyone who nevertheless pays equally to the joint deposit does not need a deposit contract to maintain the ratio of the shares when the joint deposit is dissolved.

Conclusion: Open an onvista shared repository

Onvista bank’s joint depository offers a fantastic opportunity to save, invest and build assets together.

As an established provider in this area, onvista is a good choice to open a joint depository.

The emotional added value for both partners is often more decisive than other benefits such as reducing deposit costs or preserving the ability to act in the event of illness or death.

It should be noted that onvista’s common repository is actually opened and that the individual repository is not opened by accident.

In this article I have shown you where the onvista shared repository can be opened and what needs to be considered.

Your custodial student Dominik

>>> On this page of onvista, you can open the joint depository*

Finally get started with 3 steps!

Investment failure Step 1: Avoid the most important mistakes!

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Step 2: Inform yourself!

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Step 3: Open your own securities account and start investing!

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