Banks will allow joint account holders to share data with websites and apps without their partner's consent

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Banks will allow joint account holders to share data without their partner's consent

Banks will allow couples with joint accounts to share transaction data with third-party websites and apps without their partner's consent.

Under laws introduced last month, customers can ask their bank to share information about their income, spending and debts.

The idea is that the third party can use these details to save you money by helping you budget or shop around for cheap deals.

The new system, called Open Banking, is optional. But if you have a joint account, banks may need only one of you to consent to share information. 

A spokesman for the Open Banking Implementation Entity, which oversees the new system, explains that it depends on how the joint account has been set up.

If either customer can make withdrawals or changes to the account, only one of you needs to give permission. If there is a mandate requiring both parties to approve transactions, the bank will need consent from both account holders.

Critics have raised concerns over Open Banking because, if your sensitive details fall into the wrong hands, they could be used to steal your identity or raid your account.

v.bischoff@dailymail.co.uk