Best joint savings accounts for couples in the UK 2023

How to find the best joint savings account

What turns out to be the best joint savings account for you will depend on your own needs and how well that account matches up to them. Here are some factors to consider when you’re shopping around for a joint savings account:

• Joint names. It might sound like an obvious point, but not every savings account has the option to be opened and managed jointly – make sure the one you choose does!
• Interest rate. An important factor if you’re aiming to set money aside and grow it at the same time. In the current era of low Bank of England interest rates, it can be hard to find savings accounts with inflation-beating returns, but they are still out there to be found (and there are definitely some out there with woeful interest rates to avoid).
• Ease of opening. Can you open the account easily online or do you both have to trek to a branch with a case full of documents to open the joint savings account? Also worth checking is if one of you must already have a current account with your prospective banking provider in order to open a savings account.
• Access to money. Can you get to the funds easily if you need to? For example, does the savings account come with a cash card if you want to withdraw money from an ATM? And can you get a cheque book if you want one?
• Management. Can you both add money to the account and view your joint savings through online or mobile banking?
• Minimum balance. As this is a savings account, double-check if there is any minimum balance required to open or maintain the account.

What type of savings account should we get?

As with savings accounts for individuals, there are a range of different accounts available from a variety of providers. These will vary by the interest rate offered, the type of access you want (easy access or fixed-term), and even the rewards you may be able to get with them.

Some banks and building societies offer fixed bonds with terms of up to 5 years until maturity. These types of products may be of interest if you want to save for a joint long-term goal. Learn more about the best savings accounts to save money.

Who can open a joint savings account?

There aren’t too many rules prohibiting who can open a joint savings account. For example, you do not need to be married or in a civil partnership to open a joint account. Similarly, you don’t have to live at the same address. So, you can usually open these types of joint accounts with friends, relatives, flatmates and partners. Some banks also offer joint savings accounts for more than two people, although these products are difficult to find. Many large high street banks limit joint savings accounts to two joint account holders.

The only circumstances where you might find it more difficult to open a joint savings account is if a student wants to open a joint savings account with a parent or if one of the people wanting to open the account is under 18 years old. But this will largely be down to the bank’s own rules, so it’s worth checking before you apply.

Pros and cons of joint savings accounts

The bottom line

Like with any type of joint account, it’s important that you feel able to trust the person with which you open a joint savings account. Once you’ve got that issue out of the way, opening a joint savings account can be a great way to save towards a shared goal, be it a house deposit, a holiday or a car.

While the choice of joint savings accounts on the market is dwarfed by the sheer variety of savings accounts for individuals, you can still find a decent account option for your needs.

Frequently asked questions

• Are deposits on joint savings accounts protected?

  They usually are, as long as you’re dealing with a fully licensed bank (it’s worth double-checking). The Financial Services Compensation Scheme protects deposits on joint accounts up to £170,000 (£85,000 per person).

• Who owns the money in the joint savings account?

  Both of the account holders do. That’s why you need to think carefully before opening one.

• Can you have a joint savings account if you are not married?

  Yes, you can open a joint savings account with your partner even if you aren’t married. You can even open one with a friend if you like.

• How do I remove a joint holder from the savings account?

  You will usually need to put your request in writing (some providers have a form you can fill out) and all account holders must sign the request. In some cases, you may also need to provide ID.

• Does a joint account come with any financial protection?

  A joint savings account comes with the same protection as any other bank account. Provided the account is with an authorised UK bank or building society, your money will be protected by the Financial Services Compensation Scheme (FSCS). This covers up to £170,000 for joint accounts (£85,000 per person), in the event your bank or building society goes bust. In some circumstances, a foreign-owned bank may rely on a protection scheme of its government. For example, some French banks that are able to provide retail banking services in the UK offer a deposit protection scheme underwritten by the French government. This scheme can cover deposits of up to €100,000 per customer per bank.

• What happens to a joint savings account when someone dies?

  When one account holder dies, the money in the account usually passes automatically to the surviving account holder. This means they will still be able to access the funds without the need for probate. The bank may ask for the death certificate to be able to transfer the money to the surviving account holder.

  In Scotland, the deceased person’s share of funds won’t automatically pass on to the surviving account holder, but the bank may agree to let them continue to operate the account.