Save for the unexpected with Rainy Day Saver

Save for the unexpected with Rainy Day Saver
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There are times when we all want to save up our money for something – and two savers can be better than one if you're trying to reach that financial goal. This is where joint savings accounts come in. They can be opened with a friend, family member or partner (you don't have to be married), allowing you to save and then spend funds together.
The Financial Services Compensation Scheme (FSCS) guarantees that it will step in to compensate the first £85,000 (£170,000 for a joint account) you have saved with a UK-authorised bank, building society or credit union in the event that the business goes bust.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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:
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.
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.
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.
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).
Both of the account holders do. That’s why you need to think carefully before opening one.
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.
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.
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.
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.
Michelle Stevens is a deputy editor at Finder, specialising in banking, finance and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for more than 10 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills.
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