Best joint savings accounts in the UK 2021 | Finder UK

Best joint savings accounts in the UK 2021

Aiming to join forces with a partner to save for a shared financial goal? Then a joint savings account could be what you're looking for.


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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.

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.

Pros and cons of joint savings accounts


  • Good way to save for a shared goal with your friend, family member or partner.
  • Potential to earn interest on the money you’ve put aside.
  • Ability to jointly manage the funds.


  • You need to trust the other person implicitly as you’ll both have access to all of the money, regardless of who deposited it into the account.
  • If there is a dispute, the account may be frozen while an agreement is reached on how to split the funds.

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