Best joint savings accounts for couples in the UK 2023

Aiming to join forces as a couple or together with friends 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.

FSCS logo
Is my money safe?

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.

Compare joint savings accounts

Table: sorted by interest rate
1 - 14 of 903
Name Product Account type Withdrawals Open with Incentive Deposit protection Interest rate Apply link
Additional account needed
OFFER
first direct – Regular Saver Account
Regular Savings
Withdrawals not permitted
£25
To get access to this savings account, you must have or open a first direct current account. first direct currently has a £175 switching deal.
FSCS logo
protected
7% AER fixed for 1 year
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View details
Bath Building Society – 16-25 Regular Saver
Bath BS – 16-25 Regular Saver
Regular Savings
2 per year
£10
FSCS logo
protected
6.35% AER variable
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View details
Lloyds Bank – Club Lloyds Monthly Saver
Regular Savings
Withdrawals permitted
£25
FSCS logo
protected
5.25% AER fixed for 1 year
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View details
Royal Bank of Scotland – Digital Regular Saver
Regular Savings
Withdrawals permitted
£0
(pay in up to £150 per month)
FSCS logo
protected
5.12% AER variable
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View details
NatWest – Digital Regular Saver
Regular Savings
Withdrawals permitted
£0
(pay in up to £150 per month)
FSCS logo
protected
5.12% AER variable
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View details
Barclays Bank – Rainy Day Saver
Variable
Instant access
£1 - £10,000,000
FSCS logo
protected
5.12% AER variable (on first £4,999)
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View details
Nationwide BS – Start to Save Issue 2
Regular Savings
Withdrawals permitted
£0
(pay in up to £50 per month)
FSCS logo
protected
5% AER variable
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View details
HSBC – Regular Saver
Regular Savings
Withdrawals not permitted
£25
FSCS logo
protected
5% AER fixed for 1 year
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View details
TSB – Monthly Saver
Regular Savings
Withdrawals permitted
£25
FSCS logo
protected
5% AER fixed for 1 year
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View details
Cumberland Building Society – Regular Saver (Issue 3)
Existing members only
Cumberland BS – Regular Saver (Issue 3)
Regular Savings
Withdrawals permitted
£25
FSCS logo
protected
4.5% AER variable
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View details
Bank of Scotland – Monthly Saver
Regular Savings
Withdrawals permitted
£25
FSCS logo
protected
4.5% AER fixed for 1 year
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View details
Lloyds Bank – Monthly Saver
Regular Savings
Withdrawals permitted
£25
FSCS logo
protected
4.5% AER fixed for 1 year
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View details
Halifax – Regular Saver
Regular Savings
Withdrawals not permitted
£25
FSCS logo
protected
4.5% AER fixed for 1 year
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View details
Yorkshire Building Society – Christmas 2023 Regular e-Saver
Regular Savings
Withdrawals permitted
£1
(pay in up to £300 per month)
FSCS logo
protected
4.5% AER variable
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View details
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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

Pros

  • 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.

Cons

  • 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.

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

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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