Opening a bank account with someone else is not for the faint of heart. It may not be as romantic as a ring, but it’s still a pretty big commitment. This guide focuses on current accounts that come with debit cards for everyday spending. We also have a guide on joint savings accounts if you are looking to save money for an extended period of time and earn interest on the balance.
Summary: Best joint bank accounts in the UK 2024, by category
Overall, Starling's current account is a strong choice. It was the winner in the Finder Customer Satisfaction Awards 2023 and our banking experts rate it 4.5 out of 5 stars. It has a lot to recommend it. As one of the largest digital-only banks, it has built a service which has a variety of payments and budgeting features which help couples or flatmates to manage their joint funds. These include spending insights and instant payment notifications, so you can see who has spent what, and where. Meanwhile, saving spaces help you both save towards a shared goal like a holiday or a new piece of furniture.
Then, once you hit that holiday savings goal, you can then take advantage of fee free spending abroad. With Starling Bank, you can both pay on card or withdraw cash abroad without being charged. Considering foreign transaction fees are usually around 2.99%, this can be quite a saving. On top of this, Starling passes on Mastercard's real exchange rates, so you can get more for your money.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged
interest at 15% EAR variable
.
No monthly-fees
No overseas fees
100% digital sign-up
24/7 UK customer support
'Settle up' feature to split joint bills
Pays interest on current account balance
Overdrafts available (only on personal accounts)
No branch network
Limited options for depositors
No competitive switch incentives if you switch your account
Limited product range compared to other banks
Lower ATM withdrawal limit than some other digital challengers
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
Making payments is one of the essential services we want from our current account. Lloyds' joint account does this and much more. It has a strong branch presence where both of you can make cash deposits and cheque deposits. It also allows you to make and receive international payments. Beyond these basic services, it also has its Everyday Offers cashback programme where you can earn up 15% cashback and you can set up a joint budget each month.
As they are also part of the Lloyds Banking Group, you'll find that Halifax and Bank of Scotland have much of the same payment features.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged
interest at 39.9% EAR variable
.
Monzo Instant Access Savings Pot earns you 4.10% AER interest (variable), paid monthly into the Pot you create.
Monzo's joint account wants to help you manage your money better through a variety of budgeting tools. Automatic spending categories generate daily, weekly or monthly spending insights, which helps you set budgets. The app alerts you when payments go in and out of your account, and you'll be able to see who's made each transaction. Monzo will also tell you if your direct debits are going to be higher for the upcoming month, helping you to avoid nasty surprises. You can create a Joint Pot to ring-fence money for savings goals or to cover bills, keeping it separate from your main account to make sure they are paid. You'll both need a regular Monzo account to open a joint account together, but this will only take a few minutes in the app.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged
interest at 39% EAR variable
. Account fee of £0.
Easy to set up
Good for budgeting and categorising spending
Automatic saving feature
Fee-free spending abroad
Slick app with face login
Overdrafts and loans available
Free ATM withdrawals outside the EEA limited to £200,
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC home&Away.
This account from HSBC could be a good option for those looking to open a joint account thanks to its smart money tools to help you watch your spending and stay on top of your finances. Its handy app lets you check your balance and send money quickly and easily. Plus you can pay in cheques just by scanning them with your phone, get instant notifications when money goes in or out of your account, and budget more easily by seeing how much money you have left once the bills have been paid. You will also get a minimum arranged overdraft offer of £1,000 when you open an account, which could come in useful if an unexpected bill takes you into the red. What's more, account holders can also benefit from discounts at places like Costa and ASOS through the home&Away offers programme. Opening a joint account can easily be completed online.
Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at at 39.9% EAR variable.
Exclusive worldwide offers and discounts
Access to competitive savings account
Fee-free international transfers to other HSBC accounts
Cash withdrawal limit of £500 per day
No monthly account fee
You’ll need to meet set eligibility criteria
Interest charged on overdraft
Foreign transaction fee applies if you use your card abroad
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
Revolut’s joint account is a good option if you want to take advantage of all the banking app has to offer. If you both have a Revolut account, you can apply for a joint account in 3 easy steps. What features you have will depend on whether you have a Standard, Plus, Premium, Metal or Ultra plan. What’s definite is that you’ll be able to jointly manage your finances with Revolut’s budgeting tools, make payments with 2 separate cards for the account and hold various currencies in sub-accounts if you’ve both got the travel bug. As standard, Revolut lets you split bills easily to pay friends, view your spending habits with payment analytics and save money through its Savings Vaults.
Low overseas fees
Quick application
Earn cashback on spending
Set budgets for financial goals
Virtual cards for online purchases
Easy to transfer money internationally
Linked 'Junior' account available for one child
1% currency conversion charge on weekend spending abroad
Free cash withdrawals in the UK and abroad both limited to £200 per month
Cannot deposit cash or cheques into the account
Charged a fee to receive your bank card
Minimum opening balance
£0
Account fee
£0
Overseas cash withdrawals
0% Mon-Fri (max. £1,000 per month)
How did we rate our bank accounts?
Finder money expert Kate Steere shares our research
To come up with our Finder ratings and picks for the best bank accounts in the UK, our team looked at every free-to-use current account and scored them across 8 key areas.
We looked at their app scores in the Google Play Store and the App Store, their monthly fees, their transaction fees for things like ATM withdrawals or having your bank card delivered, their customer satisfaction scores including how they were ranked in our Finder survey, their account access including in-branch and online, their payment features and their extra features like spending categories or reward programmes.
We scored each category out of 5. For example, if a bank account had no fees for transactions like direct debits, card purchases, deposits and withdrawals, it would score 5 out of 5. To calculate our Finder rating, we averaged out all these scores and rounded them to the nearest half star.
You’ll also see accounts we picked as being outstanding in certain categories, such as the best bank account for overseas spending or the best bank account for payment features. What you need from a bank account is personal, so these picks are just a guide to help you with your decision.
What’s a joint bank account?
A joint bank account is a current account held by more than one person at the same time. The limit is usually two, although there are some banks that allow more people to open an account together.
There are multiple reasons for opening a joint account, but basically, it can be a good idea when you already share some kind of money commitment with someone else: for example, if you have to pay the rent, the bills or a mortgage together.
A joint bank account works just like a regular current account. Standard features include a debit card, online and app-based banking, direct debits, standing orders and an overdraft facility. There are also joint business bank accounts to help with running a business.
How to open a joint bank account
These days, most banks allow you to apply for a joint current account online. Both of you will need to provide your personal details and to have your identity verified. Depending on the bank you’re applying with and whether you’re also requesting an overdraft, you may also have to go through a credit check.
In some cases, once you’ve completed the application form, you may be asked to pop into a branch and provide some form of proof of identity and proof of address. That’s usually when the bank is unable to verify your identity online.
The functioning of a joint account is governed by a document (generally referred to as a “mandate”) that details who can do what with the account. Both account holders will have to sign it.
Once the account is open, you’ll be able to register for online banking, download the app and fund the account. You should also receive your debit card and PIN within a few days.
From time to time banks offer switching bonuses if you close down your old account and switch to a new one. This also applies to joint accounts. Learn more about the latest switching deals and which banks are offering them.
Current switching deals
Below we have listed the latest switching deals on the market. This list is checked regularly and was last updated on 17 July 2024.
Barclays – Bank Account – Get a £175 bonus
first direct – 1st Account – Get a £175 bonus
Lloyds Bank – Club Lloyds accounts – Get a £175 bonus plus other rewards
Below, you’ll find information Finder collected from March 2024 about the maximum number of account holders from a number of high street banks.
Bank
Account name
Max number of account holders
Can you convert a sole to a joint account?
Both-to-sign account?
Bank of Scotland
Classic Account
2
Yes
No
Barclays
Barclays Bank Account
2
Yes
No
Co-operative Bank
Current Account
3
Yes
No
First Direct
1st Account
2
Yes
No
Halifax
Current Account
2
Yes
No
HSBC
Advance Bank Account
2
Yes
No
Lloyds Bank
Classic Account
2
Yes
No
Metro Bank
Current Account
2
Yes
No
Nationwide BS
FlexDirect Current Account
2
Yes
No
NatWest
NatWest Select
2
Yes
No
Royal Bank of Scotland
Royal Bank Select
2
Yes
No
Santander
Santander 123 Lite
2
Yes
No
Starling Bank
Starling Personal
2
Yes (subject to eligibility criteria)
No
TSB
Spend & Save
5
Yes
No
Virgin Money
M Plus Account
2
No
No
Risks of a joint bank account
The reason why sharing a current account is such a big commitment is that both people have the same right to access the money in it. As a consequence, once you fund the account, you’re relinquishing control over your money and sharing it with another person. Doing this entails two sets of risks:
The other person may not stick to their end of the agreement and spend the money for themselves. You really need to trust the person you’re opening a joint account with. They’ll be able to spend the money how they wish; if they used the money for something you hadn’t agreed on, you wouldn’t be able to get it back. Things get even trickier if your account has an overdraft facility because both account holders are liable for the debt, even if the money was spent by one of them without the other person’s consent.
Your credit score could be impacted. A joint account creates a financial association between two people, so if the other person’s credit score dramatically worsens, yours could take a hit too.
For these reasons, you should only open a joint account with someone who you trust completely and with whom you share a similar money management style. It’s also a good idea to have a conversation at the very beginning on how much you’re going to pay into the account and what you’re going to use the money for.
What to do in a dispute with another account holder
If things go wrong and you have a disagreement with your other account holder(s), then the first step you may want to consider is to cancel the account’s “mandate”, the document that details who can do what with the account. By doing this you freeze the account, which means that none of the account holders (including you) can withdraw the money.
This should give you time and space to resolve the dispute. Your bank or building society will only unlock the account once you convince it that you have agreed on how to split the money.
Sadly, if you can’t come to an agreement about how to split the money in the account, your only remaining option is to take legal action through the courts, which is likely to be expensive and messy.
How does income tax work with a joint account?
The introduction of the Personal Savings Allowance (PSA) in April 2016 means that basic rate taxpayers can earn £1,000 in savings interest per year without paying tax. Higher rate taxpayers can earn £500 in savings interest per year before paying tax, while additional rate taxpayers do not get a PSA.
The PSA covers interest earned in bank accounts, savings accounts, and bonds. With joint accounts, the interest is usually split equally between both account holders and goes towards each account holder’s respective allowance.
How to choose a joint bank account
To help you find the best joint bank account, you’ll need to work out what’s most important to you. For example, if you are planning to use your account to pay household bills, you might want to look for one that pays cashback on those bills. Or you might want an account that pays interest on your balance.
You will also need to consider whether you’re likely to need an overdraft. If so, you’ll want an account that charges a low rate of interest or offers an interest-free overdraft buffer.
If a few of you are planning to open a joint account, check the maximum number of account holders permitted – this is usually between two and four people. You might also want to check whether all account holders need to authorise transactions, or whether just one of you can.
Joint bank accounts and “mental incapacity”
If one account holder loses mental capacity, providers in England and Wales can choose to temporarily freeze a joint account. This would involve blocking debit cards, withdrawals, online banking and direct debits.
One way around this is to appoint a power of attorney in advance, which allows someone else to make decisions on your behalf should you lose your mental capacity. If you lose your mental capacity before being able to do this, a deputy must be appointed by the Court of Protection. This can take several months and it can be expensive.
In Scotland, banks must allow the other account holders to continue to use the account under the Incapacity Scotland Act, so long as it was set up on an either-to-sign basis.
In Northern Ireland the process will vary depending on the provider.
How to close a joint bank account
What happens if you break up as a couple, or if you move out and don’t need an account with your flatmate anymore? Well, as long as you both agree on this, there’s nothing to worry about. You can split the money left in the account, move it back to your individual current accounts and then close the joint account.
In order to do so, you’ll usually need to visit a branch together and bring your debit card and proof of identity.
If you disagree on how to split the money, you can get in touch with the bank to cancel the mandate. The bank will then freeze the account until all the parties involved reach an agreement.
Pros and cons
Pros
Makes it easier to split payments (for example, for the bills or the rent).
Helps with budgeting and saving – you can both commit to paying a portion of your salary into the account and then use it for, say, a holiday.
You can see the full picture of your finances, all in the same place.
Cons
You really need to trust the person you’re opening the account with.
If the other person has bad credit, your credit score may be impacted too.
Bottom line
A joint bank account is a good idea if you need your funds or savings to co-exist with someone else. So long as you find the right bank, trust the other person’s financial commitments, set out some ground rules and are aware of the potential credit score implications, it should be smooth sailing.
Frequently asked questions
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.
Both the account holders do. That’s why you need to think carefully before opening one.
Yes, you can open a joint 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 bank 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.
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.
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio
Kate's expertise
Kate has written 175 Finder guides across topics including:
Learn all about how to get the latest switching offer from Halifax.
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