If you’re saving for a shared goal with a friend, family member or partner, a joint savings account could be a handy way of combining your cash. There are some decent interest rates around too. We also have a guide on joint current accounts if you’re looking for an account that comes with a debit card for everyday spending.
The Financial Services Compensation Scheme (FSCS) guarantees that it will step in to compensate the first £120,000 you have saved with a UK-authorised bank, building society or credit union in the event that the business goes bust.
We currently don't have that product, but here are others to consider:
How we picked these
Sign up to receive the latest deals, tips and a chance to win £400! (T&Cs)
Error placeholder Click here to sign in
The best joint savings account for you will depend on what you need and how you plan to use the account. 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.
If you’ve already got a savings account, your bank might even let you turn it into a joint account by adding a co-saver. But it’s usually a good idea to compare other accounts in case you could get a better deal elsewhere.
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. You also 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 one 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.
With joint accounts, communication is key — make sure you have a similar attitude towards spending and saving and that you’re both clear on what the account is for.”
| Rates up to | 7.5% AER |
|---|---|
| Number of accounts | 1,333 |
| Number of brands | 132 |
| Minimum investment | £0 |
| Maximum investment | £10,000,000 |
| Opening options | Branch, website, mobile app, telephone, post |
Like with any type of joint account, it’s important that you feel able to trust whoever you’re sharing the account with, because a co-saver could easily withdraw every penny without your permission.
But 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.
Find out more about the different types of savings accounts on offer.
Want to cash in your NS&I premium bonds? Our simple guide explains how to do this online, by phone or through the post.
Find out if OneFamily can provide you and your family with the right savings products.
Find out more about the specialised financial services provider, Aldermore, and decide if their cash ISAs, fixed rate bonds or other savings accounts are right for you.
Find out more about Leeds Building Society, and see if their savings accounts are right for you and your savings plan.
Find out more about the breakdown specialists, and see if they can provide you with the right savings account.
Read about the Post Office and the savings accounts they offer. Find out more about the services Post Office Money provide, and see if they are right for you.
RCI Bank offers competitive rates to people and businesses.
The fast pace of the UK banking market forces so-called ‘big banks’ like NatWest to stay ahead of the curve. By constantly refining the user experience with improvements to online banking and mobile apps, NatWest remains one of the UK’s most popular banks.
A cash ISA is a savings account where you never pay tax on the interest. Use our comparison table to find the best ISA rates – whether you want to lock cash in for a set time or keep it easy access.