Shared ownership
Joint accounts are shared by two or more individuals who collectively own and manage the account
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A joint account is a way of sharing a bank account between two or more people. This will usually be yourself and your partner or others you live with.
It can be a convenient way to manage your finances with someone else, especially if you have shared outgoings like rent, utility bills, or mortgage payments.
Generally, both you and the person you wish to add must visit a branch in person in order to add someone to the account. You'll need to bring valid identification, such as a passport or driving license, and proof of address for both parties.
Some banks might also offer the option to complete this process online or over the phone, so it's best to check with your bank for available options.
1) Apply to open the account: You can open a joint bank account online or in-branch, providing personal details and identification for both account holders.
2) Agree on the terms: Joint accounts allow multiple people to manage the same account, with both parties having equal access to deposits, withdrawals, and payments.
3) Manage shared finances: Both account holders can deposit money, pay bills, and withdraw funds, making it easier to handle shared expenses like household bills.
4) Use the account together: Joint accounts give both parties full control over the account, so both can access the money and manage financial transactions as needed.
Husband, wife or partner: You’re already sharing your lives, so sharing an account could make the day-to-day finances easier
Family: Siblings looking to buy a first property together might find a joint account useful for dealing with cashflow
Housemate: Having a joint account could help with paying utility bills and other regular overheads
Friend: You might be saving together for a vacation of a lifetime and also want to build up a pool of spending money
Joint accounts are shared by two or more individuals who collectively own and manage the account
All account holders have equal access to the account management, allowing for shared financial responsibility
Each account holder can make deposits and withdrawals, enabling contributions from all parties
Joint account holders share financial responsibility for overdrafts or debts incurred through the account
Joint accounts can set up direct debits and standing orders for shared expenses, such as rent or utilities
Your money is protected up to £85,000 per person per financial institution. Our guide to the FSCS explains more
Switching banks with a joint account follows the same process as with an individual account, but all account holders must consent to the switch. Here’s how it works
Agree with your fellow account holder that you want to switch
Choose your new provider apply for a joint current account
Your new bank will switch your direct debits and standing orders to your new account
Your old bank will take care of closing your old account
As part of the Current Account Switch Service (CASS) guarantee, the whole process should be completed in seven days. You should also be compensated financially for any lost interest if there are any mistakes made.
Switching your joint bank account can offer several advantages, including:
Lower fees: By switching, you may find a provider that offers more competitive charges for overdrafts or monthly fees.
Improved account features: Switching can give you access to enhanced features, such as better online banking tools or mobile apps that make managing a joint account easier.
Cash incentives: Some banks offer cash bonuses for switching, allowing both account holders to benefit from a financial reward for opening a new joint account.
Better interest rates: Switching may also provide access to better interest rates on your balance, helping both account holders grow their money together.
Not sure if a joint account is the right option for you? Here are some potential advantages and disadvantages of joint bank accounts:
Easy-to-manage household finances
If you decide on a joint packaged account, you’ll get extra benefits and only pay one account fee
Earn more interest, as there’s often more money in a joint account than a sole account
Your credit history will be linked to other account holders and could be negatively affected
You’ll be jointly responsible for arranged overdraft debt even if you didn’t spend it
Must be able to trust the other account holder with your money
The best joint account for you will depend on your personal circumstances and financial goals. So before you apply, decide what account features are most important to you. Here are some of the key factors to consider:
Most banks will let you access your joint current account through online banking or their mobile banking app
If you never go overdrawn, a joint account that pays cashback or rewards could suit you best. Some banks offer a cash incentive to switch
If your account is typically in credit, look for a joint account that pays interest on your credit balance.
You may prefer to open a joint account that comes with extra benefits, like travel and mobile phone insurance. This is called a packaged account.
Legal ownership of a joint bank account is shared equally among all account holders.
This allows all account holders to have equal access and control over the funds, as well as the ability to make deposits, withdrawals, and transactions.
In the event of one account holder's death, the account usually passes to the surviving account holder without the need for probate.
Opening a joint bank account should be straightforward. Here’s what you need to do
Research joint accounts that meet your needs, considering factors like fees, interest rates, and available overdraft facilities.
Both parties will need photo ID, proof of address, and possibly income details to apply for the joint account.
Most banks offer online applications, but you may also visit a branch if needed, especially for additional assistance.
Decide how the account will be managed—whether both parties need to approve transactions or if one person can act independently.
Joint bank accounts can be a great way for couples to manage their finances together. Some people will only have a joint account for the mortgage or rent and household bills, while other couples might combine all their finances. Either way, it’s vital to trust anyone you have a joint account with, as you’ll be jointly and severally liable for any overdraft and your credit records will become linked.
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We can take the hard work out of finding a joint current account to suit you.
Click through to search the market to find the best joint current account for your needs, including any cash incentives to switch
Make your choice easier by using our handy filters to narrow down your options based on the type of current account you need
Find the deal you want and click through to the provider to complete your application. Sit back while your new bank takes care of the switch
You don’t need to be married to open a joint bank account. You can open a joint account with any other person, from a partner to a flatmate. However, both of you have to beat least 18 years old and live full-time in the UK.
With a joint account, the money in the account belongs to both joint-account holders. This means both account holders have the right to make withdrawals, transfer, or deposit money into the account. Bear in mind that they don’t need the permission of the other account holder to do this.
If the relationship breaks down or your housemates decide to go their separate ways, you may want to close the joint account. You can then divide the money between you, but the bank will need all account holders to agree – usually in writing. Alternatively, it is possible to remove someone and have the account into one name only. Again, the bank would usually need the written permission of all parties before removing someone.
If it’s a joint account with a partner and you’re struggling to communicate, either one of you can cancel the mandate. The account is then frozen so no one can use it, including you. The bank will only close the account when everyone agrees how to split the money. If you can’t reach an agreement, you may need to go to court for an agreement to be reached.
If an account holder passes away, the money in the joint account generally goes to the surviving person. In fact, many banks and lenders include a ‘rule of survivorship’ within their agreement, which states that the surviving owner has the right to take over the account. Bear in mind that the bank may ask for the death certificate before transferring the money to the surviving account holder.
In Scotland, things are slightly different. When a person dies, their share of funds won’t pass automatically to the surviving account owner. That said, when notified, the bank may still agree to let them continue to use and operate the account.
Yes, couples don’t have to be married to share a joint bank account. However, it is important to make sure that you know what your responsibilities are as a pair.
Be aware that if one of you overspends, you’ll both be accountable for the debt or any potential charges.
Yes, you’re free to have your own personal bank account, regardless of whether you have a joint one with somebody else. A personal bank account may be useful to keep your earnings separate, whereas a joint account can be handy for shared financial matters. You can set up a separate account with your current bank or pick another provider.
If you decide to use the same bank, you’ll be able to easily transfer money from your personal account to your joint one. However, you can’t automatically move funds from your joint account to your personal one, as the bank would need authorisation from the other owner first.
How much the joint account holders will be able to withdraw will depend on their provider. Some providers may have withdrawal limits. So, it's important to read the terms and conditions for the account you wish to sign up for.
If either of you withdraw more money than what’s in your joint current account and go into a negative balance, you’ll enter an arranged overdraft.
Money in a joint account in the UK is protected up to £85,000 per individual account holder under the Financial Services Compensation Scheme (FSCS), providing a total protection of up to £170,000 for joint accounts held by two people.
A joint current account can affect your credit score as it links your financial status with the other account holder. If they have a poor credit history, it may negatively influence your credit score and ability to access credit.
Yes, you can typically open a joint account online in the UK. Many banks offer online application processes for joint accounts, allowing you and your co-account holder to apply, provide necessary documentation, and set up the account without visiting a physical branch.
Check with the specific bank you choose for their online account opening procedures and requirements.
Yes, each person named on a joint bank account typically receives their own debit card. This allows both account holders to access funds, make purchases, and withdraw cash independently. Each card will be linked to the same joint account, meaning all transactions will affect the shared balance. It's important for account holders to communicate and manage their spending together, as both are responsible for any fees or overdrafts incurred on the account.
Yes, you can open a joint savings account, which allows two or more people to save money together. To open one, all account holders must provide identification and sign the account application. Joint savings accounts are beneficial for managing shared expenses or saving towards a common goal.
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