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With a joint account, both people can have their income paid into the account. You’ll both have joint access and be able to make debit card or contactless payments, as well as set up direct debits or standing orders
Open a joint bank 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.
A joint current account 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. If you’re looking to open joint bank accounts, it can feel complicated as there are so many different options with various perks and benefits.
When you compare current accounts with MoneySuperMarket, we’ll do the hard work for you. We can compare joint bank accounts from a broad range of providers, helping you find the solution that best suits you and your financial goals.
If you’re considering opening a joint account, here are some things to consider:
With a joint account, both people can have their income paid into the account. You’ll both have joint access and be able to make debit card or contactless payments, as well as set up direct debits or standing orders
You can choose to have a separate bank account for your personal spending and a joint account for shared household bills like your rent, mortgage payments, utility bills, and food shopping
If your joint account goes overdrawn, each joint account holder is responsible for paying back the amount owed. This effectively means you could end up being responsible for payment of the other person’s debts
It’s quick and easy to compare joint bank accounts with MoneySuperMarket and find the best one for you. Click directly through to your chosen provider to complete your online application for a joint account.
You and other account holders will just need to:
Provide proof of address, such as a utility bill or other bank statement,
Provide proof of identity, such as a passport or driver’s licence.
For a joint account, all account holders will need to be 18 or over and live in the UK.
The best joint account for you will depend on your personal circumstances and financial goals. So before you apply, you’ll need to decide what bank account features are most important to you. Here are some of the key factors to consider when choosing a joint account:
Most banks will let you access your joint current account online. Alternatively, you can use their app, where you’ll be able to see your balance and transactions at any time. You should also be able to set up standing orders or direct debits and transfer money to a savings account if you wanted to.
If you never go overdrawn, a joint account that pays cashback or rewards could suit you best. Some current accounts offer you cashback when you pay your bills or make certain transactions. Some banks offer a cash incentive when you switch, so this may be worth looking out for.
If your account is typically in credit (meaning you don’t go overdrawn), you may want a joint account that pays interest on your credit balance. Some joint accounts pay a better interest rate than savings accounts. But there are usually limits on the interest paid.
You may prefer to open a joint account that comes with extra benefits, like travel and mobile phone insurance, which is known as a packaged account. And with a joint packaged account, both account holders should get the add-ons and you’ll only need to pay one fee
Not sure if a joint account is the right option for you? Here are some potential advantages and disadvantages of joint bank accounts:
When you open a joint account, the credit record of the other account holder will have an impact on your own score. So, if they have a history of bad credit or run into financial problems, it could affect your eligibility for credit further down the line. On the plus side, if they have a spotless credit record, it could make it easier for you to borrow money.
There are some simple steps you can take to improve your credit score, such as building your credit history and getting on the electoral roll. Looking to improve your credit score? Credit Monitor gives you insight into your credit rating, letting you know what you’re doing well and tips to improve your score.
"Joint bank accounts can be a handy way of helping you manage your household finances and give you accountability with your spending. But make sure that all account holders first understand how they work and particularly that you will be linked financially. It’s also probably wise to discuss some basic guidelines about where the money is coming in from and what you’ll use the account for.
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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
Use our handy filters to narrow down your options based on the type of current account you need
When you find the deal you want, click straight 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 housemate. 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 withdraw, 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, you could also change the account into one name only. Again, the bank would usually need the written permission of all parties.
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.
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