Joint current accounts
A shared day-to-day bank account used by two or more people. All account holders can pay in, withdraw money and manage the account. Commonly used for bills, rents, mortgages, and household spending.
What is a joint savings account?
A joint savings account is a savings account that is shared by two or more individuals, who are joint-account holders. Each person can put money into the account, and withdraw it.
Why would I need a joint savings account?
Joint savings accounts are ideal if you’re saving towards a shared goal such as a house deposit, home improvements, a new car, a wedding, or just an emergency fund.
They are designed to make it easier for people to save together, and often it’s possible to earn more interest than if the money is kept in sole accounts.
Can you earn more interest with a joint savings account?
One of the main perks of a joint savings account is the potential for earning more interest. Since the balance may be higher than the sums in individual accounts, the interest accrued can be more substantial.
However, it's important to note that half of the interest earned on a joint savings account will be given to each account holder, and then set against their individual Personal Savings Allowance.
Even if you and the account co-owner are in different tax brackets, interest will still be split evenly.
How do joint savings accounts work?
.Joint savings accounts work in pretty much the same way as standard savings accounts. Money is deposited and interest is earned.
Depending on the type of account, the interest may be tax free.
Either person named on the account can withdraw money, so before you pool your funds it’s important to make sure you’re comfortable with the access that all account holders will have.
Tax implications
The tax implications of a joint savings account are straightforward. The interest is divided equally between the account holders and counts towards their Personal Savings Allowance. This is the case regardless of whether the co-owners are in different tax brackets.
Safety of funds
When it comes to protecting your money, joint accounts are protected by the Financial Services Compensation Scheme (FSCS) for up to £120,000 per person (so £240,000).
The FSCS assumes equal ownership of funds, so the protection applies whether one person deposited all the money or if it was split between co-owners.
Disagreeements
Disagreements can lead to complications with joint accounts. In such cases, funds can be frozen until both parties reach a resolution. This might even require court intervention, particularly after relationship breakdowns.
Legal protection
The division of funds in a joint savings account can vary based on the relationship between co-owners. Married couples typically see an equal division, while friends and family might divide based on individual contributions.
What are the different types of joint account?
Here are the main types of joint accounts, explained simply:
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Joint savings accounts
A savings account held by more than one person. Works much like a single savings account, but both holders own the money. Can be easy access, notice or fixed-rate, depending on the provider.
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Joint notice savings accounts
A type of joint savings account where you must give notice before withdrawing money. Can offer higher interest rates than easy-access joint savings. Best for shared savings you don’t need immediately.
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Joint fixed-rate savings accounts
Savings locked away for a set term (for example, one or two years). Usually pay a fixed interest rate. Limited or no access until the term ends.
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Joint ISA accounts
ISAs are normally individual, but some providers offer linked or “mirror” ISAs for couples. Each person keeps their own ISA allowance and tax-free status. Not true joint ownership, but designed for shared saving goals.
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“Either to sign” vs “both to sign”
Either to sign: either account holder can make transactions (most common).
Both to sign: both must approve transactions (rarer).
How to open a joint savings account
Opening a joint savings account is usually straightforward.
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Choose an account together
Compare joint savings accounts to find one that suits how you want to save and access your money.
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Apply and verify your details
You’ll both need to apply at the same time and provide ID so the provider can carry out its checks.
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Fund and manage the account
Once opened, you can add money and manage the savings together, following the account’s access rules.
What are the pros and cons of a joint savings accounts?
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Pros
Combined contributions can help you reach your savings goals faster
You might benefit from higher interest rates due to larger balances
There's an increased sense of accountability and focus on saving. A joint account can make money-management easier
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Cons
Closing the account can be difficult if both parties don't agree
There's a risk of one owner withdrawing funds without the other's consent
Joint ISAs are not an option as they must be held in individual names
If there is a bonus on the account, it might be more beneficial to have two separate accounts
Frequently asked questions
What are the alternatives to joint savings accounts?
If a joint savings account doesn't seem right for you, consider alternatives like:
Combining Lifetime ISAs: If you're saving for your first home, you can combine your Lifetime ISAs for the house deposit, provided neither of you already owns property
Joint current accounts: These can be used for shared expenses and might offer overdraft facilities or interest on balances
Can you add another person to an existing savings account?
Some banks allow you to add another person to your existing savings account, effectively transforming it from a sole-name savings account to a joint account. This can be more convenient than opening a new account but it depends on the bank's policies and your personal circumstances.
What are the rules around direct debits and overdrafts for joint savings accounts?
Arranged overdrafts are a typical feature of joint current accounts but are not available for joint savings accounts. This is because savings accounts are not designed for withdrawals.Direct debits are not a feature of joint savings accounts either. In fact, regulations stipulate that you cannot set up a direct debit, or standing order, from any kind of savings account.So if you require a shared account for paying household bills, you'll require a joint current account instead.
Will a joint savings accounts help my credit score?
Opening a joint savings account won't impact your credit history. This is down to the fact that credit reference agencies don't scrutinise savings accounts when determining your credit report.For that reason, joint savings accounts are not a way to improve your credit score and boost your eligibility for credit cards and loans. But they won't harm it either.That's in contrast to joint current accounts. If you open one of these with a partner, you're deemed to be linked financially. Which means that a partner's poor credit history could affect your chances of securing credit in future.
Can you use mobile and online banking with a joint savings account?
Yes, you'll be able to manage your joint savings account online or via a mobile banking app, just as you would with any other savings account.Both account-holders will be able to log into online banking with shared log in details. And just as critically, both can download the provider's app and register on separate on mobile devices, too.Alternatively, you can manage your joint savings account by telephone banking if you prefer, or by dropping into your bank’s nearest branch.
How do you close joint savings accounts?
When you want to close your account, the balance will be divided between all co-owners. Your provider will usually need this agreed upon in writing by all account co-owners.
What’s the difference between a joint savings account and a joint current account?
A joint savings account is designed for building up money over time and usually pays interest on your balance, but access to your cash may be limited. A joint current account, on the other hand, is for everyday spending. Current accounts typically comes with features like debit cards, overdrafts, and regular payments, but doesn’t usually pay much interest.
What happens if one of the joint account holders dies?
In most cases, a joint account is held on a “right of survivorship” basis, meaning the remaining account holder usually becomes the sole owner of the money in the account. The bank will normally ask for a death certificate and may temporarily restrict the account while this is processed, but the funds typically don’t form part of the deceased person’s estate.
How does FSCS protection work with a joint savings account?
If your joint savings account is with a UK-authorised bank, building society or credit union, your eligible deposits are usually protected by the Financial Services Compensation Scheme (FSCS). Protection applies per person, per authorised firm, meaning each account holder is typically covered up to the FSCS limit, so a joint account can be protected up to double the individual limit, as long as both holders are eligible.
Reviewed on 16 Jan 2026 by
