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 usually 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 complicate joint accounts, so it’s worth agreeing upfront how much each person will deposit, when withdrawals can be made and what the money can be used for. If a dispute arises, access to funds may be restricted until it’s resolved. In some cases, particularly after a relationship breakdown, court intervention may be necessary.
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:
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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”
With an “either to sign” account, either holder can make transactions independently. With a “both to sign” account, both must approve transactions. “Either to sign” is more common, while “both to sign” offers greater control.
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.
Who can open a joint savings account with me?
You can usually open a joint savings account with someone you trust, provided you both meet the provider’s eligibility criteria. This could include:
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Your partner or spouse
A common choice for saving towards shared goals.
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A family member
Such as a parent, child or sibling.
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A friend or housemate
Useful for saving towards a shared expense, although not all providers allow this.
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Another person you share finances with
Such as someone you jointly own a property with.
What are the pros and cons of a joint savings account?
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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
Each account holder still benefits from their own Personal Savings Allowance when earning interest
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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
Am I eligible for a joint savings account?
Every savings provider will have its own rules on who can open an account but you will usually need to be:
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At least 18 years of age
Most adult savings accounts require applicants to be 18 or over, although some providers offer accounts for younger savers
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A UK resident with a permanent address
Providers generally require you to live in the UK and have a residential address they can verify
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A current account holder
Some providers require you to hold an existing current account with them, while others let you open a savings account without one
Our expert says…
Joint savings accounts can be a useful way to work towards shared financial goals, whether you’re saving for a holiday, a house deposit or a rainy-day fund. But it’s important to agree upfront how much you’ll each contribute, when money can be withdrawn and what happens if one of you wants to close the account. Remember, both account holders generally have access to the money, so choose someone you trust and understand the account’s terms before opening it.
Kara Gammell Personal Finance & Insurance Expert
Frequently asked questions
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.
How do you remove someone from a joint savings account?
You’ll usually need to contact your savings provider and get the agreement of all account holders to remove someone from a joint savings account. The provider may ask you to complete a form or provide written consent. If the person refuses, you may need to close the account and agree how to divide the balance, or seek legal advice if you can’t reach an agreement. The exact process depends on the provider and account terms.
How do you close joint savings accounts?
To close a joint savings account, contact your provider or log in to online banking to check the closure process. You’ll usually need all account holders to agree to close the account and confirm in writing how the remaining balance should be divided. You may need to transfer the money to nominated accounts before the provider closes it. If you have a fixed-rate or notice account, early access restrictions may also apply.
What happens if one of the joint account holders dies?
The surviving account holder will usually retain access to the joint savings account, and the money will generally pass to them. You’ll need to notify the provider, which may ask for a copy of the death certificate. However, the deceased’s share of the money may still need to be considered when valuing their estate for inheritance tax, particularly if the account holders weren’t married or in a civil partnership.
How do cash deposit limits affect joint savings accounts?
Some accounts cap how much you can pay in, either per transaction or over a set period. These limits may apply to the account as a whole rather than to each account holder, so you may not be able to double the allowance by depositing separately. Check the rules before making large deposits.
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 usually available for joint savings accounts. This is because savings accounts are not designed for withdrawals. Direct debits or standing orders are not a regular feature of joint savings accounts either, so if you need a shared account for paying household bills, you'll require a joint current account instead.
Will a joint savings account help my credit score?
No, opening a joint savings account won't impact your credit history because credit reference agencies don't scrutinise savings accounts when determining your credit report. It is 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 can usually manage a joint savings account online or through a mobile banking app. Each account holder may have their own login, depending on the provider. Some banks also offer telephone banking or branch services, where available.
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 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 provide features like debit cards, overdrafts, and regular payments, but don't usually pay much interest.
Do I need a joint current account to open a joint savings account?
No, you don’t usually need a joint current account to open a joint savings account. Most providers let you apply separately, although some may require you to hold an existing account with them. You’ll both need to meet the eligibility criteria, which can vary between providers.
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.
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 of £120,000, so a joint account can be protected up to £240,000 as long as both holders are eligible.
Reviewed on 30 Oct 2026 by
