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At a glance:
A joint savings account is when two people share a savings account.
Many of our savings accounts can be opened as joint accounts.
You can open one online or in a branch.
What is a joint savings account?
A joint savings account is when two people share an account. This can be with a partner, relative or close friend.
All account holders can add or withdraw money from a joint savings account.
Why open a joint savings account?
Opening a joint account could:
Make it easier to save for something together, like a wedding, holiday, or home improvements.
Help you reach your savings goal quicker.
Earn more interest, if you pay in more money with two than you would by yourself.
What to think about when considering a joint savings account
Here are some things to consider before you open a joint savings account:
Set a savings goal together
Setting a goal can help you save money fast. Decide what you want to save for and for how long. Our savings interest rate calculator can help think about how best to reach your goals.
Plan how you’ll save
Before you open a joint savings account, it’s a good idea to agree some ground rules.
You should only open a joint savings account with someone you trust.
Agree on how you will save. For example, will you add the same amount each month? When will you pay the money in?
Think about each other’s spending habits. The money in the joint savings account belongs to both of you. Agree if any money can be withdrawn.
Decide how a withdrawal works – will you mention it to the other person before money is taken out?
With YBS, you have options around withdrawing. You can set it so either person can withdraw money, or both people need to sign in to withdraw money from the account.
Save in the right place
You need to pick the correct account. For example, you may want to save a set amount each month, or put away a lump sum for a longer period.
Credit score
Savings accounts are not reported to credit reference agencies, so opening a joint savings account will not show on your credit history.
Joint ISAs
An Individual Savings Account (ISA) can only be opened in one person’s name. You cannot open a joint ISA.
How to open a joint savings account
You can open a joint savings account with us online or in branch.
What you’ll need to open a joint savings account depends on the account you choose.
There are two things we typically ask both people for:
Proof of ID: for example, a current passport or driving licence.
Proof of address: for example, a document which shows your current address, like a recent bank statement or utility bill.
Tax and joint savings accounts
Your Personal Savings Allowance (PSA) is the amount of interest you can earn from your savings without paying tax and depends on your tax rate and band.
If you have a joint savings account, interest is split equally between the account holders. Each person then applies their personal savings allowance and pays any tax they might owe separately.
The content on this page is for reference. It is not financial advice.
For help with money issues, try MoneyHelper.
For help with money issues, try MoneyHelper.
