The Bank of England voted to cut the base rate to 4.75% in November 2024 which is the second rate cut this year. There are still decent savings rates available on the market despite the recent cuts, but with rates predicted to fall gradually, now's a good time to lock in a savings rate.
In this article, we take a look at some of the best joint savings accounts on the market. We also explain how joint savings accounts differ from individual savings accounts and the pros and cons of holding a joint savings account.
If you're looking for more information on interest rates and when they can expect to rise or fall, bookmark our article, 'When will interest rates rise (or in fact be cut)?'. For the best personal savings accounts you can also bookmark our regularly updated article, 'Best savings accounts in the UK'.
What is a joint savings account?
A savings account allows you to earn interest on the money you deposit, allowing you to keep it separate from your everyday spending. This means that the amount of money you deposit will earn interest over time, depending on how long your money is locked away for. There are a number of different savings account types and the type of savings account you choose will affect how much interest you earn as well as how and when you can access your money.
Joint savings accounts work in the same way as individual accounts with the key difference being that more than one person can deposit and access money in the account. There are a number of pros and cons to joint savings accounts, which we cover in more detail later in this article.
Can you have a joint ISA?
Unfortunately, it is not possible to open an ISA in joint names which makes a savings account the preferred option if you are looking to share your savings account with another account holder.
Best joint savings accounts in the UK
In the following tables, we summarise some of the best joint savings accounts in the UK with the best rates for each joint savings account type.
It may also be possible to get a joint savings account with your existing bank. If this is the case, it is worth contacting them to find out the rate that you can get and how to open an account. You should consider, however, that this may not be the best rate on the market.
Best Joint Regular Savings account - Principality
Below we list the best Joint Regular Savings Account which is currently Principality.
| Principality | ||
| Account name | 6 Month Regular Saver | |
| AER | 8.00% | |
| Minimum opening balance | £1 | |
| Minimum required per month | £1 | |
| Maximum allowed per month | £200 | |
| How to manage the account | Branch, Online, Post | |
| How to apply | Branch, Online | |
| Summary | No access within the term. Interest is paid on maturity. | |
| Financial Services Compensation Scheme | Own Licence |
(Updated:26/11/2024)
Best Joint Fixed Rate Bond account - Cynergy Bank
Below we list the best Joint Fixed Rate Bond Savings Account, which is currently with Cynergy Bank.
| Cynergy Bank | ||
| Account name | 6 Months Fixed Rate Bond | |
| AER | 4.85% | |
| Minimum opening balance | £1,000 | |
| How to manage the account | Online, Telephone | |
| How to apply | Online | |
| Summary | No access within the term. Interest is paid on maturity. | |
| Financial services compensation scheme | Own Licence |
(Updated: 26/11/2024)
Best Joint Easy Access savings account - Principality
Below, we list the best Joint Easy Access Savings Account, which is currently Principality.
| Principality | ||
| Account name | Online Bonus Triple Access Issue 4 | |
| AER | 4.85% | |
| Minimum opening balance | £1 | |
| How to manage the account | Online | |
| How to apply | Online | |
| Summary | Three withdrawals can be made from the account every calendar year. Interest rate includes a 1.50% bonus for the first 12 months. Interest is paid annually. PLEASE NOTE: The rate on this product will decrease from 4.85% to 4.70% on 05/12/2024 |
|
| Financial Services Compensation Scheme | Own Licence |
(Updated: 26/11/2024)
Best Joint Instant Access account - Nationwide
Below we list the best Joint Instant Access Savings Account which is currently Nationwide.
| Nationwide | |
| Account name | FlexDirect Account |
| AER | 5.00% |
| Minimum opening balance | £5,000 |
| How to manage the account | Branch, Cash Card, Mobile Banking, Online, Telephone |
| How to apply | Branch, Online |
| Summary |
Interest rate reverts to 1% after an initial 12-month period. A minimum of £1,000 per month must be deposited every month to keep the 5% rate. |
| Financial Services Compensation Scheme | Own Licence |
(Updated: 26/11/2024)
Best Joint Notice savings account - Market Harborough
Below, we list the best Joint Notice account, which is currently Market Harborough.
| Market Harborough Building Society | ||
| Account name | 195 Day Notice Account | |
| AER | 5.10% | |
| Notice period | £10,000 | |
| Minimum opening balance |
Branch, Online |
|
| How to manage the account |
Branch, Online |
|
| How to apply | Withdrawals are subject to 195 days' notice only; no earlier access is allowed. New customers must apply in branch only. Interest is paid monthly | |
| Financial Services Compensation Scheme | Own Licence |
(Updated: 26/11/2024)
Are joint savings accounts safe?
Money deposited into a joint savings account with a UK-authorised bank or building society has FSCS protection up to £170,000. If you hold a bank account that shares a banking licence with another bank, however, this amount is usually shared between banking licences. For more information on the FSCS and how it works, read our article 'What is the Financial Services Compensation Scheme (FSCS)?'
Pros and cons of joint savings accounts
There are a number of advantages and disadvantages to having a joint savings account some of which we summarise below.
Pros of joint savings accounts
- Can be opened with a friend, spouse or roommate - You don't always have to be married or living at the same address as the other account holder to open a joint savings account, however, it is worth double checking with your bank though as individual terms may vary.
- May be able to save more - With more than one account holder contributing to the account you may be able to grow your savings more quickly compared to saving in an individual account.
- Easier to access money - If a joint account holder (e.g. a spouse) passes away the other account holder can easily access the money without going through probate.
- You may be able to get higher interest rates - Some joint accounts offer higher interest rates with a larger balance. For example, NatWest's Flexible Saver offers 3.30% interest for balances over £250,000 compared to 1.75% on balances under £25,000 and Tipton Building Society offers a rate of 5.50% on balances over £25,000 compared to 5.3% on balances under £1,000.
Cons of joint savings accounts
- There is limited choice - Joint savings accounts aren't as readily available as individual savings accounts and not all banks allow accounts to be opened jointly.
- You are financially associated with the other account holder - Jointly opening a savings account will financially associate you to the other account holder which means you may be negatively impacted if they have poor credit history.
- Problems could be caused by a dispute - If you fall out with the other account holder there is the possibility that they can empty the account without you knowing. If you have an ongoing dispute it is best to notify the bank so that both signatures are required in order to access the money or make changes to the account.
- You may not get the best rate - As there are a limited number of joint savings accounts you may not get the best rate on your savings and you may be better off opening an individual savings account.
What to consider before opening a new joint savings account
If you decide that opening a joint savings account is for you, there are a few things to consider.
- Savings account type - Do you need access to your money or can you afford to have the cash locked away for a set period of time? This will help you to decide the best savings account option for you.
- Do you need to open a personal current account? - In order to open a joint savings account with some banks you will need to open a personal current account.
- Do you need to save a set amount to get the rate - Some joint savings accounts only offer the best rate for a larger deposited sum of money. Ensure you check how much you need to deposit to qualify for the best rate.
- Are there any limits or restrictions - Some accounts require a minimum amount to be deposited in order to open the account and some accounts also require a minimum deposit amount each month. Ensure you read any T&Cs extensively before opening an account.
How to boost your joint savings
In order to ensure you are always making the most of your cash, we share some easy ways you can boost your savings.
- Regularly review your interest rate - Regularly reviewing your interest rate is important to ensure you are always getting the best rate. As joint savings accounts are few and far between it is good to shop around to ensure you are maximising your cash.
- Save as you spend - One way you can increase your savings is by using a savings app to help you round up your spare change and depositing the extra money you managed to save straight into your savings account.
