This comparison simply includes all savings accounts.
Best Joint Current Account
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best British Bank and Best Current Account in 2020 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: A bank account that can build credit history. No credit check during sign up. Apply straight from your mobile. Instant online decision. Get your Contactless Debit Mastercard within 3-5 working days. Add Creditbuilder onto your account and it could help build your credit rating at no extra cost. Deposit cash into your account at any Post Office UK branch. Money is available in your account immediately. Manage your account 24/7 from any device with the banking app - get real time balance information, statements, add payees send payments and apply for extras. Automatic payment alerts. UK based Customer Services Team. Your money is protected up to £85,000 by the FSCS (Financial Services Compensation Scheme)
Why we like it: Earn 0.30% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% cashback on household bills - 1% on council tax bills, Mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments. 2% on Gas and electricity bills, Santander Home Insurance premiums and Santander Life Insurance premiums, and 3% on water bills. Monthly fee of £4. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Can be opened by or on behalf of any child up to the age of 18. Debit or cash card available for those aged between 13 and 18. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Best Joint Accounts
Joint accounts can be very useful things. It’s an easy way to avoid arguments over household spending and bills an can help with saving for a large purchase, such as an expensive holiday.
Many couples don’t shop around for a current account and instead simply open one with the bank they are already with but this may not be offering the best deal.
While any bank will offer a joint account, couples should ideally look for one which pays high interest or offers some form of cashback or switch reward in order to maximise their joint savings. Compare accounts below:
With a Signature account you get:
- Annual travel insurance
- UK breakdown cover
- Mobile phone cover
- Discounts from Sainsburys and Morrisons
- Discounts on cinema tickets, holidays and concerts
This account has a £13.50 account fee - Click here for more information »
The appeal of the Santander 123 accounts are the cashback rewards.
This account does have a £5/month fee which is automatically taken from the account each month.
You will earn interest on balances of up to £20,000 on this account which makes it a great option for joint saving.
The cashback you can receive on your household bills include:
- 1% cashback on water and council tax bills and on your Santander monthly mortgage payments (up to a maximum of £1,000)
- 2% cashback on gas bills and electricity bills.
- 3% cashback on mobile, home phone, broadband and paid-for TV packages
Santander 123 Lite
If you’re not looking for high interest rates but are interested in a cashback deal, the Lite account may suit you more as the £5 account fee of the original 123 account is reduced to £1.
You will receive the same cashback on monthly bills and still have access to the 123 World offers and special deals which Santander offer as standard.
To qualify for the cashback on both of these accounts you must:
Pay at least £500 into your account each month
Have at least two active Direct Debits - you'll receive cashback on any qualifying household bills you pay by Direct Debit
Useful to Know
- Household bills don’t include TV licence, maintenance contracts (e.g. boiler repair cover), other insurance contracts, commercial use or commercial mortgages.
- This account does not offer interest on your balance.
NatWest Reward Account
NatWest also offer a cashback reward account. There are no minimum monthly payments for this account making it a great option for those who are unable to meet the high minimum payment requests of some other accounts. There is, however, a charge per month of three pound.
The rewards you can earn on this account are similar to the Santander 123 account in that you can earn cashback on your household bills.
As this account is a cheaper option than the Santander account it’s a great choice for those who pay a lot of household bills out of one account and would like to see some return on that.
The scheme is quite simple, you can automatically earn 3% on seven kinds of household bills, including council tax. As soon as you reach £5 in rewards you can exchange it for £5 which you can convert to money and transfer in to your current account or even use towards your NatWest credit card balance.
NatWest state that:
"There's no limit to the rewards you can earn. On average, currently our customers earn £120 per year in rewards, based on average monthly Direct Debits of £333 (£4,000 per year) and excluding the monthly fee."
High Interest Accounts
If you’re not likely to have a lot of bills coming out of the joint account then a high interest account is going to offer a better deal for you. Currently the highest interest accounts include:
Nationwide FlexDirect Current Account
Nationwide Building Society is the second-most-switched-to bank at the moment.
Nationwide FlexDirect pays 5% AER fixed for a year on £2,500, which would give you a maximum £122.25 interest. This rate is fixed for the first year you hold the account, which gives some security in a world of uncertain savings rates. The rate falls to 1% in subsequent years.
To incur the interest, you'll need to pay in £1,000+/month. So if you're after an account that pays you interest when you have money in your account, and if you prefer to do your banking online or over the phone then this could be the current account for you.
TSB Classic Plus Current Account
Described as the ‘current account that gives you plusness’, TSB offer a great deal on its Classic Plus Current Account. This account has one of the lowest minimum monthly pay-ins at £500 per month so is well-suited to anyone who finds it difficult to meet the minimum payments of some other accounts.
They also offer 5% AER (variable) interest on balances up to £2,000. Interest is paid monthly and to earn it you simply pay in a minimum of £500 a month and register for Internet Banking, paperless statements and paperless correspondence.
- They’re also currently offering 5% interest on the first £100 of contactless payments which you make.
Currently the Co-operative bank and Halifax are both offering monthly cash rewards for switching to them.
The Co-operative’s Everyday Rewards incentive allows you to earn up to £5.50 per month for switching and depositing £800 a month in the account with 4 active Direct Debits
Alternatively the Halifax Reward Current Account will pay £5 into your joint account each month, giving you £60 in a year. To earn this reward you must pay £750 a month and pay two different Direct Debits from the account to trigger the bonus.
First Direct are also offering £100 cash for switching to them which is more than the monthly reward totals of both Halifax and Co-operative.
As these offers only last a year customers need to be proactive with switching their accounts after the year to maximise their saving potential.