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This comparison simply includes all savings accounts.

Leeds Building Society
Limited Issue Online Access Account Leeds Building Society
Min deposit £1000
Term Instant Access
Interest AER 5.00%

Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older

Wombat Invest
GB Bank Base Rate Tracker Savings Account brought to you by Wombat Invest
Min deposit £500
Term Easy Access
Interest AER 4.91%

Why we like it: Easy access savings account that tracks the Bank of England base rate. Wave goodbye to the constant cycle of account hopping and forget waiting for banks to pass on higher interest rates. Interest rate moves with the Bank of England base rate, guaranteeing a fixed margin of up to 0.5% below, and adjusts the very next day. Easy access to your money with once a month withdrawals, without notice and without fees. Earn daily interest on your money, and experience the power of compounding to make your savings work harder. Maximum deposit £250,000. Wombat has partnered with GB Bank to bring you the Base Rate Tracker. GB Bank is an award-winning, fully authorised and regulated UK bank. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older

Instant Access Account Chip
Min deposit £1
Term Instant Access
Interest AER 4.84%

Why we like it: A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.

Yorkshire Building Society
Internet Saver Plus Yorkshire Building Society
Min deposit £1
Term Instant Access
Interest AER 4.80%

Why we like it: Tiered interest: £1 to £10,000 – 4.80% Gross/AER, £10,001 to £50,000 – 4.80% Gross/AER, £50,001 to £500,000 – 4.80% Gross/AER. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 4.75%

Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)

Post Office
Online Saver Account Post Office
Min deposit £1
Term Instant Access
Interest AER 4.70%

Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected

Investec Savings
Online Flexi Saver Investec Savings
Min deposit £5000
Term Instant Access
Interest AER 4.70%

Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

RCI Bank
E-Volve 14 Day Notice Account RCI Bank
Min deposit £1000
Term 14 Day Notice
Interest AER 4.80%

Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

Investec Savings
Fixed Rate Bond Investec Savings
Min deposit £5000
Term 1 Year
Interest AER 5.45%

Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted

Fixed Rate Bond Aldermore
Min deposit £1000
Term 18 Months
Interest AER 5.20%

Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 2 Years
Interest AER 5.20%

Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £250,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

Fixed Rate Bond Aldermore
Min deposit £1000
Term 3 Years
Interest AER 5.00%

Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected

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Compare joint savings accounts

Joint savings accounts allow couples, or any other pair of people, to pool their savings into a single account. This can make it easier to manage your savings and allow you to achieve a better return by giving you a bigger pot of money to collect interest on.

Agreeing on the best joint savings accounts to match both of your needs can be tricky, which is why it is a good idea to be well-informed about all the different types of accounts available to you.

Current Accounts

If you have a relatively small amount of savings, a joint current account will likely offer the best rate of interest.

However, if your savings exceed the upper limit on which your current account pays interest, you should look at transferring the balance to an alternate account to maximise your return. Also, remember that interest rates on current accounts change over time, so you will need to review regularly whether it is worth moving more of your money to earn more in interest.

Instant Access Savings Accounts

If you want to earn interest on the whole of your savings while still being able to use them whenever you need them, an instant access account is ideal. Some instant accounts will allow you to take money out from cash points, while others will require you to go into a branch or make a phone or online transfer. The only real restriction here is that there may be a limit to how many withdrawals you can make per year.

Easy Access Savings Accounts

These are similar to instant access accounts, except you may have to wait a few days for withdrawal and transfer requests to be processed when you want to take money out.

Notice Savings Accounts

These accounts offer the flexibility to access your savings when you need them, and give a better interest rate than most instant and easy access accounts. You can still take money out whenever you want to, but you have to give the bank a pre-agreed period of notice first.

This notice period commonly varies from 40-95 days with some accounts going up to 120 days. You will usually get a higher interest rate the longer you are willing to wait when you want to make a withdrawal.

Regular Savings Accounts

Making relatively small monthly deposits can allow you to build up substantial savings over time. Regular savings accounts are designed for this kind of financial planning, and they tend to offer very attractive interest rates.

The downside is that there is normally a minimum monthly deposit, so you have to commit to continuing to save each month.  There will also usually be a maximum monthly deposit, preventing you from building up your savings faster if you start having more to spare.

This means that although the interest rates of regular savings accounts are usually good, it could be a while before you start seeing solid returns on your savings. They are, however, ideal for long term savings.

Fixed Rate Bonds

If you have a significant lump sum to deposit which you do not immediately need, a fixed rate savings bond can be the ideal solution. They offer a guaranteed rate of interest in exchange for locking your money away for a pre-agreed period.

Fixed rate bonds usually last for 1 to 5 years and the longer their term, the higher the rate of interest you are likely to get. Some will allow you to withdraw funds before the end of their term, but you will usually have to pay a penalty fee for this.

Cash ISAs

ISAs are linked to the national insurance number of the person who opens them, so cannot be operated as joint accounts. However, they are still worth considering for couples and other partners looking for the best ways to save.

Because an ISA can only be in one person’s name, the other person in the partnership needs a good deal of trust in the one taking out the ISA if they are pooling their savings. In return, they will be able to earn tax-free interest on an amount determined by the government. For the 2017/18 tax year that amount is £20,000.

Here's a table comparing different types of savings accounts in the UK by key features:

Type of Account

Interest Rates



Special Features

Easy Access Savings


High (Instant Access)


Flexibility to deposit and withdraw at any time

Fixed Rate Bonds

Higher (Fixed)

Low (Limited Access During Term)


Offers a guaranteed return

Notice Savings


Moderate (Notice Needed)


May offer better rates than Easy Access

Regular Savings


Moderate (Limit on Withdrawals)


Rewards regular saving



High (Instant Access) or Low (Fixed Rate)


Tax-free interest up to certain amount

Junior ISAs


Low (Until Child Turns 18)


Tax-free savings for children

Help to Buy ISA


Low (For Property Purchase)


Government bonus for first time home buyers

Remember, the specifics of each account can vary between different financial institutions, so it's always important to read the terms and conditions carefully.

Find the joint savings account for you

Agreeing the best savings account for two people to share can be difficult, especially when there are so many different brands and products to choose from. Our joint savings account comparison table at the top of the page allows you to quickly and easily compare some of the best offers. These deals are updated frequently, so make sure to check back regularly for the latest offers.

Guide to the Best Joint Savings Account in the UK

Understanding Joint Savings Accounts

In the UK, joint savings accounts are a popular option for individuals who want to save money together with a partner, family member, or friend. These accounts offer a convenient way to pool financial resources, work towards shared savings goals, and benefit from potential higher interest rates. Before you open a joint savings account, it's essential to understand the fundamentals and weigh the pros and cons.

What is a Joint Savings Account?

A joint savings account is a type of bank account that allows two or more individuals to be co-owners or joint account holders. All account holders have equal access to the funds and can make deposits or withdrawals. It is commonly used by married couples, partners, or parents and children to save money jointly. This shared ownership can simplify money management, especially for expenses that both account holders contribute to, such as household bills or vacations.

Advantages of Opening a Joint Savings Account

Joint savings accounts offer several advantages that can benefit the account holders:

  • Shared Responsibility: With a joint savings account, both account holders share responsibility for managing finances, making it easier to track contributions and monitor progress towards shared goals.
  • Higher Interest Rates: Some financial institutions offer higher interest rates for joint savings accounts compared to individual accounts, allowing account holders to earn more on their savings.
  • Convenient Expense Management: Joint savings accounts are useful for covering shared expenses like rent, mortgage, utilities, and family-related costs, as both parties can contribute directly to the account.
  • Building Trust and Transparency: Managing finances together can promote open communication and trust between account holders, leading to a healthier financial relationship.

Considerations Before Opening a Joint Savings Account

While joint savings accounts offer numerous benefits, it's crucial to consider a few factors before opening one:

  • Trust and Communication: Since both account holders have equal ownership and access to funds, a high level of trust and open communication is essential to avoid potential conflicts.
  • Shared Financial Goals: Before opening a joint savings account, discuss your financial goals with the other account holder to ensure alignment and commitment to shared objectives.
  • Financial Responsibility: Understand that each account holder is equally responsible for any debts or overdrafts associated with the joint account.
  • Account Activity Monitoring: Regularly review the account activity together to stay informed about deposits, withdrawals, and changes in the account balance.

How to Choose the Right Joint Savings Account

When selecting a joint savings account in the UK, it's essential to consider various factors that align with your financial needs and goals. With numerous options available, making an informed decision can significantly impact the growth of your savings.

Assessing Your Savings Goals

Before opening a joint savings account, take some time to assess your savings goals as a team. Discuss what you want to achieve collectively, whether it's saving for a down payment on a house, planning a dream vacation, or building an emergency fund. Understanding your objectives will help you find an account that complements your goals.

Comparing Interest Rates and APY

Interest rates play a crucial role in the growth of your savings over time. Look for joint savings accounts that offer competitive interest rates or Annual Percentage Yield (APY). A higher APY means your money will grow faster. Compare rates among different financial institutions to find the best option.


Financial Institution

Interest Rate


Bank A



Bank B



Bank C



In this example, Bank C offers the highest APY, making it an attractive choice for a joint savings account.

Fees and Charges to Watch Out for

When choosing a joint savings account, be aware of any fees or charges associated with the account. Common fees may include monthly maintenance fees, transaction fees, or fees for using out-of-network ATMs. Opt for an account with minimal fees to maximise your savings.

Online vs. Brick-and-Mortar Banks for Joint Savings Accounts

Decide whether you prefer an online bank or a traditional brick-and-mortar institution for your joint savings account. Online banks often offer higher interest rates and lower fees due to their lower operating costs. On the other hand, physical banks provide in-person customer service, which can be valuable for some account holders.

When selecting a joint savings account, it's essential to consider the features that will make managing your finances convenient and effective. Look for accounts that offer the following:

Accessibility and Convenience

  • Online Banking: Opt for a joint savings account that provides online banking facilities. This feature allows you and your co-account holder(s) to access account information, make transfers, and monitor savings from the comfort of your own home or on the go.
  • Mobile Banking App: A mobile banking app ensures that you can manage your joint savings account conveniently from your smartphone or tablet. Check if the app offers essential functionalities, such as mobile check deposits and notifications.

Account Management and Security

  • User Permissions: Look for an account that allows you to set user permissions. This feature enables you to control the level of access each account holder has, ensuring transparency while maintaining security.
  • Secure Authentication: Ensure that the financial institution employs robust security measures, such as two-factor authentication, to safeguard your joint savings account against unauthorised access.

Mobile Banking Capabilities

  • Mobile Check Deposit: An account with mobile check deposit functionality allows you to deposit checks directly into the joint savings account using your mobile device, saving time and effort.
  • Fund Transfer Options: Check if the account enables easy fund transfers between linked accounts, including external accounts held by the account holders.

Joint Account Holder Rights and Responsibilities

  • Equal Ownership: Understand that all joint account holders have equal ownership rights to the funds. This means any account holder can withdraw money or close the account without the consent of others.
  • Liabilities: Be aware of the joint account holder's joint and several liabilities. In the case of overdrafts or debts, the financial institution can hold any account holder responsible for the entire amount owed.

Additional Benefits and Perks

  • Customer Support: Look for a financial institution that provides excellent customer support, with readily available assistance in case of any issues or concerns.
  • Reward Programs: Some joint savings accounts offer reward programs that provide additional benefits, such as cashback on purchases or higher interest rates based on account activity.


Bank XYZ's joint savings account offers a reward program where account holders can earn 1% cashback on qualifying purchases made with their joint debit card.

By prioritising these features, you can ensure that your joint savings account aligns with your financial management needs and supports your savings objectives.

Steps to Open a Joint Savings Account

Opening a joint savings account involves a few essential steps to ensure a smooth and successful account setup.

Gather Required Documentation

Before visiting the bank or applying online, gather the necessary documentation for each account holder:

  • Identification: Provide valid identification documents, such as passports or driving licenses, to verify the identity of all account holders.
  • Proof of Address: Submit recent utility bills or bank statements that display the current address of each account holder.
  • Social Security Numbers (or National Insurance Numbers): In the UK, banks typically require the social security numbers or national insurance numbers of all account holders.

Choosing the Right Type of Joint Account

Discuss with your co-account holder(s) the type of joint savings account that suits your needs. Common options include:

  • Joint Tenancy: In this type of account, each account holder has an equal share, and if one account holder passes away, their share automatically transfers to the remaining account holder(s).
  • Tenants in Common: This account type allows account holders to have unequal shares, and each person can designate who inherits their share in case of their passing.

Initiating the Account Opening Process

Now that you have gathered the necessary documentation and decided on the account type, it's time to initiate the account opening process:

  • In-Person: Visit a local branch of your chosen bank with all required documents to open the joint savings account. A bank representative will guide you through the process.
  • Online Application: Alternatively, you may choose to open the account online by visiting the bank's website and filling out the joint savings account application form. Submit the required documents electronically as per the bank's instructions.

Managing Account Access and Permissions

Once the joint savings account is open, manage account access and permissions:

  • Set Account Access Levels: Determine how account holders will access and manage the account. This includes online banking access and debit card distribution.
  • Establish Communication Channels: Agree on how you will communicate about account-related matters and financial decisions.

Managing and Maximising Your Joint Savings Account

Setting Up Regular Contributions

Consistent contributions are key to building substantial savings over time. Establish a plan with your co-account holder(s) to make regular contributions to the joint savings account. Determine a suitable amount to contribute each month based on your financial capabilities and savings goals.


If your savings goal is to accumulate £10,000 for a down payment on a house within three years, you'll need to contribute approximately £277 per month.

Creating a Budget and Savings Plan Together

Work together with your co-account holder(s) to create a comprehensive budget and savings plan. Identify areas where you can cut back on expenses and allocate more funds towards your joint savings account. Regularly review your budget to stay on track with your savings goals.

Maximising Interest Earned

To make the most of your joint savings account, explore options to maximise the interest earned:

  • Explore Higher-Yield Accounts: If you find that your current bank's interest rates are not competitive, consider switching to a financial institution offering better yields.
  • Consider Fixed-Term Deposits: Evaluate the option of placing a portion of your savings into fixed-term deposits, which often offer higher interest rates with the condition that you won't access the funds for a specified period.

Monitoring Account Activity and Progress

Regularly monitor the joint savings account activity and track your progress towards your savings goals. Many banks provide mobile apps or online banking platforms with real-time updates, making it convenient to keep an eye on your account.


Set a specific day each month to review your joint savings account balance and compare it to your target amount. Celebrate milestones as you get closer to your goal.

Reassessing and Adjusting Savings Strategies

Life circumstances and financial goals can change over time. Regularly reassess your savings strategies with your co-account holder(s) to ensure they align with your evolving needs. Be open to making adjustments as necessary to stay on course.


If one account holder receives a pay raise or a bonus, consider increasing the monthly contributions to accelerate savings.

By implementing these strategies and regularly collaborating with your co-account holder(s), you can effectively manage and grow your joint savings account to achieve your financial aspirations.

Tips for a Successful Joint Savings Account

Communication and Transparency

Open and honest communication is vital when managing a joint savings account. Regularly discuss financial goals, contributions, and any changes in income or expenses. Transparency about spending habits and financial decisions will foster trust and strengthen your financial partnership.

Dealing with Disagreements or Changing Circumstances

Disagreements about financial matters are natural in any partnership. When conflicts arise, approach the situation with patience and a willingness to compromise. Finding common ground and being open to each other's perspectives will help resolve conflicts amicably.


If one account holder wants to use a portion of the savings for a personal expense, discuss the implications and agree on a fair solution together.

Maintaining Individual Savings Accounts Alongside Joint Accounts

While a joint savings account helps manage shared expenses and goals, it's also essential to maintain individual savings accounts. Individual accounts can be used for personal savings goals or discretionary spending, providing financial autonomy to each account holder.


Consider having a joint savings account for household expenses and shared goals, while maintaining separate savings accounts for personal projects or hobbies.

By adhering to these tips and nurturing a strong financial partnership, your joint savings account can become a powerful tool for achieving both shared and individual financial objectives.

Frequently Asked Questions (FAQs) about Joint Savings Accounts

What Happens if One Account Holder Wants to Close the Joint Account?

In a joint savings account, any account holder has the right to close the account without the consent of others. If one account holder wishes to close the joint account, they can do so by contacting the bank and initiating the account closure process. It's crucial to communicate with other account holders about the decision and ensure that all funds are appropriately distributed before closing the account.

Can We Open a Joint Savings Account with Someone Not Related to Us?

Yes, joint savings accounts can be opened with individuals who are not related. Whether you want to share savings goals with a partner, a friend, or a business partner, most financial institutions allow you to open a joint savings account as long as all account holders meet the bank's eligibility criteria.

Are Joint Savings Accounts Different from Joint Current Accounts?

Yes, joint savings accounts and joint current accounts serve different purposes:

  • Joint Savings Account: A joint savings account is specifically designed for saving and growing funds. It typically offers higher interest rates to encourage savings.
  • Joint Current Account: A joint current account is used for day-to-day transactions, bill payments, and shared expenses. It often comes with a debit card and may not offer interest on the balance.


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