This comparison simply includes all savings accounts.
Joint Savings Accounts
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: MARKET LEADING INSTANT ACCESS ACCOUNT. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older
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
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
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.
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
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
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)
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)
Why we like it: Interest paid monthly or annually. Open in a single or joint name. Unlimited deposits and withdrawals. Covered by the FSCS. Must be UK resident. Must be aged 16 or older
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)
Why we like it: MARKET LEADING 6 MONTH FIXED RATE BOND. Interest paid at maturity. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older. No withdrawals permitted
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.
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.
