This comparison simply includes all savings accounts.
Joint Savings Accounts
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: SPECIAL OFFER - £125 for SWITCHING to an HSBC Advance Account. Earn 1.00% AER/gross when you save between £25 and £250 per month. Arranged overdraft limit of at least £1,000 on account opening. Money banking app. No monthly account fee. Easy switching with the Current Account Switch Service. Must be 18 or older and be UK resident. Must pay in £1,750 per month or £10,500 over 6 months. Must be approved for an arranged overdraft of £1,000+. Get the £125 when switching to an HSBC Advance Account as a new customer with at least 2 Direct Debits or standing orders. Eligibility criteria and T&C’s apply. Offer may be withdrawn anytime
Why we like it: SPECIAL OFFER - £100 for SWITCHING to a First Direct 1st Account. Access to Regular Saver Account paying 1.00% AER/Gross fixed for 12 months if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. Mobile banking app. UK based contact centre. Easy switching with the Current Account Switch Service. Must be 18 or older and UK resident. Get the £100 when switching as a new customer and paying in at least £1,000 within three months of the account opening
Why we like it: Earn 0.60% 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 £5. 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: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: MARKET LEADING. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: MARKET LEADING. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. 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: Market Leading. Balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest. Eligible deposits covered by UK FSCS.
Why we like it: Unlimited withdrawals subject to 95 days notice.
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. 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)
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. 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)
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.
