Joint savings accounts

A joint savings account is a type of bank account shared by two people, often couples, to save their money together. Although similar to personal savings accounts, there are some specific features to be aware of.

On this page, find out how joint savings accounts work in the UK, how your money is protected, and what to consider when comparing your options.

The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.

A joint savings account works like a standard savings account – the main difference is two (or more) people have access. That means that either named party on the account can deposit or withdraw money, and funds deposited in the account earn interest..

Joint savings accounts are commonly used by couples and families who want to pool their funds and save together. Reasons might include joint goals such as saving for a mortgage or a wedding, or just building a shared rainy day fund. Pooling funds can help simplify saving towards shared goals.

The interest on a shared savings account is often credited as a single payment. For tax purposes, however, it is usually treated as being split 50:50 between two account holders. Any tax due depends on each account holder’s income.

You can open a joint savings account as long as both meet the eligibility criteria set by  the particular bank or building society. Each bank has their own set of rules, but you normally have to be over 18 years of age with a permanent address in the UK. You don’t have to be married or in a civil partnership to apply for joint savings accounts for couples. Some providers require applicants to hold a current account with them before they can open a joint savings account.

While procedures vary for each bank, the account setup process is typically as follows:

1. Confirm the named holders of the account and that all parties agree to share access.

2. Provide proof of identity (passport or driving licence) and proof of UK address (utility bill, bank statement).

3. Compare banks and building societies to find an account with the features, interest rate, and flexibility to suit you.

4. Fill out an application form (if required). Some banks allow you to apply entirely online. Others may require a visit to a branch. You will typically be asked to sign a mandate that sets out the rules for the account.

5. Depending on the provider, identity verification might include a simple credit check or verification of your documents.

6. Deposit your money and set up any linked bank accounts for transfers and interest payments.

This depends on each person and their financial situation. If you like the idea of saving towards shared goals, a joint savings account for couples isn’t the only option. Some couples might prefer to keep control of their money by keeping it in separate accounts. At Raisin UK, savers can build up their own pot of savings and contribute the funds to shared goals.

Raisin UK customers benefit from:

• A marketplace of more than 40 UK banks and building societies offering competitive rates.

• Financial Services Compensation Scheme (FSCS) protection (up to £120,000 per person, per bank)

• Three different account types to suit your savings style: 

  • Flexible easy access savings accounts, where you can withdraw money any time

  • Notice accounts, where funds can be accessed after a short period of notice

  • Fixed rate bonds, where your money is locked away for a set term in return for a fixed interest rate

• Easy management of your savings with a single login, either online or using the Raisin app

• Special offers. Recommend a partner who hasn’t saved with Raisin before and you’ll both receive a bonus once they open and fund their first savings account (terms and conditions apply). Learn more about the refer a friend bonus.

Other alternatives include:

Joint current account: This offers features suitable for everyday spending and shared bills. Unlike joint savings accounts, a joint current account lets you set up standing orders and use an overdraft. This kind of account may link both account holders’ credit histories and show on both credit files.

Convenience / third-party access account: This is where a named person can make transactions on your behalf while you remain the sole legal owner. It may be used when someone needs help managing their finances (for example, an elderly parent). But it is not the same as Power of Attorney, so it doesn’t give the person legal rights.

POD (payable-on-death) / nominated beneficiary: This arrangement lets you name who should receive the funds when you die, and may therefore be used for inheritance planning.

Any interest earned on a joint savings account is split evenly between both account holders for tax purposes and assessed against their respective Personal Savings Allowance (PSA). For the 2025/26 tax year, the PSA grants tax-free savings of up to £500 for higher-rate taxpayers and £1,000 for basic-rate savers (although tax rules may change and depend on individual circumstances)..

Any interest that falls above the PSA limit is taxed at your usual rate of income tax. For example, if a joint savings account accumulates £1,200 interest in a year, HMRC normally allocates £600 to each partner. A partner on the higher rate of tax would pay tax on £100. If the other account holder is on the basic tax rate, they would pay no tax on their £600 share.

Eligible joint savings accounts are protected up to £170,000 by the Financial Services Compensation Scheme (FSCS) . This means you could  be refunded any funds up to this amount in the unlikely event that your bank fails. It’s important to note that this limit is per bank, so it’s worth considering how much you are planning to save in total. Some people might spread their savings across more than one savings account to extend their coverage.

Although we don’t offer joint savings accounts at Raisin UK, you can quickly and easily open a savings account with competitive interest rates from a range of UK banks and building societies when you register for a Raisin UK Account.

Find out more about how Raisin UK works, or follow the steps below to get started:

1. Register for free. Apply to open a Raisin UK Account. Once your identity is confirmed, you’ll have access to all our savings accounts.

2. Choose an offer. Compare interest rates on fixed rate bonds, easy access savings accounts, and notice accounts, and choose an account to suit your needs.

3. Transfer your funds. Transfer your funds to your account. Our secure online banking platform gives you full control at all times.