Joint savings accounts in Ireland explained

Joint savings accounts can be a practical way for couples, friends, or family to pool their money, earn interest on their savings, and work towards shared financial goals. 

On this page, we discuss what a joint savings account is and how it works, what to consider when opening an account, and how to compare joint savings accounts in Ireland.

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 is an account that lets two or more people manage their money together. Each account holder has the same rights as with a personal savings account - they can deposit money, withdraw funds, remove themselves from the account or close it. However, some providers may require both account holders to agree on these actions.

With a joint account, you and the other account holder can put a lump sum of money into a joint pot to earn interest. You might use a joint savings account to work towards shared money goals, whether that’s saving for a holiday together or building up a fund for a house deposit. 

Importantly, you don’t always have to be married or live at the same address as the other account holders to open a joint savings account in Ireland, but some providers may require both people to be present when opening the account.

Some joint accounts in Ireland offer different plans with differing rates. But this depends on the bank. When deciding, it can help to compare with interest rates on individual accounts.

Raisin currently offers individual savings accounts with rates up to 3.05% AER. You can compare a wide range of personal demand deposit and deposit accounts from a variety of banks.

In Ireland, joint savings accounts are generally offered by:

• Traditional high-street banks (for example, AIB and PTSB)

• Credit unions

• Fintechs and digital banks

• Some State Savings options through the post office

When deciding on the best joint savings account for you, you might discuss with your partner about what features you both need. 

• Interest rates: You might prioritise an account that offers a competitive rate

• Accessibility: As a couple, do you prefer to manage your finances online or with an app, or is branch access important to you?

• Fees and charges: Some joint accounts in Ireland may charge regular maintenance fees, while others may have withdrawal limits or minimum balances to keep the account open

• Withdrawal rules: Some accounts require both holders to approve withdrawals, which may suit certain saving styles more than others

• Flexibility: Consider how easy it is to add or remove account holders or close the account

Opening a joint bank account in Ireland is generally similar to opening a personal account. Once you’ve reviewed and agreed to the terms and conditions, you can check whether you meet the eligibility requirements. This often means being a resident of Ireland for tax purposes. Some banks may require applicants to have a joint bank account with them first.

Before opening the account, you’ll need to verify your identity (usually with a passport or driving licence) and address. Most providers require both account holders to complete the application process and provide proof of identity and address. Depending on the provider, you can apply either at a bank branch or online.

Some providers allow you to open an account individually and add another saver later.

Whether a shared savings account is suitable depends on how you prefer to manage money together. If each person has different spending habits, that couple might prefer separate savings accounts.

You can have both a joint and single savings account at the same time to meet different financial goals. This approach can make it easier to separate your savings for different goals, such as maintaining a personal emergency fund while saving jointly for a house deposit. Couples might keep their personal accounts and transfer a set amount of money to a joint account for long-term goals like saving for a mortgage.

It can help to compare interest rates for individual savings accounts, too, to make sure you’re getting the most from your savings.

While we don’t offer joint savings accounts at Raisin, you can find a wide range of individual savings accounts with competitive interest rates from partner banks across Europe. By registering for a Raisin Account, you can:

• Access savings accounts with interest rates up to 3.05% AER

• Open a savings account for free, with a straightforward application process

• Choose from fixed term deposit accounts or demand deposit accounts

• Save knowing that eligible deposits are protected up to €100,000 per person, per bank under the applicable deposit guarantee scheme

• Easily manage your savings online or using the Raisin app