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What is a joint savings account?
A joint savings account is the same as one you manage on your own, except two people have control over the account, and both can pay in and withdraw money from it.
Joint savings accounts could help you both to save together towards a shared goal. A big event like a holiday, or a rainy-day fund, for example.
Learn more about the features and potential benefits of a joint savings account below.
Open a joint savings account with Flexible Saver
- Take money out any time with our easy access savings account.
- Make flexible deposits – pay cash in monthly, in lump sums, or whenever suits you.
- Use our Round Ups tool (criteria apply) to send spare change to your savings pot.
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To apply, you must be 16+ and a UK resident. Specific account eligibility criteria may apply.
Pros
- Joining forces. By combining your money with someone else, a joint saving account might help you to build a nest egg more quickly.
- Staying focused. A joint account gives you the chance to work towards a shared goal. For instance, a wedding, trip abroad, or new car.
- Transparency. You may be able to check your joint savings account online, so both parties can keep an eye on progress.
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Cons
- Shared access. The other account holder might be able to withdraw money without your permission.
- Changing priorities. Your partner may have different saving goals to you as time goes on.
- Restrictions on account closures. You might not be able to close a joint account without the other person’s consent.
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Joint savings accounts – FAQs
Joint bank accounts
Need a shared bank account? Find out more about joint bank accounts. Criteria apply.
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Joint mortgages
Interested in a shared mortgage? Learn more about joint mortgages. Criteria apply, over 18s.
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Joint loans
Looking to borrow money with a partner? See how our joint loans work. Criteria apply, over 18s.
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Discover our other savings accounts
Considering a sole savings account instead? Take a look at the features and interest rates of all our products.
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Check out our savings guides
From different types of savings products to the common ways people save, our in-depth guides have it covered. Boost your knowledge of the savings world today.
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Try our Savings Goal Tool
Saving may be easier if you have a goal. You can use the Savings Goal Tool in our mobile app to track the progress of joint savings.
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