Best Joint Bank Accounts for Saving

Opening a joint bank account is a huge commitment. But once you’ve weighed up all the pros and cons, you could find that a joint savings account can simplify your household finances, allowing you and your partner to save money together and earn interest on a higher balance.

Whether you are saving for a new home, trying to manage household bills, or just starting up a rainy-day fund together, there is a joint bank account out there for you.

Here are a few of the best joint accounts for saving…

Nationwide FlexDirect[1]

Interest rate: five per cent on balances of up to £2,500.

Nationwide’s FlexDirect account is great for couples – and not just because it offers some of the highest returns on the market. Couples can hold their own individual accounts as well as a joint savings account, which means that they can earn five per cent in interest on up to £7,500 in total.

However, this deal only lasts for one year, after which time it reverts to a standard interest rate of one per cent.

Best for…short-term saving.

Santander 123 Account[2]

Interest rate: 1.5 per cent on balances of up to £20,000.

The ever-popular Santander 123 Account may not offer the highest interest rates on the market, but it comes with a range of benefits that more than make up for it.

If you use it as your main account, you can get cashback on a range of household bills, utility bills and insurance premiums. Further cashback of up to 15 per cent is offered on a variety of retailers. These savings can then be funnelled back into your 123 Account where they can accrue more interest, which effectively means you are getting ‘free’ money.

Best for…big spenders

Starling Bank[3]

Interest rate: 0.5 per cent on balances between £1 and £2,000, and 0.25 per cent on balances between £2,000 and £85,000.

This online-only bank has made a name for itself for its usability and innovation. Joint account-holders can add and withdraw money easily using the bank’s award-winning mobile app, and both account-holders are immediately notified when any activity takes place.

One of the app’s best features is its ‘goals’ section, where users can create as many different savings pots as they like, all labelled with customised goals. This makes it a great savings account for couples who struggle to set aside money for specific things such as holidays, car expenses, or home improvements.

The main downside of Starling is its lack of branches, which can make it difficult (and time-consuming) to deposit cheques and cash. However, the bank seems to have solved this problem through its recent partnership with the Post Office<a href=”#_ftn4″ name=”_ftnref4″>[4].

Best for… goals-oriented savings.

Tesco Bank[5]

Interest rate: three per cent on balances up to £3,000

Tesco Bank has emerged as a competitive option for couples and savers in the past few years. As well as offering an inflation-beating three per cent interest on balances of up to £3,000, it also allows account-holders to earn two Tesco Clubcard points on every £1 spent.

As Clubcard aficionados know, every point equals a penny in vouchers, which can either be used to buy groceries at Tesco, or to get discounts on a number of partner companies. If you are using your joint account frequently, this could add up to at least £10 in free groceries every month.

Best for…bargain-hunters

TSB Classic Plus[6]

Interest rate: five per cent on balances of up to £1,500, then zero per cent on balances above £1,500.

TSB offers one of the top rates for joint savers, and unlike the Nationwide FlexDirect account, this rate won’t drop after 12 months.

In order to be eligible for the five per cent rate, you have to be able to deposit at least £500 per month – or £250 per person. This makes it perfect for couples who prefer to auto-save via a monthly standing order or direct debit.

Best for…auto-savers







Kathryn Gaw

Kathryn Gaw is a financial journalist based in Belfast, Northern Ireland. She has been writing about personal finance and investment trends for more than a decade, and her work has been featured in the Financial Times, City A.M., the Press Association, and The Irish Independent, among many other publications.