Joint savings accounts are checking accounts that belong to many persons, each of whom can contribute to the account and utilize the funds. Couples, parents and their kids, and individuals aiding their aged parents are all suitable candidates for such accounts.
On paper — and in a perfect world — joint accounts allow for simple spending and saving teamwork. However, they do need a higher level of self-awareness and trust than a regular bank account.
How to open a joint bank account
The process of creation? A joint bank account is similar to that of opening a single bank account. Most banks and certain fintech businesses allow you to open joint accounts online.
Both account applicants must supply personal information, such as an email address, name, address, and phone number, as well as a Social Security number and a date of birth, when opening a joint account.
You may also create a joint bank account in person by going to a physical banking institution and submitting the same information. In most circumstances, though, you may add another individual to an existing bank account by calling the bank and supplying all of the personal information requested.
Who is eligible for a joint savings account?
You must both have a current account with us to apply for a joint savings account. If you don’t already have one, learn more about our current accounts.
Any of the following items can be used to start a joint savings account:
- Instant Saver is our most basic savings account, allowing you to save without having to deposit money on a regular basis. You can get to your funds anytime you want.
- Savings Builder is ideal for those who save on a regular basis and have a savings balance of less than £10,000. You can get to your funds anytime you want. To earn interest in a single month, you’d have to increase your savings amount by at least £50.
- Premium Saver is a superior option for people looking to save more than £25,000. You can get to your funds anytime you want. As long as you don’t make any withdrawals throughout the month, you’ll get an extra monthly interest on balances between £25K and £1M with this account.
Simply choose the ‘shared’ account option after clicking ‘Apply now’ to apply for a joint savings account online.
To learn more, click here.