Here Are the Best Joint Bank Accounts in the UK in 2024

Are you looking for a way to compare the best joint savings accounts in the UK? There's no doubt that sharing your finances with another person can give you a lot of mileage, helping you and your spouse, partner, or friend get in charge of common household costs, bill payments, holidays, and other expenses.

However, because most UK banks double up their current account offerings as joint accounts, it's not always easy to get an overview of what's out there. This is especially important given the new responsibilities that come with opening a joint bank account, where the two co-owners are equally responsible for the account, meaning, among other things, that their credit scores will be linked.

Fortunately, this post delves into the best joint bank accounts in the UK by providing an overview of several main joint account options (hint: they're relatively similar!). In the end, this will hopefully help you decide which is suitable for you and your partner or friend as the best way to manage your shared financial lives.

Choosing a Joint Bank Account

A joint bank account is a type of current or savings account held by two (or sometimes even more) people. Each person who opens a joint bank account becomes a co-account holder and is jointly liable for any debts or liabilities incurred by spending with the account.

The main advantage of a joint bank account is that it allows two people to access and manage a single bank account, making it useful for couples, families, friends, or business partners to conveniently manage shared expenses or bills.

However, there are a few drawbacks to consider. As we mentioned, joint account holders are jointly liable for any debts or liabilities arising from the account, meaning that if one account holder gets into financial trouble, the other account holder may be held liable. Additionally, if one account holder decides to close the account or make a large withdrawal, the other account holders may be left without access to the funds.

In addition to the above, here are a few things to consider before opening a joint bank account:

• Agree on how much each holder will pay into the account per month. Some banks have minimum deposits or require both parties' incomes to be deposited into the joint bank account.
• Keep in mind that both account holders' credit scores are linked when spending with a joint bank account.
• It can be a good idea for each account holder to keep a separate current account to manage private spending (unless both partners agree that this kind of spending can come off the joint account).
• Agree on how you will spend or save any money left over after all your monthly expenses are covered.

Sadly but importantly, another point to consider is that it can be challenging to sort out who gets what from a joint bank account in case of a relationship breakup, divorce, or friends splitting ways. For this reason, it's always a good idea for you and your co-holder to discuss this prospect honestly before opening a joint account.

Starling Bank

Starling Bank isn't just the UK's best online bank; it's also an excellent choice for joint account holders! With its low fees, excellent banking service and interest-bearing current account, Starling offers an unrivalled solution if you're looking to save money and manage your finances with another person. Interestingly, you don't have to choose between a traditional savings account and a current account: Starling Bank combines the best of both worlds in which you'll earn interest on your current account deposits while enjoying top-notch banking service all in one place.

• Account name: Joint Account
• Maintenance fees: £0 /month
• Requirements: Both applicants must have Starling Bank current accounts
• Card(s): 2x debit Mastercards
• Interest rates: 4.48% AER
• Overdrafts: Yes
• Accessibility: Internet banking, mobile app, telephone

Monzo

As we've written before, Monzo is the ideal choice for managing and growing your wealth via a simple online-only account. And with its joint bank account capabilities, you can take advantage of Monzo with more than one bank account holder! Whether you're saving for a short-term goal or a long-term dream, Monzo's joint bank account is tailored to help you reach your financial objectives.

• Account name: Joint Account
• Maintenance fees: £0 /month
• Requirements: Both applicants must have Monzo current accounts; the 'Payments with Friends' feature must be activated
• Card(s): 2x red debit Mastercards
• Interest rates: 0.00% on joint account balances, but 'Savings Pots' can be opened
• Overdrafts: Yes
• Accessibility: Mobile app

HSBC

HSBC allows account holders of some types of current accounts to add another person to their bank account, effectively creating a de facto 'shared account' functionally on par with a separate joint account.

• Account name: Bank Account; Advance Bank Account; Premier Bank Account
• Maintenance fees: £0 /month
• Requirements: Both applicants must bring a photo ID and proof of address to an appointment at the bank.
• Card(s): 2x Visa red-and-silver debit cards
• Interest rates: 0.00%
• Overdrafts: Yes
• Accessibility: In-branch only

NatWest

Natwest allows existing and new customers to share a single current or savings account. In general, we think NatWest is a good option for opening a joint bank account due to its flexibility of options (you can open a joint bank account even if neither you nor your co-account holder bank with NatWest in the first place).

• Account name: Select Account; Reward Bank Account
• Maintenance fees: £0 - £2 /month
• Requirements: Both applicants need to be 18 or over and UK residents
• Card(s): 2x purple debit Mastercards
• Interest rates: 0.00% on shared accounts, but a joint savings account can be opened.
• Overdrafts: Yes (arranged only)
• Accessibility: In-branch, Online Banking

Barclays

Barclays offers a lot of flexibility in terms of the number of current accounts that can be turned into joint bank accounts, though it's rather strict when it comes to eligibility, requiring both applicants to show employment and salary information, proof of address for three years, and to deposit their income into the joint account.

• Account name: Any Barclays current account
• Maintenance fees: Varies depending on the current account opened.
• Requirements: Both applicants must show proof of address for the past three years and income and employment details.
• Card(s): 2x blue Visa debit cards
• Interest rates: 0.00% on shared accounts, but a joint savings account can be opened.
• Overdrafts: Yes
• Accessibility: In-branch, Online Banking