Best joint bank accounts of 2024

Rachel Wait
Updated
couple arguing finances
couple arguing finances

Whether you’re a married couple or live with friends, opening a joint bank account can make managing and paying household bills a great deal easier. Although most joint bank accounts can only be opened by two people, some permit four or five account holders.

But while joint bank accounts have many advantages, you should only open one with someone you trust.

Money held in a joint account belongs to all account holders and, if the account has an overdraft, you’ll all be responsible for repaying it. That means if your partner spends too much and goes overdrawn, the bank could ask you to repay it.

Here, Telegraph Money has compiled the best joint bank accounts available, using data from comparison platforms Forbes Advisor and Finder.

Why consider a joint bank account?

Joint bank accounts can be useful for couples or those living in a house share. Money can be pooled into one account and used to pay household bills, such as your rent or mortgage and utility bills, and other joint expenses.

Some parents also open joint accounts with children at university to help cover tuition fees and living costs, while others might open a joint account to help their elderly parents manage their day-to-day finances.

Top joint bank accounts of 2024

The tables below outline the best joint accounts for different purposes, whether you’re looking for an account to use abroad, need an overdraft or fancy earning rewards.

Best for everyday spending

Best for spending overseas

Best packaged account

Best for overdrafts

Best for rewards

Best for basic banking

Features to look for in a joint bank account

  • Maximum number of account holders: Most providers limit the maximum number of account holders to two, but some will permit four or five.

  • Interest: Some banks will pay interest on in-credit balances, allowing you to effectively earn money for nothing.

  • Account fees: Check whether you’ll be charged a monthly or annual fee for holding the account. This is common with reward accounts.

  • Cashback: Some accounts let you earn cashback on your everyday spending, while others pay cashback on your household bills.

  • Rewards: Consider the types of rewards you’re more likely to use and whether it’s worth paying a monthly fee in return. The benefit of a joint account is you’ll only pay the fee once, but you can often both benefit from the perks.

  • Free overseas spending: If you’re likely to use your debit card for spending abroad, look for an account that doesn’t charge foreign exchange or cash withdrawal fees.

  • Switching incentives: Some banks offer cash or other incentives for switching from your old account to the new one. If you both switch from a sole account to a joint one, you could get the switching bonus twice.

  • Overdraft facility. Check whether you can have an arranged overdraft on the account, how much interest you’ll be charged and whether there’s an interest-free buffer.

  • Budgeting tools: Some accounts offer budgeting tools, enabling you to monitor your spending and even set aside money within the account for certain bills or expenses.

  • Account management: Consider whether you’re happy banking online, via an app, or if you’d prefer to pop into a local bank branch.

How to open a joint bank account

A joint bank account can be opened in the same way as an individual account.

Often you’ll be able to fill in an online application form on the provider’s website or banking app. But some banks might ask you to pop into a branch to open the account, particularly if there are more than two account holders.

Proof of identity (such as a passport or driving licence) and proof of address (such as a utility bill) will typically need to be provided for all account holders. Anyone opening an account via a banking app can normally upload a photo of the document, along with a photo of themselves.

In some instances, if you already have an individual current account, you might be able to make it a joint account by adding the other person to it.

Joint account management tips

Opening a joint account should be considered carefully. As you’ll both have access to the money in the account, it’s important to establish some ground rules first.

Some people pay their full salary into their joint account each month, but you might prefer to pay in a set monthly amount to cover joint expenses and keep the rest of your finances separate. This could be an equal sum or one of you might agree to pay more because they have a higher income.

It can also be worth discussing what to do with any leftover funds at the end of each month – do you save them or spend them on a meal out, for instance?

Consider, too, what happens if you split up or move out. Closing the account will be the simplest option, but you’ll need to split the money fairly and pay off any overdraft.

Keep in mind that opening a joint bank account means you’ll be financially linked with the other account holders on your credit record. If one of them has a poor credit rating, this association could affect your ability to apply for a loan, credit card or mortgage in the future.

That’s why, if you later close the joint account, you should check the financial association has been removed from your credit report. If it hasn’t, contact the credit reference agencies (Experian, Equifax and TransUnion) to get it taken off.

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