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Compare our best joint current account deals
Manage shared expenses with a joint current account
We are classed as a credit broker for consumer credit, not a lender. Our services are provided at no cost to you. We may receive a commission from the companies we refer you to, but this does not affect what you will pay for the product you choose.
What are joint accounts?
A joint bank account is just like any other bank account – the only difference is that it can be opened in more than one person's name.
Most joint bank accounts are held by couples who live together, but you can open one with family, friends or a housemate. Typically, they're opened by two people, but some banks let you have more people on a joint account if you like.
How do joint current accounts work?
They work just like standard current accounts. Joint accounts allow all account holders to pay into them or withdraw money. This also means that any account holder could withdraw all the money in the account if they wanted to.
You can set up Direct Debits to pay rent, mortgage payments, council tax and utility bills. Each account holder also gets a debit card so they can make purchases using that account as well.
The primary purpose of a joint account is to manage shared bills and expenses. For example, couples or housemates who live together can get a joint account so that mortgage or rent payments can be taken from it. This could also include any shared bills or expenses such as utility bills, food shopping, or TV and internet bills.
Parents could also get a joint account with their child who is at university to pay for tuition or living expenses. Or if you’re a custodian for a care recipient, a joint account can be useful to help them with daily expenses or manage their finances for them.
How to compare joint current accounts
Follow the steps below to find the best joint account for you.
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Our best joint bank account deals
Our editors have picked out three of our best joint account deals, with no monthly fees and overdraft options.
Representative example: £250 interest and fee free overdraft, subject to status. If you then use an arranged overdraft of £1,200 you will be charged 39.9% EAR variable. Representative APR: 30.5%. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
“First Direct is offering new customers a £175* welcome bonus when they switch current accounts. The 1st Account also comes with access to a competitive 7% regular saver account and there's no debit card fees when spending abroad, so it's great for future holidays!”
Representative example: If you use an arranged overdraft of £1,200 you will be charged 39.94% APR Representative/EAR variable. Subject to financial status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
“As the name suggests, a solid offering for your everyday spending. Plus with Satander Boosts, you can get cashback offers at participating retailers when you use your debit card.”
We are classed as a credit broker for consumer credit, not a lender. Our services are provided at no cost to you. We may receive a commission from the companies we refer you to, but this does not affect what you will pay for the product you choose.
How to get a joint account
Once you've decided on which bank you want to go with, setting up a joint bank account can be done in person by visiting your chosen bank's branch.
You can also often apply online, but you'll need to supply scanned copies of documents proving things like your address, age and identity.
All account holders will need to have a permanent UK address and are generally required to be at least 18 years old.
When you open your joint bank account, you'll usually get access to online banking or an app. Each joint account holder will be able to access the bank account in this way.
If you already have an existing current account, you could also make it a joint account by adding the other person to it. Just remember that whoever you add will have full access and will be able to deposit or withdraw money from the account.
Applying for a joint bank account
To apply for a joint bank account you'll need to:
Submit documents for each applicant's proof of name. This can be something like a passport or driving licence.
Provide each applicant's proof of permanent address. Even if you all live at the same address, you'll need to show a utility bill, bank statement or something similar with each name on it.
Decide whether account holders can make withdrawals independently. Some banks let you restrict transactions, when they would have to be authorised by both joint account holders.
“Make sure you know and trust the people you're opening a joint account with. Be aware of how each of you value money, otherwise it could lead to a lot of complications, both financially and personally.”
Pros and cons
Pros
Cons
Does opening a joint bank account affect your credit rating?
Opening a joint bank account doesn't directly affect your credit score on its own, but it could in the long run.
That's because when you open a joint bank account, your financial history becomes linked with the other account holders. That means it's important to think about how this could impact your personal credit rating.
If you apply for credit in the future, lenders may also look at the credit report of the people you share a joint current account with.
So, if someone you share a bank account with has a poor credit history, you could be rejected for a credit card or loan because of your association with them.
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