Sometimes two hands are better than one, especially when it comes to saving money. Here is a rundown of the best places you can open an online joint savings account, combining your money to reach your savings goals.
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What is a joint savings account?
This is pretty self-explanatory from the name, but just like any good relationship, it’s always best to be on the same page.
A joint savings account is somewhere that two people (or more) can combine their savings, with all account holders having access to make deposits and withdrawals.
Previously we’ve discussed whether a joint savings account is a good option for you. If you’ve decided it is the right move for you, read on to find the best places you can open an account today.
Benefits of an online joint savings account
It’s worth doing a quick refresh of the benefits of a joint savings account, specifically those that you can open and manage online:
- Savings can be pooled together to reach goals faster.
- Easy and simple to open.
- Minimal paperwork with nothing to be posted or done in branch, and no annoying phone calls.
- Online access for account holders to manage the account remotely.
Where are the best places to open an online joint savings account?
Without further ado, here are the three best places for you to go online and open a joint savings account today.
My top pick for an easy access joint savings account is with Saga (backed by Goldman Sachs International Bank).
With their Easy Access Savings Account you can make unlimited deposits and withdrawals, so it’s a great pick if flexibility is important to you. The other great thing about this account is that it currently offers an interest rate of 0.7% on balances up to £100,000. Which is pretty competitive in the current market!
OakNorth Bank Personal Notice Accounts
Next up, for those who don’t mind providing some notice before making a withdrawal from their joint savings account, we have OakNorth Bank.
Their Personal Notice Accounts lets you select a 35/90/120-day notice period, each offering a current interest rate of 0.6%/0.8%/0.82% respectively. Again, you can still make unlimited deposits and withdrawals provided you give the selected amount of notice. Another great feature of this account is that you can manage it jointly using their app (although the account itself has to be opened on the website).
OakNorth Bank also offers competitive fixed rate joint savings accounts. However, with current low interest rates, it may be worth looking at alternative ways to invest your money for a potentially higher return.
Finally, for those who like to have some routine and structure to their saving, we have a regular saver option from Coventry Building Society.
Their Regular Saver account currently pays 1.55% interest and you can deposit as many times as you like in a month (up to a £500 limit). This feature can be a great help if your fellow saver and account holder are on a different pay schedule. Withdrawals are allowed from this account, but you will have to pay a penalty equal to 30 days’ interest.
For all these accounts, you can go online and open one today. However, it may be worth checking with your existing bank to see if they offer any attractive joint savings accounts for existing current account holders.
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