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Finding the Best Joint Bank Account for You and Your Partner

When looking for the best joint bank account, it isn’t a matter that is easily decided. What may be best for one person, doesn’t necessarily meet the needs of another. The top saving accounts in UK aren’t necessarily going to offer the best joint accounts. Do some comparison-shopping for your bank account just like you would when making any other important decision.

Reasons You Might Want a Joint Bank Account

Married couples use joint bank accounts most often. This is the easiest way to combine incomes and see that household expenses are handled. Another reason to set up a joint account could be a parent setting up an account that will allow a child to access funds when necessary, such as when they are away at college. Still another could be a child setting up an account with elderly parents who sometimes need help with living expenses.

How a Joint Account Works

When a joint account is set up, it allows two or more people to make deposits and withdrawals from the account. There are accounts where all have the same rights to the account, but there are also accounts where some can be a ‘signature only’ holder. This means that the person has access to the account but cannot close the account and may have other restrictions set at the time of the account opening.

The Best Joint Accounts

One of the best accounts currently is from Santander, which pays 5% interest on balances up to £2,500, has a 0% overdraft for the first 12 months, but requires that you deposit at least £1,000 each month. The next best is also Santander with 0% overdraft for the first four months and a 50p overdraft per day charge after that, capped at £10 each month, and no minimum deposit required. One of these may be the best joint bank account for you and your partner, but there are many other options available.

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