How to Open a Joint Savings Account

A joint savings account is a savings account shared by two or more individuals. It enables both account holders to invest money, earn interest and save towards a common financial goal.

If you’re looking to save together, Hinckley & Rugby Building Society has a variety of options. In this guide, we’ll cover how joint savings accounts work, what documents you need to apply, how account permissions work and key considerations to keep in mind.

How do joint savings work?

The money in a joint account belongs to everyone named on the account. All parties can pay money into the account, either together or separately. Depending on how you choose to operate the account, you can set up the account for either one person to have all control, or everyone has control.

How many account holders can you have?

You can have up to 4 account holders on a single account.

Can I turn a sole account into a joint account?

Yes, you can. If you want to turn a sole account into a joint account, please get in touch with our team, and we can help you.

How do I remove an account holder?

If you wish to remove an account holder, please get in touch with us, and we can help you.

What documents do you need to apply?

To keep things moving smoothly, it’s helpful to have the following details to hand before you start your application. All applicants will need to submit:

• Personal information: full name, date of birth, contact details and National Insurance number.
• Address History: residential addresses for the previous 3 years.
• UK Bank Account to be Nominated: details of a UK current account in your name for transferring money in and out.
• Proof of Identity & Address: UK financial regulations require us to verify the identity of all applicants.

Proving your identity

When applying for a joint account, all applicants will have their identity checked using our electronic verification system. If this is successful, you will not need to do anything. However, in certain cases you will be asked to provide additional proof of identity. If you are required to provide additional verification, you must supply two acceptable forms of identification. Accepted documents include:

• Proof of ID: A valid UK passport or full/photocard driving licence.
• Proof of Address: A recent utility bill, bank statement, or council tax bill (valid in the current year).

For the full list of accepted ID documents, visit our proving your identity page. 

How to open a joint savings account

Opening a joint savings account with us is simple:

• Choose the right account: browse our wide range of savings accounts to find one that suits your shared savings goals.
• Submit your application: fill in a joint application form and sign the agreement.
• Complete ID checks: we’ll verify your identity electronically using our secure verification system.
• Decide on the account mandate: decide how withdrawals and account closures will be authorised. Choose between requiring all account holders to sign or selected individuals.
• Make initial deposit: once your identity has been verified, you can make your first deposit.

Important rules to consider before opening a joint savings account

Here, we’ll discuss important things to consider, such as

• Trust and equal ownership: money deposited into a joint account is legally shared, so make sure you set clear expectations with your joint account holders.
• Tax and Personal Savings Allowance: interest earned on a joint account is generally split equally between all account holders for tax purposes.
• ISAs: ISAs cannot be opened as a joint savings account. 

Why choose Hinckley and Rugby Building Society for your joint account?

Here at Hinckley and Rugby Building Society, we have over 160 years of experience in providing savings accounts to our local communities. As a member-owned building society, we reinvest our profits into products and services that benefit our members. 

We also pride ourselves on our face-to-face service. Our in-branch staff are ready and waiting to welcome you and help you find the right savings account for your shared needs. Plus, your savings are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), so you can have peace of mind that your savings are protected.

The Society is here to help you, whether you’re saving for an emergency fund or for a personal milestone. If you’re still unsure on how to open a joint savings account, visit your local branch or get in touch with our team today to find the right savings account for your shared goals.