We currently don't have that product, but here are others to consider:
How we picked theseThe Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
A joint savings account is just a standard savings account that can be opened by more than one person. This means you will both be named on the account and have equal access to the account.
Joint accounts are often used by couples as a way to manage joint savings. For example, you and your partner might be saving towards a house deposit, wedding or simply saving for the future. Finder research found almost 80% of couples have their finances at least somewhat joined together.
"The best thing my partner and I did was open a joint savings account. This way, we can take turns managing our savings, and only one person needs to worry about where the money is being kept to earn the highest return."
When you open a joint savings account with another person you'll both be named as account holders. This means you'll both have equal access to the account and you'll both be able to make deposits and withdrawals. You need to make sure you only open a joint savings account with someone you know very well and trust.
You can both transfer money into the joint savings account from your existing everyday bank account whenever you want to online. If you've got a specific savings goal you're aiming for, you might find that setting up regular, automatic transfers into the savings account can help you stick to your goal.
Savings accounts don't come with debit card access, so you'll usually need to link the account to a transaction account with the same bank. To withdraw cash from the account you'll need to transfer it into your transaction account first via mobile banking or Internet banking, then you can withdraw the money from an ATM. This is the same for any standard savings account, not just a joint savings account.
The best joint savings account will depend on if you and the person you're sharing the account with are willing to meet an ongoing monthly deposit condition, or not. Here are a couple of options.
This account has a Finder Score of .
Macquarie Savings Account
This account has a Finder Score of 9.6.
No, you don't need to be married to open a joint savings account. In fact, you don't even need to be in any formally recognised relationship at all.
You and a friend might be saving for a holiday together and find a joint savings account is a good way to track your progress and motivate each other to stay accountable. Or, you might be saving for something with a sibling and find that having one account to pool your money is more effective.
Are you "all-in" with your finances or do you prefer to keep your money separate? We asked 11 couples how they split their finances.
A joint savings account is different to a joint bank account.
A joint bank account is an everyday transaction account that you can use to make purchases with the linked debit card or online, or withdraw cash from an ATM. If you open a joint bank account with another person, you'll both have access to the money in the account and can make purchases from the account with your own debit card. A joint bank account is a good way to manage shared expenses like groceries, bills, rent or other regular costs you have together.
In comparison, a joint savings account is a good way to work together on a shared savings goal. It's not an account for day-to-day spending or regular purchases and doesn't have debit card access. Because it's designed to help you save money, not spend money, you'll also earn some interest on the money in your joint savings account. A joint bank account doesn't pay any interest on your balance.
Savings accounts often come with account conditions in order to earn bonus interest, such as depositing a certain amount of money into the account each month. If you have a joint savings account, you only need to meet the account conditions one time for the account.
For example, let's say your joint savings account had the following account conditions to be eligible for bonus interest:
This means you need to ensure that $250 is deposited into the joint savings account each month – not $250 per account holder. You might choose to split this up so you're each depositing half.
For the monthly spend condition, again, this means you need to make five debit card purchases from the everyday bank account that's linked to your joint savings account. You don't need to make five transactions each. This transaction account might also be a joint account in both your names or it might just be in one of your names.
If there's a withdrawal restriction, this applies to both account holders. So if you don't make a withdrawal during the month but the other account holder does, you won't have met this account condition and won't be eligible for bonus interest that month.
Follow these steps to open an account:
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Can three people open a shared account
Hi Patricia, yes, some banks do allow multiple people to be named on the account. Just check with the bank that you’re looking at if this is possible.