Joint savings accounts in Ireland explained

Joint savings accounts can be a practical way for couples, friends, or business partners to pool their money, earn interest on their savings, and work towards shared financial goals. 

On this page, we discuss what a joint savings account is and how it works, what to consider when opening an account, and how to compare joint savings accounts in Ireland.

A joint savings account lets two or more people manage their money together. Each account holder has the same rights as with a personal savings account - they can deposit money, withdraw funds, remove themselves from the account or close it, although sometimes both account holders need to agree on these actions.

With joint accounts, you share financial responsibilities with someone you trust, like a relative, partner, or business associate. Both of you can handle transactions such as paying bills and making payments. This also makes shared savings accounts suitable for things like splitting household expenses with flatmates.

Importantly, you don’t always have to be married or live at the same address as the other account holders to open one.

Setting up a joint savings account has several benefits. Firstly, combining contributions from two people can help your savings grow faster. Some accounts also offer higher interest rates for larger balances, which can be an advantage over the traditional joint bank accounts in Ireland. Plus, a joint savings account can make it easier to set aside funds for specific purposes, like shared expenses, so your money is used as planned.

If you’re after higher interest rates, greater flexibility, or specific account features, you could also explore our marketplace to compare personal savings accounts. Raisin Bank currently offers market-leading rates on fixed term deposits.

In addition to joint savings accounts, you will likely come across joint bank accounts or current accounts. These accounts are typically used for daily or monthly expenses like bills and groceries, offering easy access for depositing salaries and withdrawing funds. However, they rarely offer competitive interest rates, so people don’t tend to use them for saving money.

On the other hand, joint savings accounts are designed for achieving financial goals together, such as saving for holidays or Christmas. Unlike current accounts, they earn interest, helping you reach your goals faster in a structured and transparent way.

There are even joint investment accounts where you and your partner can invest in bonds, stocks, and ETFs, though these are less common options for joint financial management.

Here are some banks and financial institutions that offer joint savings accounts in Ireland:

• AIB (Allied Irish Banks): Popular for joint savings accounts tailored to couples and families.

• Bank of Ireland: Offers joint savings accounts with competitive interest rates for partners or family members.

• Credit Union: Credit unions across Ireland may offer joint savings accounts, with terms and conditions specific to your location. You can check with your local credit union for details.

• Permanent TSB: Offers joint savings accounts with options for easy access to funds and competitive savings rates.

• Revolut: Offers joint savings accounts through its digital platform, with user-friendly app features.

• N26: While not strictly a joint savings account, N26 offers a shared account option where someone can transfer money, but withdrawals require permission from the account holder.

While the process of opening a joint bank account will vary from bank to bank, it’s generally straightforward and similar to opening a personal account. To get started, you can typically apply either at a bank branch or online. Before opening the account, you’ll need to verify your identity and address by providing the necessary documents. Both account holders must complete the application process and present two sets of documents each for proof of identity and address. 

In some cases, you can open a savings account as a sole saver, and your bank may then let you add another saver later on.

When deciding on the best joint savings account for you, you might discuss with your partner about what features you both need. Consider if you want an overdraft option, easy withdrawal access, or features like a mobile banking app or debit or credit card.

It can also help to review account fees, which can include monthly maintenance fees, ATM charges, and potential withdrawal limits. How you can open the joint account matters too; some banks allow online or phone applications, while others may require you to present your ID in a branch.

Perhaps most importantly, check whether withdrawals need both account holders’ approval and understand how the bank handles funds if the relationship ends. Policies on these aspects vary, so it can be a good idea to confirm before opening a joint savings account.

It’s not just about finding the best joint saving account in Ireland. When picking a joint account, there are a few other key factors to consider. You might start by shopping around for the best interest rate, as you’ll want to earn some money on your savings. Next, you could decide if you both want easy access to your money, or are happy to lock it away for a while. Agreeing on this from the start can help to avoid any problems later on.

Also, think about your relationship and goals. Couples with a strong, joint vision for their financial situation may find joint accounts boost this sense of shared responsibility. But if one of you saves diligently and the other splashes the cash, separate accounts might be better. Considering these factors can help you choose the right joint savings account - or decide if individual accounts make more sense for you.

The best choice for you depends on your relationship and level of comfort with sharing your money with the other account holder. Joint accounts can be a simple way to manage shared expenses, especially for couples, as it means there’s no need to track how much each person has contributed. 

It’s worth noting that you can have both a joint and single savings account at the same time to meet different financial goals. This approach helps you separate your savings into different goals, such as maintaining a personal emergency fund while saving jointly for a house deposit. Many couples keep their personal accounts for salaries and transfer a set amount of money to a joint account for shared expenses or long-term goals like saving for a mortgage or holiday.

However, keep in mind that the interest you earn on each account is subject to DIRT tax at 33%, unless you qualify for exemptions. This is why it can help to compare the benefits and convenience of multiple accounts versus one, and shop around for the best interest rates. Sometimes, the best option may involve both personal and joint savings accounts to get the most from your savings.

While we don’t offer joint savings accounts at Raisin Bank, you can find a wide range of savings accounts with competitive rates from banks in Ireland and across Europe. Accounts are free to open, and once you’re approved, you just need to deposit your money and watch your savings grow.

This will depend on the terms and conditions of the particular account, but typically, you cannot directly convert an existing personal account into a joint account. Instead, you have a few options: you can either close your personal account and open a new joint account, or you can maintain your personal account while also opening a separate joint account.

Closing a joint savings account depends on your bank’s terms and conditions. If your account requires only one signature, you can typically close it by ensuring the balance is zero and completing an online form. If both signatures are needed, you may have to visit a bank branch.

Some banks, like Revolut, simplify the process. Once the balance is zero, either account holder can withdraw the money without the other’s consent, and then close the account via the app.

If one of the joint account holders passes away, the funds can be transferred to the surviving account holder’s name, as long as instructions were provided when the account was opened. This means the surviving account holder can continue to access and manage the money in the account with no issues. To have this option, you must provide all the necessary documentation and instructions to the bank when setting up the joint account. For further details on this point, contact your bank directly.

The interest earned from joint accounts is usually shared equally among all account holders. Each person receives a portion based on their share of ownership. However, the exact division may vary depending on the terms set when opening the account and the policies of the bank. It can be helpful to check these details with the particular bank or financial institution.