Joint savings accounts explained

Anybody can set up a joint savings account. Typically, they are held by:

• couples
• siblings
• children and their parents
• close friends saving for a big joint purchase

You will not need to prove your relationship to one another when setting up a joint savings account.

But you will need to both qualify for the savings account.

You can open a new joint savings account in the same way you open a sole account.

When you apply for a savings account that can be joint, we will ask you if you would like a sole or joint account.

If there are additional requirements, such as requiring a current account, you can find these in the account terms and conditions.

No, you cannot change a sole savings account to a joint savings account.

If you would like a joint account, you can open a new joint savings account. You can also close your sole savings account and move your money to your new joint account.

There are some exceptions to this. For example, our third party access and power of attorney process.

To remove someone from a joint account:

1. Download our removal of account holder form or collect a copy from any Nationwide branch.
2. Complete and sign the form together.
3. The account holder who is remaining on the account must return the form to any Nationwide branch or return it by post to Nationwide House, Pipers Way, Swindon SN38 1NW.

If your savings account has a nominated account for withdrawals, we will not automatically remove or change this.

The remaining account holder will need to ensure they own the nominated account (solely or jointly). They can update this in branch or by logging in to our internet bank.

If you have any questions about removing someone, or if contacting them causes concern, visit us or call us on 03457 30 20 10.

You pay the tax individually.

Your Personal Savings Allowance is the amount your savings accounts can earn in tax-free interest each tax year (between 6 April and 5 April).

For the purpose of the Allowance, in a joint savings account the interest is split equally between the account holders. This means each account holder is charged tax separately. So if one of you has used up your Allowance already, you could be paying more tax than the other account holder.

No, ISAs can only be opened by one person as a sole account.

You cannot open a joint ISA.

More about cash ISAs

Here are some things to consider when deciding whether to make a joint savings account.

Here are some of the pros and cons to help you decide if a joint savings account is best for you.

Once we receive the death certificate, we will change the account to the other account holder’s name.

The account then becomes solely theirs.

Get support when someone dies