What is a Joint Savings Account and Why Should You Care?

Earlier this week I shared a guest post on the benefits of using joint checking accounts. I thought it might be a good follow up to discuss the joint savings account, one of my favorite financial tools.

What is a Joint Savings Account?

A joint savings account is simply a savings account set up by two individuals in order for those two people to access it and benefit from it. From a legal standpoint, both parties generally have equal rights to those assets and can use those funds how they like at any time. I’m sure laws vary by jurisdiction though. Therefore, it’s good to have a high level of trust involved in this relationship.

Who Would Want One?

  • Couples – These accounts are great for couples who want to build financial stability and trust. Often times in a relationship there is no need for each partner to have their own savings account. A joint savings account is perfect for couples. Mrs. PT and I have several joint accounts. We’re saving for a house down payment right now. Our emergency fund is also a joint savings account.
  • Parents and Kids – Parents sometime open a joint savings account for their kids. This past year, I opened one up for little Miss PT. She started saving even before she knows what money is.
  • Friends – In rare occasions, friends or other good acquaintances might want to open up joint accounts if saving toward a specific, short-term goal.

The Benefits of a Joint Savings Account

There are plenty of benefits to having a joint savings account versus striking out on your own. The first is the ability to build up savings faster and reach higher limits quicker. With two people storing away funds, you’ll reach your goals quicker and will be more likely to meet minimum balance requirements from some of the higher paying online savings accounts, like EverBank (which is currently paying the highest interest rate, but essentially requires a $5,000 minimum balance).

Another benefit is the ability for one partner to access the funds if something happens to the other person. The joint savings account also builds up trust and camaraderie towards your financial life. It helps you work as a team. Even if you have separate checking accounts, a joint savings account will provide some relational benefit.

Where to Get a Joint Savings Account

You can open a joint account at a traditional brick and mortar bank. You can also open one up at one of the best online bank account. Here’s a chart showing some of the better online savings account available:

Rate (APY)
Additional Info
CIT Bank Review
No Minimum
Ally Bank Review
No Minimum
Capital One 360 Review
Discover Bank Review
FNBO Direct Logo
No Minimum
FNBO Direct Review
EverBank Logo
EverBank Review

The process to open the account will generally be a same. Both parties will be required to provide personal information. At a local bank you’ll both likely need to be present at the time of opening the account.

What’s your take? Do you think a joint savings account is a good idea?

Chase Bank Limited Time Specials Offers for New Customers – Offers expire 1/15/16

Chase Premier Plus Checking<sup>SM</sup>Chase Premier Checking Account Special Offer – New Chase Premier Checking customers receive $300 to get started when you open a Chase Premier Checking account and set up direct deposit.

Chase Total Checking Account Special Offer – New Chase Total Checking customers receive $150 when you open a Chase Total Checking account and set up direct deposit.

Chase Savings Account Special Offer – New Chase savings customers receive $100 when you open a Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days, and maintain a $10,000 balance for 90 days.

Other benefits include making deposits on the go with your mobile phone and the ability to pay people without writing checks or with cash.  

Last Edited: October 3, 2015 @ 1:20 pm The content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.
About Philip Taylor

Philip Taylor, aka "PT", is a CPA, financial writer, FinCon CEO, and husband and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

Comment Disclosure: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.


  1. I think a joint account can be a good idea as long as there is a high level of trust. Also, there needs to be communication and ground rules in place…especially when it comes to withdrawals.

  2. Totally agree, Lakita. Trust and ground rules are a must.