Joint savings accounts

A joint savings account or a personal savings account. Which should you choose?

Joint savings accounts

A joint savings account or a personal savings account. Which should you choose?

A joint savings account is a savings account in the name of more than one person. It lets you build up savings together with others while still keeping what you save available for unexpected expenses. You can have a joint account alongside your own personal savings accounts. Whether you opt to have both kinds of savings account depends on your personal situation.

Who are they for?

Joint savings accounts are especially useful if you're

  • cohabiting
  • married
  • saving up for something together with others like friends or family 

Permitted transactions

This depends on your personal situation.

Married

If you're married and you open a joint savings account in both of your names, you can both act separately as account holders.
You can use the account to

  • deposit or withdraw cash
  • transfer money to a joint current account you hold with your spouse
  • transfer money to another joint savings account you hold with your spouse
  • transfer money to a current account in your or your partner's name
  • transfer money to a savings account in your or your partner's name

Cohabiting

If you're officially or unofficially cohabiting with someone and you open a joint account in both your names, you are both account holders but can only use the account together. If you both wish to be able to manage the account, you need to authorise each other to do so.

Official cohabitees can use the account to

  • deposit or withdraw cash
  • transfer money to a joint current account held by both partners
  • transfer money to another joint savings account held by both partners
  • transfer money to a current account in your or your partner's name
  • transfer money to a savings account in your or your partner's name

Unofficial cohabitees can use the account to

  • deposit or withdraw cash
  • transfer money to a joint current account held by both partners
  • transfer money to another joint savings account held by both partners

Tip

Trust is important. Disputes or separation could lead to one of you withdrawing the money on or closing the account. In such situations, contact us in time to make sure that the account can only be used jointly

Withholding tax on a joint savings account

Married couples and legal cohabitees

Interest on a joint, regulated saving account held by a married couple or legal cohabitees is tax exempt up to 3,760 euros (double exemption). That means that there is no withholding tax deducted from the first 3,760 euros of interest you receive together.

Other types of joint account holders (like unofficial cohabitees and friends)

In such cases, the interest on a joint, regulated saving account is tax exempt up to 1,880 euros for the 2017 income year. So, a tax-exempt tranche of 1,880 euros applies to this account. Amounts above this are subject to withholding tax of 15%.

Tip: if you're de facto cohabitees or friends and would like to get the 3,760 euros euros double exemption on your joint account, just drop by your bank branch for a certificate of double exemption from withholding tax.

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