With a joint bank account, you share access to one account. Save together, pay bills together and manage all your combined finances in one place.
Discover the benefits of setting up a joint bank account with NatWest and open a joint bank account today.
A joint bank account is simply a type of current account that gives equal access to two people.
Holding a joint bank account is much like having your own. The only difference is that you can both control what happens. This includes making payments, setting up Direct Debits and using any arranged overdraft.
Joint accounts are commonly used to manage shared household bills. This might be with a housemate or partner. These accounts are useful for outgoings such as:
When you have a joint account, both users can also spend money from the account. You’ll get a contactless debit card each. You can also both manage your joint bank account using our mobile banking app or via Online Banking.
Joint account rules
When you set up a joint account with someone else, you’ll both be equally responsible for the account. This includes managing incoming and outgoing funds and any charges associated with the account.
Joint accounts and inheritance tax
If civil partners or a married couple hold the account, then it isn’t subject to inheritance tax. But if a child and parent own a joint account, it might be. This is if the total of the deceased parent’s estate exceeds £325,000. The GOV.UK website features full inheritance tax information.
There are two types of joint account to choose from with NatWest, depending on how you want to manage your money. You could opt for a joint current account for everyday banking and payments, including all your bills and income.
Alternatively, opening a savings account with someone else can let you put money away for life’s big expenses.
Joint current accounts and joint savings accounts have some key differences to be aware of.
The Current Account Switch Service will do all the work when it comes to switching, moving everything across from your old account to your new account all within 7 working days, including Direct Debits and standing orders. All you need to do is tell us the details of your old bank account and when you want the Switch to start.
We can not switch savings accounts or ISAs through this service. Any other products you have with your old bank will not be moved at the same time.
Current Account Switch Guarantee (PDF, 39KB)
If you share outgoings with another person, a joint bank account can be helpful for managing your finances together.
Before you open a joint account, it’s a good idea to establish what you’ll be using it for. Common uses include paying bills with a partner or housemate, or saving up for a holiday with family.
It's a good idea to set an amount you’ll both pay into the account weekly or monthly. You might also want to discuss what happens to any leftover money at the end of each month. This can help avoid disagreements.
To apply, you need to be 18+ and a UK resident.
To apply, you need to be 18 or over and a UK resident. To hold this account, you need to pay £1,250 into an eligible NatWest account every month. To earn £5 rewards, you earn £4 a month back in rewards for two or more Direct Debits (at least £2 each) and an additional £1 a month back in rewards with one mobile app log in.
Opening a joint bank account with NatWest may include a few more steps than when you’re opening an account on your own. But we try to keep it simple. To create a joint account, you'll need to add the party to your new or existing current account.
