Stella Demades, Product Director at OakNorth Bank details the benefits of having a joint account
Since our launch in September 2015, we have strived to evolve our savings offering in line with customers’ changing needs and expectations. To date, we have attracted savings from c.60,000 Brits who are making their money work harder for them through the range of competitive products we offer, including several fixed-term, easy access and notice accounts, as well as a variety of fixed rate cash ISA products.
We’ve been fortunate to win numerous industry awards in recognition of our savings platform, including being named Best Internet Account Provider at the 2019 Moneyfacts Awards and Best Online Savings Provider at the 2019 Moneynet Awards. We’ve also achieved a Feefo rating of 4.5 stars. However, despite these successes, we feel it’s important to keep moving forward and continuously diversifying our offering.
Many of our customers have shared goals and or are saving for big life events such as the birth of a child, a wedding, a honeymoon, a car or a home. Others have said they want the peace of mind in having some savings put aside for a rainy day in case they need to cover any unexpected costs in the future.
Joint savings accounts can also be a convenient way to share the responsibility of monthly outgoings such as utility bills and mortgages, and don’t have to be limited to married couples. On top of married couples, at OakNorth Bank, applications can be made with relatives, friends, flatmates and unmarried couples. The joint savings accounts work in the same way as a sole owner account, except that there are two or more named account holders that can manage the account. Depending on the type of product with your chosen provider, each account holder can access the account, deposit and withdraw funds, view all transactions, and set up standing orders and direct debits.
According to research from National Savings & Investments, 46 percent of men and 40 percent of women have a joint account with their partner. However, it is important that no matter whether you choose to open a savings account or not, you shop around for the best product for your needs. This might be to do with the rate of interest you’ll receive, the level of protection you’ll get (as only fully licensed banks such as OakNorth Bank offer FSCS protection), and the level of flexibility you have in terms of paying in and withdrawing from the account.