Joint savings accounts
Are you living with your partner and sick of having to pay joint bills with separate bank accounts? Do you both have the same goals for your money? Can you be pretty confident your partner isn’t going to wake up in Vegas with no shoes, a new tattoo and a credit card bill as long as their arm?
If you answered yes to all these questions, a joint savings account may be the order of the day.
Ready to find a savings account?
Savings Account Comparison Table - rates updated daily
AMP Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.25% p.a. (for $0 to $250,000)0.10% p.a.(for $0 to $5,000,000)Yes up to $250,000Minimum deposit of at least $250.
Competitive interest rates, calculated daily and paid monthly. A variable bonus interest rate of 1.25% per annum when you deposit at least $250 each month (for balances up to $250K). AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^
AMP Saver Account
Competitive interest rates, calculated daily and paid monthly. A variable bonus interest rate of 1.25% per annum when you deposit at least $250 each month (for balances up to $250K). AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing variable bonus rate applied when customers deposit at least $250 per month into their AMP Saver Account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Customers will need to deposit at least $250 a month into the AMP Saver Account in order to receive the 1.25% p.a. variable bonus rate.
Read our Mozo Review to learn more about the AMP Saver Account
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.10% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
Bonus Saver Account
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
Hero Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
0.80% p.a. (for $0 to $250,001)0.01% p.a.(for $0 to $5,000,000)Yes up to $250,000Minimum deposit of $200 and no withdrawals in the month.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
Hero Saver
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum deposit of $200 and no withdrawals in the month.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Hero Saver
Serious Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
0.30% p.a. (for $0 to $1,000,000)0.15% p.a.(for $0 and over)Yes up to $250,000Bonus rate for first 3 months, reverting to 0.15% rate after
$0 monthly account fee. Link to any Australian bank account.
Serious Saver
$0 monthly account fee. Link to any Australian bank account.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for first 3 months, reverting to 0.15% rate after
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Serious Saver
Flexi Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
0.25% p.a. (for $0 to $5,000,000)0.05% p.a.(for $0 to $5,000,000)Yes up to $250,000Increase balance by at least $300 in the month
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
Flexi Saver
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
- account fee per month
- $0.00
- Maximum rate conditions
- Increase balance by at least $300 in the month (excluding interest)
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
Read our Mozo Review to learn more about the Flexi Saver
What is a joint savings account?
A joint savings account is one that two people can deposit into and withdraw money from. These accounts can be opened long-term, say for married couples pooling their finances, or short term, if two people are saving together for a short term goal.
While a joint savings account can be a super convenient way of accessing shared funds and reaching shared goals, there are also drawbacks. You should always be careful and consider all the details before you go ahead.
Types of joint savings accounts
There are two kinds of joint savings account which can affect how you access your money. Your decision between them may depend on who you’re opening the account with.
Both people must sign
To make a transaction through this account, both parties involved must sign their approval. This option might afford you a little more peace of mind, and is a good option if you’d like to be able to keep an eye on the shared money. It’s popular with business ventures, or could be useful for situations like flatmates paying rent together.
The drawback is this makes accessing the money more time consuming and difficult. For example, if one person is away, the other won’t be able to withdraw funds in an emergency. But if you’re saving up for a goal and don’t plan on withdrawing money until the goal is reached, this might actually help to keep your savings on track.
Either person can sign
For situations where you feel a little more comfortable with freely sharing the funds - for example between married couples - you can opt for an account where either person can withdraw funds at any time, without the permission or knowledge of the other.
It’s a more flexible option, but should really be reserved for people you trust wholeheartedly, because they’re within their rights to take money out, and if they rack up a bunch of fees, then you’re both responsible for paying them.
Who should use a joint savings account?
Basically, you should only open a joint savings account with people you trust. This could include your parents, siblings, partner, or business partners, among others.
Opening a joint account with someone you don't know well is probably not a good idea. Even opening an account with a friend or a relatively new romantic partner can be iffy, because money tends to be a subject that creates friction within relationships.
So, if you find yourself considering a joint bank account, first, ask yourself:

At the risk of sounding a bit like Dr. Phil, trust is key. When you open a joint savings account, make sure you’re on the same page as the other person about how you spend, save and what the money is going towards.
Pros and Cons of a joint savings account
There are good things and bad things about pooling your money with someone, even if you’ve decided you trust them not to blow the budget. So, check out the table below for all the pros and cons that aren’t so much about who you’re sharing the account with, but having a joint savings account itself.
Pros | Cons |
---|---|
Pooling your funds makes saving towards goals together or sharing expenses much simpler. | There’s less sense of separate money - this can be nice, but it can also lead to problems if one person feels they’re getting a stiff deal. |
You won’t be paying two lots of bank fees. | If one person misuses the account - incurs overdraw or dishonour fees, for instance - then you’re both responsible for it. |
Transparency - you can each see and keep track of what the other is spending and how much they’re contributing. | Transparency. Both a boon and a potential problem, this means that your spending habits are laid out bare - you’ll lose a considerable amount of financial privacy. |
Pooling your money means a higher account balance, which means you’ll earn more interest. Plus, having two people using the account might make it easier to fulfil requirements - like minimum deposits - for bonus rates. | Although it’s not pleasant to think about, you should consider what will happen if the relationship breaks down. A joint account means the money legally belongs to both of you equally - no matter who put it in there. So, in the case of divorce, for example, whoever gets to the bank first might walk away with all the shared money. |
Tips for using a joint savings account effectively
Budget
Having a budget for the money in your joint savings account is all about making sure everyone knows where they stand. It can involve making decisions about how much each person will contribute each month, how much is spent on essential bills and expenses, and how much is reserved for spending money.
Jump onto our budget calculator to hash it all out - the clearer your budget, the less likely you are to wind up having problems later on.
Communicate
Hand in hand with budgeting is communication. If you’re going to take the plunge and open a joint account, it’s important that you can talk to the other person about any issues that might come up. That might include:
- Who will be in charge of paying joint bills?
- Are there parts of your finances that need to be kept separate?
- Do either of you have commitments that the other is not responsible for (like child support or loans from the past)?
- What will you do in the case that you can no longer keep the account together?
It might be uncomfortable at first, but getting these things out in the open is important to make sure everyone is happy with the situation.
Set goals
Part of your budget should be a plan to put away savings each month, and a goal that those savings are going toward. This will keep you on track with your saving, and can also make it easier to allocate parts of your budget.
For example, if you’re saving up for a home loan deposit, you may want to allocate any leftover money to that, instead of spending it on takeout or shopping sprees.
Having a goal can also be useful to keep you united in money matters. For people who aren’t used to sharing money, it can feel a bit dictatorial to have another person looking over their shoulder - setting a joint goal can help make it feel like a team effort, rather than snooping in each other’s business.
Find a joint savings account
So, is a joint savings account for you? Check out our savings account comparison table to find the best place to stash your cash as a team.
^See information about the Mozo Experts Choice Savings Accounts Awards
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