Some banks offer joint accounts for 3 or more people. You’ll each get your own debit card linked to the account, and there generally aren’t extra charges or fees for this. This comparison is for personal accounts – we also have a joint business bank accounts guide. Our comparison table shows accounts that can be joint accounts, and below that, we’ve listed how many account holders or additional cardholders each bank allows.
What is a joint account?
A joint bank account allows multiple joint account holders to deposit and withdraw money. Joint accounts most commonly have two account holders, but it is possible to have more. You can open a joint bank account with three, four or five people, or even more.
For current accounts, each account holder will have their own debit card that will let them make purchases and withdraw cash at ATMs. Each account holder will also be able to access the account online or via an app to transfer funds and keep an eye on transactions.
Joint bank accounts compared
| Bank | Account name | Max no. of account holders | Can you convert a sole to a joint account? | Both-to-sign account? |
|---|---|---|---|---|
| Bank of Scotland | Classic Account | 3 | Yes | No |
| Barclays | Barclays Bank Account | 4 | Yes | No |
| Co-operative Bank | Current Account | 3 | Yes | No |
| First Direct | 1st Account | 2 | Yes | No |
| Halifax | Current Account | 2 | Yes | No |
| HSBC | Advance Bank Account | 6 | Yes | No |
| Lloyds Bank | Classic Account | 3 | Yes | No |
| Metro Bank | Current Account | 2 | Yes | No |
| Nationwide BS | FlexDirect Current Account | 2 | Yes | No |
| NatWest | NatWest Select | 2 | Yes | No |
| Royal Bank of Scotland | Royal Bank Select | 2 | Yes | No |
| Starling Bank | Starling Personal | 2 | Yes (subject to eligibility criteria) | No |
| TSB | Spend & Save | 5 | Yes | No |
| Virgin Money | M Plus Account | 2 | No | No |
How do I compare accounts that allow multiple joint account holders?
If you want to open an account with 2 or more others, consider the following when comparing your options:
- Account maintenance fees. Look for an account with low or no monthly account fees.
- Transaction limits and fees. With several people accessing the account, there may be a lot more transactions than with a single account. Make sure you’re not charged any unnecessary transaction fees.
- ATM withdrawal fees. Look for an account that offers fee-free ATM withdrawals, so you’re not hit with a fee each time one of the account holders withdraws some cash.
- Easy online access. Check the account is easily accessible for everyone on the account, for example with an easy-to-use mobile banking app.
- Number of linked debit cards. If more than two people need a linked debit card, make sure you’re not charged extra fees for the additional ones.
Pros and cons of having a joint account with multiple people
Pros
- Easy money management. If you share a lot of expenses with a number of people, it can be easier if you all have access to the one bank account to manage them.
- Transparent. Because you can all access the account online it’s easy to see who’s transferring or withdrawing money and for what.
- Accessible in an emergency. With more than two joint holders, the account is accessible even if one of the account holders is unavailable.
Cons
- Less secure. Other account holders can withdraw money without your consent.
- Difficult to manage. With multiple individuals making deposits and withdrawals into your account you may find it difficult to keep track of the balance.
- May impact your credit score. Opening a joint bank account can sometimes have a negative impact on your credit file, as the credit history of those you’ll be linked to via the joint account will be accessible to potential future lenders. If the people you’re opening the account with have had problems with repayments in the past, this can also impact on your creditworthiness.
How to open a mutiple-holder bank account
When you’ve selected an account from the table above, click “Go to site” to check that the account allows the number of people you want to share it with, then complete the online application process. Each account holder will need to provide personal information. Banks may also require you to verify your identity using a passport or driver’s licence. From time to time, banks often run switching offers that pay you to close down your old account and switch to a new one. This can also apply to joint bank accounts.
Common reasons for opening an account for multiple people
The need for more than two joint account holders most often arises in business situations, where partners, treasurers and other bookkeepers all need to be able to move money in and out of the account. In the case of youth accounts, it is not uncommon to find both parents listed as account holders as well as the child. This ensures that in the event that one parent is absent, the account is still accessible.
People also commonly open joint accounts with:
- Roommates to pay for shared living expenses and rent
- Business partners so multiple employees can make deposits and withdrawals (See our guide on joint business bank accounts)
- Family members as an emergency fund
- Friends to pay for an upcoming holiday
- Romantic partners to combine finances
Who can close a multiple-holder bank account?
Generally, one person can close a joint bank account without the other’s permission. But some banks have stricter rules that require all joint owners to provide consent before closing. If you’re concerned about having the account closed without you knowing, look for a bank that requires all parties to close the account together.
Bottom line
While 2 is the most common number when it comes to joint accounts, several banks allow you to add a third account holder or additional card holder. Compare savings accounts or current accounts to find one with the features you’re looking for before getting started.
Frequently asked questions
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Usually no, though some banks will have accounts that allow for removal. Check with your bank to find out more.
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Most joint accounts are set up to transfer ownership to the surviving account holder(s) using a legal principle called “survivorship”. But certain types of joint accounts may be frozen or closed – the best thing to do is check with your bank.
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Yes, most banks will let you turn your existing bank account into a joint account by adding someone.
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