Having a joint savings account can be a convenient way to save together for a shared goal, such as a holiday, and you don't have to be married or civil partners to open a joint account. Whilst it's common for married couples to combine their finances in an account, unmarried couples, friends, or parents and their children might also choose the convenience that a joint savings account provides.
That convenience includes the people named on the account being able to pay in and make withdrawals, although some banks, including Secure Trust Bank, may request that all named parties authorise a transaction. This helps to keep your money secure because it means one person can't withdraw everything without the other person knowing.
A joint savings account has the benefit of being easy to track, as both people named on the account will be able to see the individual contributions build up and watch the pot grow as you both save towards your goal. Equally, both individuals will be responsible for the account and any personal disagreements could mean that the account is frozen.
It's usually simple to set-up a joint savings account. Each bank will be different, but when you make the application, both people that are going to use the account will need to sign the form to give them access.
If a joint account sounds right for you and your needs and you'd like to pool your savings, take a look at Secure Trust Bank's joint accounts that are available for Notice Accounts and Fixed Rate Bonds.