Which bank offers the best joint account?

What is a joint account?

A joint bank account is one which is shared between two people. Both account holders get a debit card and can lodge and withdraw money from the same account, set up standing orders and pay for services by direct debit.

Joint accounts are usually shared between:

• Married couples, civil partners and couples who live together
• Housemates who have shared expenses such as rent

How do I open a joint account?

Opening a joint account is very similar to opening a regular current account. To open a joint account both account holders will need to:

• Fill in the application form 
• Provide proof of identity such as a passport or driver's licence
• Show proof of address such as a utility bill

According to the Competition and Consumer Protection Commission (CCPC), both account holders will need to decide if you will both be permitted to access the account without needing to gain permission from each other. 

Depending on the bank you choose to open an account with you may be able to open a joint account online. However, the majority of the banks will require you and the other account holder to open your joint account in person in a branch. 

During the application process, speak to your bank about how certain situations are handled such as:

• If an account holder can take money out of the account without the other party's permission
• Overdrafts 
• How disagreements between account holders are dealt with if the relationship ends

Top tip: Before you head to the bank you're going to open your joint account in, ring up the branch in advance to find out if you need to make an appointment first.

What are the advantages of having a joint account?

In times gone by, many banks used to waive fees for joint account customers if they had a certain amount of money within their account. Although this practice is no longer in practice, there are still many benefits to opening a joint account with your partner or housemate. 

These advantages include:

• Better money management: By pooling your money together you can get a better grasp on the amount of money at your household’s disposal which will allow you to manage your money better. This can also help with budgeting. 
• Share household expenses easily: You and your housemate or partner can easily lodge money into your joint account to pay monthly expenses such as rent, utility bills or your Netflix subscription which can then be paid by direct debit or standing order. This removes the need to transfer these expenses to one person's account each month. 
• Track spending easier: You will be able to see how money is being spent and if it is going towards the correct things, this may be especially helpful if one account holder has bad spending habits. 

However, before setting up a joint account with someone, it's important that there is a strong, trusting relationship between you and your potential co-account holder. After all, you will both have access to each other's money.

What are the disadvantages of having a joint account?

• Shared credit history: If one of you has a poor credit history, it will affect the other person too. 
• Lack of control over your finances: If you or the other account holder takes out money from the account, there aren't many options for getting it back.
• Shared responsibilities of finances: If the account goes into overdraft, both parties are equally responsible for the amount owed.
• Loss of privacy: You’ll lose privacy on how you spend your money.
• Termination of relationship: The relationship between the account holders could end, leaving both you and the other party vulnerable. 

Which bank has the best joint account in Ireland?

Determining which bank account offers the best joint account for you, depends on you and the other account holders’ spending habits, and feature preferences such as a good app or an overdraft facility.

To find the right bank for you both, take a moment to examine the different features and fees associated with each bank. 

AIB

Although AIB is the most popular and largest bank in Ireland, AIB’s joint account is one of the most expensive. It charges a €4.50 quarterly maintenance fee, a €0.35 fee for every ATM withdrawal and a €0.20 charge for every chip and pin transaction, self-service lodgement, online transaction, direct debit and standing order. Contactless transactions are free though.

However, you will be able to avoid these day-to-day fees if you pay your AIB mortgage from your AIB current account. 

Famed for its mobile app, you can easily set up and use Apple Pay, Google Pay and Fitbit Pay with this account. 

To open a joint account with AIB you must fill in an application form and go to one of AIB’s branches. 

Bank of Ireland

Bank of Ireland’s maintenance fee is €6 per month, and although this may seem on the more expensive side, it covers the cost of all day-to-day transaction fees. 

As well as this, Bank of Ireland offers customers an overdraft facility, a freeze and unfreeze feature on the mobile banking app and the ability to pay using Apple Pay and Google Pay. 

To open a joint account with BOI, you can do it over the phone, online or in a branch.

Permanent TSB

Similar to Bank of Ireland, Permanent TSB’s monthly maintenance fee is €6, amounting to €72 annually, however, all your day-to-day banking is free.  With its Explore Account, the bank will pay you 10 cent for every debit card transaction up to a maximum of €5 a month.

So, if you make 40 transactions a month, every month, you will avoid all fees. And if you make 50 transactions a month, you could actually make a profit of up to €12 a year.

As well as this, you could also get 5% cashback on your bills if you’re an SSE Airtricity or Sky customer and pay your bills from your joint account. If you have a mortgage with Permanent TSB and pay this from your Explore Account, you'll receive 2% cashback on your monthly mortgage repayments until 2027.

Permanent TSB also offers Apple Pay and Google Pay to its customers.

Credit Union

The maintenance charges and transaction fees you are subjected to will depend on which Credit Union you open your joint account with, but generally, your monthly maintenance fee will cost €4 and your day-to-day banking will be free. 

However, you will only get five free ATM withdrawals per month, after that you will be charged 50 cent per withdrawal. Depending on the branch, you may be charged for setting up a direct debit, standing orders and amendments. You should investigate this before you select the Credit Union you decide to open a joint account with. 

To open a joint account, you both must call into your chosen Credit Union office with your ID and proof of address to sign an application form. 

Once you open a joint current account with the Credit Union you will both receive a Mastercard debit card which will allow you to access your money anywhere in the world where the Mastercard logo is.

You can avail of an overdraft facility and Apple Pay, Google Pay and Fitbit Pay. 

An Post Money

An Post Money’s joint account charges €5 per month for maintenance fees, and €0.60 for ATM withdrawals, putting this account on the more expensive side. However, its day-to-day transactions are free to use. 

This account offers a savings feature that allows you to easily put money aside into 10 ‘Jars’ which you can pay bills from and set up savings targets, and deadlines. You can also use the Round Up function which allows you to round up your debit card payments to the next whole number and put these savings into a designated ‘Jar’.

You can also use Apple Pay, Google Pay and Fitbit Pay with this joint account, but you will not be able to access an overdraft facility. 

To open a joint account with An Post Money, both account holders must come into a post office with proof of ID to open an account.                                         

EBS 

With EBS’s MoneyManager account, you won’t be charged any maintenance fees or for everyday transactions, meaning you can make as many purchases and ATM withdrawals without the fear of any fees incurring. 

However, this joint account does not offer many of the facilities and services that the other banks offer. For instance, there is no overdraft facility, rewards scheme or Apple Pay, Google Pay or Fitbit Pay. 

As well as this ESB only operates euro accounts. This means if your account receives any payments in a non-euro currency, it cannot be processed and the payments will be returned to the sender. 

If ESB suspects there has been a dispute between the joint account holders, it may place a block on the account until all account holders give new instructions. 

Revolut and N26

Revolut recently started offering joint accounts.

It has a great app, competitive banking fees, a good rewards programme, and now offers personal loans and credit cards. 

It also recently moved to using Irish Ibans, instead of Lithuanian ones, which has put an end to the issues users sometimes had using the bank as their main account.

N26 doesn't offer a joint account yet, but it provides a shared 'space' feature, which allows selected people to add money into a shared account. 

However, unlike a joint account where both parties have equal rights to accessing the money in the account, with a shared spaces, the person who set it up acts as the sole owner and has to grant other share holders permission to withdraw money out of the account. 

Comparison of main joint current account providers in Ireland 

¨first €200 a month free

What to consider when opting for a joint account

When considering opening a joint bank account, the most important question to ask is; do you want to be financially interdependent with your potential co-account holder? If you do, then a joint account makes sense, both in terms of convenience and cost.

When it comes to choosing a bank, it’s wise to consider you and your co-account holder’s general spending habits and from there you can choose the joint account with the best features and lowest fees for your requirements.

To find the best joint current account for you both, try our free current account comparison service here. 

Looking for more information?

If you found this article helpful, why not take a look at some of our other banking guides to help you on this journey? 

• Find out which bank offers the best value current account here.
• Check out 8 things to bear in mind when selecting the right current account for you and your partner. 
• Is a good mobile app important to you? Discover the bank that offers the best features here. 

Remember to keep up-to-date with all of our personal finance news in our blog and guide pages. 

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