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Pool your savings.

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You might be familiar with joint checking accounts, but sharing your finances doesn’t have to end there. Pair your joint checking with joint savings, or have an individual checking account and share a savings account.

How does a joint savings account work?

A joint savings account acts as a regular savings account, however, two owners have equal access.

This shared account access includes:

  • Making deposits and withdrawals.1
  • Setting up Online Banking and Mobile Banking profiles.
  • Receiving account alerts.

While anybody can open a joint savings account, typical joint savings account co‑owners are:

  • Couples
  • Children and elderly parents
  • Parents and dependent children

Interested in opening an account for a child under the age of 18?

Consider Santander® Youth Savings, tailored for the needs of children, with a legal guardian as a co-owner.
Learn more about this great first bank account for kids.

Benefits of a joint savings account.

A joint savings account can be a great way for couples to meet savings goals together:

  • Save up for shared goals, such as buying a house.
  • Both partners can directly deposit money into the account.
  • No need to transfer money between individual accounts.

For children of elderly parents, co‑owning a joint savings account can:

  • Assist with paying medical bills.
  • Give the child the right of survivorship.

For parents of younger children, a joint savings account can help you:

  • Teach them about healthy financial habits.
  • Easily share funds with a student who’s away at college.

Drawbacks of a joint savings account.

There can be downsides to having a joint savings account, so be sure to talk it over:
  • Both account holders have equal ownership, so one person can withdraw funds at their discretion, without the input of the co‑owner.
  • If one account owner gets into financial trouble, such as for overdraft charges or debt collection, both parties are held responsible.

How to open a joint savings account.

If you’re opening a new account:

  • Visit your local Santander branch with all joint signer(s) of the account, and we will walk you through the process.
  • Be sure to have any personal information, including address, social security number, and a government-issued ID, for all joint signer(s) of the account.

If you’re adding a joint owner to an existing account:

  • Visit your local Santander Bank branch with the person you want to add to your account.
  • We’ll walk you through the process.

You can open any of our savings accounts at your local Santander branch.

Not sure which savings account is right for you?

We have a choice of savings accounts to consider. Click here to compare.

1We limit withdrawals and transfers out of your savings and money market savings accounts. You can withdraw or transfer funds from a savings or money market savings account a total of six (6) times per Service Fee Period (such as by automatic or pre-authorized transfers using telephone, online banking, mobile banking, overdraft protection, payments to third parties, wire transfers, checks, and drafts). If you repeatedly exceed these limits, we may close or convert your account to a checking account, which may be a non-interest-bearing checking account.