What is a Joint Savings Account and how do I create one?

Elise

Hey bunqers 🌈

With a Joint Savings Account, you can easily save together with your friends, family or partners and receive 1.56% interest (2.46% for Dutch users 🇳🇱) on your shared savings! You can open a Joint Savings Account in just a few taps and, unlike traditional banks, we pay your interest weekly 🙌

How can I create a Joint Savings Account?

All you need to do is create a new Joint Savings Account and invite someone to join you. In the bunq app, simply:

Go to Home
Click on 🟣 +Add
Click on 🟡 Add Partner
Select 🔵 Savings Account
Select Partner(s)
Personalize your account
Done! ✅

Who can create a Joint Savings Account?

This feature is available for Easy Savings, Easy Bank, Easy Money and Easy Green!

How does MassInterest work with my Joint Savings Account?

The MassInterest for your Joint Savings Account is calculated by dividing the balance of the account by the number of owners, since it's legally equally divided between all owners. The interest earned will be paid out in the individual billing sub-accounts of both owners. Further information about the calculation and payout of MassInterest can be found here.

For example: If you and a friend have a Joint Savings Account with €10.000, you'll each receive interest for €5.000 each (the total balance of your Joint Savings Account divided by two)

Keep in mind that for your individual Personal Account you can receive MassInterest up to €100.000. This limit covers your Personal Savings Account/s as well as your Joint Savings Account/s.

How do I close a Joint Savings Account?

In order to close your Joint Savings Account follow these easy steps:

Go to Home
Click on the Joint Savings Account you want to close
Withdraw all remaining funds
Once done ➡️ Click on ⚙️ (Settings)
Click on Close sub-account
Done ✅

Keep in mind that before closing your Joint Savings Account, you should withdraw all remaining funds. Since automatic fund division isn't currently available - you should divide the funds between you and the rest of the owners once you've withdrawn the remaining balance.

Can I create a Joint Savings Account with a user who doesn't have a bunq account yet?

Want to create a Joint Savings Account with a user who doesn't have a bunq account yet? Simply invite them when you create the Joint Savings Account by choosing their contact (phone number or email) in the contact list as a partner. You'll send an automatic invite to your friend so that they can join bunq, sign up and start saving with you right away!

How can I turn a Joint Savings Account into a Joint Account?

If you experience any difficulties withdrawing funds from your Joint Savings Account or you want faster access to your savings - you can convert one of your Joint Savings Accounts into a regular Joint Account! It's easy - once per calendar month you have the possibility to turn a Joint Savings Accounts into a Joint Account and manage it as explained here.

How? Simply follow these steps:

Go to Home
Select the Joint Savings Account you want to convert
Click on Setting (⚙️)
Select ‘Convert to Joint Account’
Confirm

Want to convert your Personal Savings Account into a regular sub-account? See how here

Good to know

Regardless of their individual plans, all bunq users can enjoy the convenience of sharing a Joint Savings account since the feature is available for all plans.
Withdrawals from any Joint Savings Account count towards your limit of 2 savings withdrawals per calendar month.
Keep in mind that Deposit Guarantee Scheme up to €100.000 is in place for each individual bunq user. The funds in your Joint Savings Account are divided equally by the number of owners and accordingly protected by the Deposit Guarantee Scheme for your Personal Account.
You can't add new people after the Joint Savings Account was created.
A Joint Savings Account is owned by all the users who accepted the invite, just like with a Joint Account.
If not everyone has accepted their invite yet, you can easily check who’s participation is still pending: in the app, you select the Joint Savings Account > Co-owner > See who is still ‘waiting on response’.
You can't turn your Joint Savings Account into a regular Joint Account or sub-account, this feature is only available for a regular Savings Account.