Joint savings accounts
When is it useful to have a joint savings account?
Joint savings accounts are useful if you’re:
- living with someone
- married
- saving up for something together with others (like friends, family or other people)
What transactions are possible?
If you’re married and you and your partner jointly open a savings account in both your names, you are both account holders and can act separately.
If you’re legally or de facto cohabiting with someone and open a joint account in both your names, you are both account holders but can only use the account together. If you each want to manage the account separately, you need to authorise each other to do so.
Trust is important. Disputes or separation could lead to one of you withdrawing the money or closing the account. In such a situation, contact your bank branch in time to ensure that the account can only be used jointly.
Married couples |
Legal cohabitees |
De facto cohabitees |
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Deposit or withdraw money |
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Transfer money to a joint current account held by the same partners |
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Transfer money to another joint savings account held by the same partners |
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Transfer money to a joint current account held by the same marital entity |
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Transfer money to another joint savings account held by the same marital entity |
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Transfer money to a current account or savings account held by you or your partner |
Withholding tax on a joint savings account
Married couples and legal cohabitees
Interest on a joint, regulated saving account held by a married couple or legal cohabitees is tax exempt up to 2,040 euros (double exemption). That means that there is no withholding tax deducted from the first 2,040 euros of interest you receive together.
De facto cohabitees and others (family or friends)
In such cases, the interest on a joint, regulated saving account is tax exempt up to 1,020 euros for the 2024 income year. So, a tax-exempt tranche of 1,020 euros applies to this account. Amounts above this are subject to withholding tax of 15%.
Tip: if you're de facto cohabitees or friends and would like to get the 2,040 euros euros double exemption on your joint account, just drop by your KBC branch for a certificate of double exemption from withholding tax.
Like to open a joint current account too?
A joint current account is an account in your name and the name of one or more other individuals. Joint accounts are especially useful if you live with someone, are married or are in a relationship where you often buy things together.
