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 | Legally cohabiting partners | De facto cohabiting partners | |
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 | |||
| 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 |
Tax on interest income
You have to pay withholding tax on the interest earned on a savings account. This tax is charged at a rate of 15% on regulated savings accounts. The first 1,020 euros in interest is tax exempt for income year 2024 (the amount exempted may change each year). KBC Bank will deduct withholding tax from any interest above this threshold amount before paying the interest into your savings account.
If the savings account is held in the name of a married or legally cohabiting couple, the exemption is doubled and therefore up to 2,040 euros in interest is tax free. KBC Bank will automatically double this exemption for you.
If you have a joint account with someone you're not married to or living with officially (for example, your partner), you can get an exemption of 1,020 euros per person by completing a ‘certificate of double exemption from withholding tax’ at your KBC branch.
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.
