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Money Matters

Open a Joint Savings Account|Things to Consider When Opening a Joint Savings Account|YES BANK

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Giving your loved ones the access to a shared pool of funds can often be convenient. You can be out of town, and some unexpected expenses can arise. Medical emergencies can strike, and your family members might have to foot the bills. Your child might be away for higher studies and need funds, but you may want to monitor their spending. In such scenarios, a Joint Savings Account is helpful.

What are Joint Savings Accounts?

Joint Accounts are savings accounts that more than one person can operate. All account holders can perform monetary transactions, view the account statement, and own individual debit cards.

However, sharing finances requires careful planning. There are a few things you need to consider before opening a Joint Savings Account to make smart financial decisions.

What are the Factors to Consider When Opening a Joint Savings Account?

1. Decide the mode of operation:

You must decide how you wish to operate the account when you fill the account opening application. Based on the option chosen, either all the account holders can individually operate the account, or transactions might need every member’s signature. It is advisable to select the former mode only when the other account holders are completely reliable, to prevent any misuse.

2. Plan a budget:

You can use your Joint Account to manage household expenses such as mortgages, grocery and utility bills, car-related expenses, and more. It can also be a shared space to save money for mutual future goals like buying property or a holiday. If you decide upfront how much which account holder will contribute, you can avoid disputes later. You may also want to maintain a separate savings account for your personal expenses along with the Joint Account.

3. Compare the terms offered by different banks:

You should research interest rates and banking charges set by different banks before opening the account. Some banks offer special features for senior citizens or female primary account holders. There can be attractive offers on interest rates for maximizing your savings. You can also look for the minimum average monthly balance requirements. Other value-added benefits can include discounts on locker rents, free ATM usage, and more. Select the bank that provides the most lucrative offers.

What are your options when you want to open a Joint Savings Account?

YES BANK provides a diverse range of Savings Accounts that cater to varying customer requirements. You can take your pick from the following:

1. Customizable Savings Account:

You can avoid excess charges by removing banking services you do not need. The features you can choose from include:

  • Different Debit Cards

  • Various Pricing Options

  • Benefit Packages from unlimited ATM usage/ digital banking facility/ family advantage

2. XLRATE Savings:

Earn higher returns from your savings as the account turns the surplus (over a predetermined balance) into a Fixed Deposit. At the same time, you can enjoy the liquidity of a savings account and withdraw cash at any time.  

3. YES Respect:

If you are over 60 years of age, you can avail healthcare deals with reputed brands (Thyrocare, SRL Diagnostics, and more). You can also get attractive discounts on locker rents and overdrafts against FD.

4. YES Grace:

As a woman, you can enjoy exclusive benefits on opening savings accounts as the primary account holder with or without joint holders. Some of the facilities include:

  • Special offers with your Platinum Debit Card along with a free financial cover

  • Locker rent waiver

5. YES Savings Value:

Enjoy higher interest rates and tax-free income up to a predefined limit with this account.


Open a savings account with YES Bank and get access to a host of free services and a 24/7 personal assistant for your banking transactions. Get in touch with us today!


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