Sharing your finances with your partner could benefit you both and make it easier to work towards your combined goals. Yet, new research from Aviva reveals that 47% of Brits have secret savings their partner doesn’t know about, with an average value of £6,000.
This could lead to problems because keeping secret savings may cause mistrust and get in the way of open conversations about wealth planning.
That said, having separate savings accounts isn’t necessarily a bad thing. In fact, provided you are open with your partner about it and don’t hide your wealth, keeping a portion of your savings separate might actually benefit you both in several ways.
Here are three reasons why.
1. You both have financial independence
One of the primary reasons that you might keep savings separate from your partner is to maintain financial independence.
While combining your finances can be beneficial, you may not feel comfortable having all your wealth in joint accounts for several reasons.
First, you may want to retain control over certain spending decisions. Having your own wealth means that, once you’ve managed all your joint expenses, it’s up to you how you spend your remaining income.
Your partner doesn’t need to know the details of every purchase either, which means you can buy gifts or spend on your hobbies without the need to discuss it first.
Keeping a portion of your savings could also give you more freedom if the relationship were to break down because you wouldn’t be entirely financially tied to your partner. Should you decide to leave your partner, you would be able to support yourself using your savings.
Splitting your assets in the event of a breakup may also be easier if you retain some of your own wealth.
All this means that, while you can reap the benefits of joint planning, you still maintain your own independence and potentially protect yourself from financial abuse.
2. Separate savings accounts could reduce disputes about spending habits
Joint financial planning can be challenging if you and your partner have different attitudes towards spending.
One of you might prefer spending on luxuries while the other wants to save as much as possible. You may have a different idea about which purchases are worthwhile too. These differing attitudes can lead to disputes as you try to agree on the “best” way to spend your wealth.
Having a separate savings account could help here. You may keep a joint account for all your regular expenses and some combined savings for shared goals such as holidays or retirement, while each having your own savings pot.
These personal savings mean you can both spend on things that are important to you without sacrificing your shared goals. You may be less likely to argue about certain spending decisions too, because those purchases aren’t coming out of a shared account.
3. You can make the most of your ISA allowances
Saving in a Cash ISA is normally advantageous because you don’t pay Income Tax on any interest you generate. You won’t pay any tax when withdrawing the funds either.
In 2025/26, you can contribute up to £20,000 across all your ISAs and maximising this allowance could help you build wealth tax-efficiently.
If you’ve already used your ISA allowance for the year, you could continue saving in a general savings account. Yet, you may pay Income Tax on any interest that exceeds your Personal Savings Allowance (PSA), if you have one.
In 2025/26, the PSA is:
- £1,000 for basic-rate taxpayers
- £500 for higher-rate taxpayers
- £0 for additional-rate taxpayers.
Fortunately, the ISA allowance is individual, meaning your partner can also contribute up to £20,000 each year.
As a result, if you each have your own account, you could save up to £40,000 tax-efficiently between you. Paying into your partner’s ISA once you use your own allowance, instead of keeping everything in one savings account, could help to reduce the tax you pay.
Get in touch
We can help you find the most suitable way to hold your savings.
Please give us a call on 01276 855717 or email info@braywealth.com today.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.
HM Revenue and Customs’ practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
Approved by the Openwork Partnership on 05/06/2025
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