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Join Which? Money6 ways couples can cut taxes and maximise their savings
Couples can reduce their tax bill by £252 by claiming marriage allowance
Managing money as a couple isn’t just about splitting the bills. According to Hargreaves Lansdown, couples who plan their finances together have an average of £3,200 in savings – more than twice those who go it alone.
With Valentine’s Day over, now’s the time to think beyond gifts and start making your money work harder.
From tax perks to shared subscriptions, here are six ways to improve your finances as a couple.
1. Plan finances together
Couples who plan their finances together tend to be in a stronger financial position.
The Hargreaves Lansdown Savings & Resilience Barometer shows that couples who plan collectively have an average of £351 left at the end of the month, £92 more than those who leave financial planning to their partner. They also have £3,200 in savings – more than twice as much as those who plan alone (£1,366).
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: 'This time of year is the perfect time to sit down with your partner and enjoy a romantic candle-lit spreadsheet.
'An evening of financial planning as a couple may seem like an opportunity to fall out over money, but it’s the best way to secure a "happily ever after". If you get stuck in now, there’s the chance to save thousands of pounds in tax too.'
- Find out more: best savings accounts 2025
2. Claim marriage allowance
Married couples and civil partners could cut their tax bill by up to £252 a year with a tax relief called marriage allowance.
This lets a lower-earning spouse transfer £1,260 of their tax-free personal allowance to their higher-earning partner, reducing the amount of tax they pay.
To qualify, the lower earner must earn less than £12,570, while the higher earner must be a basic-rate taxpayer.
In Scotland, eligibility extends to those in the starter, basic or intermediate tax bands.
More than 2.1 million couples already benefit, but many more could be missing out.
If you haven’t claimed before, you can backdate your claim by up to four years, potentially receiving a lump sum of more than £1,000.
Claims can be made via HMRC’s website, and once approved they renew automatically unless your circumstances change.
- Find out more: marriage allowance explained
3. Make the most of tax perks
Marriage allowance isn't the only tax benefit worth using. Married couples and civil partners can pass on assets to each other free from inheritance tax (IHT).
From April 2027, unused pension funds will also be included in estates for IHT calculations, making these rules even more important.
As a result, ‘getting married or entering a civil partnership could soon become even more appealing,’ says Rosie Hooper, chartered financial planner at Quilter Cheviot.
She adds: ‘Pension assets can generally be passed on to your spouse or civil partner IHT-free, so tying the knot is something more and more people may wish to do.’
Capital gains tax (CGT) can also be reduced by transferring assets into joint names and pooling both partners' £3,000 CGT exemptions, effectively doubling the tax-free amount to £6,000.
- Find out more: how to avoid paying inheritance tax
4. Contribute to each other's pension
It’s important for both partners to build their own pension savings rather than relying on just one.
Helen Morrissey warns: ‘Relying on a partner’s pension provision, no matter how good it is, could cause problems if you were to split up later on.
'Building up pensions separately means you can make use of your own allowances. You can pay up to £60,000 per year into a pension and benefit from tax relief and employer contributions to build your pensions more quickly.'
If one partner isn’t working or has a low income, the other can still contribute up to £2,880 a year into their pension, with government tax relief boosting it to £3,600.
In retirement, pension income is taxed individually, so spreading savings between both partners can help couples make full use of their personal allowance and reduce their overall tax bill.
- Find out more: how much you need to retire
5. Switch your joint account for cash
Many banks offer cash incentives for switching, and joint accounts can qualify too.
If you and your partner already share an account, moving to a new provider could be an easy way to boost your balance with minimal effort.
Most switching offers require using the Current Account Switch Service (CASS), which transfers your account in seven days.
However, cash incentives are usually limited to one payment per account, so you won’t receive double the bonus for switching as a couple.
Before making the move, check the terms carefully as some deals require a minimum number of direct debits or a certain amount to be deposited each month to qualify.
- Find out more: the latest bank account switch deals
6. Save on shared subscriptions
Many memberships and subscriptions offer discounts for couples, making it cheaper to sign up together than individually.
You don’t need to be married to take advantage. National Trust joint membership costs £151.20, saving each person £15.60 compared to an individual membership.
Meanwhile, the Two Together railcard offers a third off off-peak train fares for two named travellers at £30 per year.
- Find out more: 13 February freebies to claim
