10 Best Joint Checking Accounts for 2024

Banking

A joint checking account is a bank account owned by two or more people. It allows those parties to share equally in all the privileges and duties of account ownership. Anyone from business partners to spouses, co-parents, or even an adult child looking after their aging parent could benefit from the convenience of a joint bank account.

How do joint checking accounts work?

Joint checking allows anyone with their name on the account to make cash deposits, deposit or cash checks, withdraw money, or use a debit card associated with the account for point-of-sale purchases or at ATMs. Unlike an individual checking account, a joint account has more than one name on all statements, checks, and documents.

10 Best Joint Bank Account

We researched many of the most popular online only and traditional banks that offer joint accounts, evaluating the criteria above, as well as current interest rates, monthly maintenance fees, and sign-up offers.

Overall Best Bank Joint Account: Ally Bank

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If you’re okay with online banking, online banks often provide many cost-saving advantages over traditional banks. For instance, Ally Bank has a savings account with a 4.25% annual percentage yield, regardless of how little or how much money you keep in the account.

You can set savings goals and divide money into digital buckets, which can make it easier to visualize your progress. Ally also offers a checking account where you can earn interest of 0.25% APY, with no monthly fees. Ally also offers early direct deposit up to two days before your normal payday.

You can open any Ally account as a joint account holder and enjoy all the benefits of online only banking, along with Ally’s network of 43,000+ no-fee Allpoint ATMs, plus reimbursement of up to $10 on other ATM fees.

Best for Families: Capital One 360

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Capital One 360 Performance Savings or 360 Checking accounts make it easy to add a new account holder to an existing account or to open a joint account together.

Capital One excels in security for both its bank accounts and top-rated credit cards.

It offers an easy-to-use app that allows you to track spending, turn your debit or credit cards on and off with a click, and even get account alerts. No minimum deposit is required to open an account.

Capital One 360 combines the features of online banking with the convenience and solid reputation of a traditional financial institution.

It has brick-and-mortar branches in select locations and access to a large network of ATMs through Allpoint and MoneyPass. The Performance Savings Account offers a competitive APY of 4.30%.

Capital One’s MONEY Teen checking account and Kids Savings Account work well for families with children. They have no monthly fee or minimum balances to open or maintain either the checking or savings account.

Best Big Bank: Chase

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JPMorgan Chase operates as the largest bank in the U.S. right now, with assets of $3.8 trillion. Not surprisingly, it offers one of the best joint checking accounts available for consumers, with easy branch access at more than 4,700 locations and 16,000 fee-free ATMs.

You can add a joint account holder to an existing account at any branch, or two individuals can launch their financial life together by opening a joint account at the same time.

Chase does not have the highest interest rates you’ll find, and the bank may charge monthly maintenance fees higher than some online financial institutions.

However, they frequently offer sign-up bonuses for account holders and their friends, which can make opening a new account enticing.

Parents may want to consider a Chase First account for children ages 6 to 17 or a Chase High School Checking for students ages 13 to 17. This type of joint bank account comes with a debit card for the minor.

Account holders can easily transfer money to their kids, while putting kids in control of checking their own balances through the app and even transferring funds into a “savings” bucket. Setting up direct transfers for monthly allowance can be a time saver for busy parents.

Best for Cash Back: LendingClub Bank

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Best known for personal loans, the LendingClub Bank is an online only bank that provides FDIC insured joint savings and checking accounts, plus cash back when you use your debit card.

LendingClub’s high-yield savings has a 4.00% APY with no monthly maintenance fees. You can make unlimited external transfers for free, which is great for those months when you underestimated your spending.

The mobile app offers online bill pay and account management, making it easy for both account holders to stay in the loop on their overall spending.

LendingClub Bank also offers a joint checking account with rewards. Account holders can earn unlimited 1% cash back on qualified purchases, plus no monthly service fees, with this online banking platform.

Best for Branches Nationwide: Wells Fargo

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Wells Fargo offers the perfect joint bank account for those who prefer a traditional bank and want the convenience of in-person banking at one of 4,700 branches across the U.S. plus 12,000 fee-free ATMs.

It is easy to open a joint bank account at Wells Fargo, but both parties will need to apply at the same time and sign the joint application.

Families can benefit from the Kids Savings Account or the Clear Access Banking Account designed for teens. The account has no overdraft fees, making it easy for kids to learn how to manage money with no penalties.

Best Online Account: Axos Bank

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An online only bank that offers joint accounts, including one for teens, Axos Bank is highly rated by many review sites as the best for online banking. The bank offers five of the best joint checking accounts on our list, including Essential Checking for those who are looking for early direct deposit.

It also offers a Rewards Checking account with an APY starting at 0.40% for those with monthly direct deposits of $1,500 or more.

You can earn up to 3.30% APY by meeting other requirements, such as using your Axos Bank rewards checking account to make monthly loan payments and maintaining account balances greater than $2,500 in specific Axos investment accounts.

The account also comes with a $100 sign up bonus for a limited time.

If you are looking for an easier way to earn rewards, consider a cashback checking account, which offers unlimited reimbursement of domestic ATM fees and 1% cash back when you use your debit card.

First Checking is a teen checking account that gives teens their own debit card and the ability to earn interest, so they can learn about spending – and saving.

All checking and savings accounts have no monthly maintenance fee and no minimum balance.

Best for High Earners: Bank of America

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When you open a joint account at Bank of America, both parties will need to fill out and sign the application. This is not unusual, as it is for the safety and security of both account holders.

Bank of America, as one of the nation’s largest banks, offers various checking accounts and savings products, plus state-of-the-art security features. Bank of America’s Preferred Rewards program delivers banking services with no fees.

It also offers bonus cash back rewards on eligible Bank of America credit cards and a discount on the financial institution’s Merrill Guided Investing services. This is when you hold at least $20,000 in all of your combined Bank of America accounts. You can reach other account tiers with $50,000 up to $10 million in your combined accounts.

This feature makes Bank of America a solid choice for a joint bank account for high earners or those with an extensive investment portfolio held by Merrill.

If you choose a Bank of America Advantage Plus Banking account, you’ll find it easy to waive the monthly fees by having a qualifying direct deposit or holding the minimum account balance that month.

The SafeBalance Banking checking account is free to students under the age of 25, children under the age of 18, or Preferred Rewards members.

Best for Rewards: Discover Cashback Debit

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Most people think of Discover for their high-quality cash back rewards credit cards. But Discover also has a full suite of banking products, including some of the best joint checking accounts you will find. You can only open their Cashback Debit Account online.

A cash back debit account offers advantages over a standard checking account. It gives those who may not want to carry credit cards the opportunity to earn cash on their purchases.

Discover has no minimum deposit to open a joint checking account and no monthly maintenance fee, either.

In addition to cash back for debit card purchases, Discover offers many other desirable features, including Early Pay, which makes money from direct deposits available two days sooner than they might normally be. You can easily pay bills online with your Discover joint checking account.

It’s worth nothing that if you own a Discover Cashback joint checking account, you won’t be allowed to open a second Discover Cashback checking account in your own name.

Best for High Interest: Presidential Bank

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Presidential Bank is a smaller bank with assets of $550 million. It claims to be the first bank in the U.S. to offer bank accounts online in 1995.

Today, the bank offers several of the best joint checking accounts we’ve uncovered in our research. These include a Money Market Advantage Checking account that earns 4.0% APY on balances between $25,000 and $250,000.

Money market accounts are similar to savings accounts, but typically offer higher interest rates.

You can also open joint checking accounts through Presidential Bank, including Advantage Checking, which pays interest, offers free bill pay services, and has no monthly fee if you maintain a $500 minimum balance.

Best Credit Union Account : Alliant

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When you’re looking for the best joint accounts, you have a choice between a bank or a credit union. Based on our research, Alliant offers the best joint checking accounts from a credit union.

Credit unions are typically smaller and more regionalized than banks, providing service to consumers that meet specific requirements, such as living in the area or working in a specific profession.

Alliant Credit Union has won multiple awards as one of the best credit unions and, unlike some credit unions, is available to virtually everyone. The Alliant High Rate joint checking account has no monthly fee and requires a minimum deposit of just $25.

When you open a joint checking account with Alliant, you’ll receive a complimentary linked savings account plus $5 deposited free into that bank account. You can earn interest as high as 20x the national average.

This makes Alliant one of the best joint accounts available for those who want the convenience of online banking, high interest rates, and the customer service and security of much larger financial institutions.

What makes the best joint checking account?

When you’re thinking about choosing the best bank, joint account features matter if you want a shared account between yourself and a partner, a spouse, or even your children. Here are some things to keep in mind.

ATM network or generous ATM-fee reimbursement program

The best joint checking account should have a large ATM network where you can check balances and withdraw and deposit money with no fees. For example, Wells Fargo, which makes our list, has 12,000 fee-free ATM locations.

Smaller banks or online banks may not have as many ATM options, but some will offer reimbursement of ATM fees if you use an out-of-network ATM.

Minimum Balance Requirements

Keeping a certain amount of money in your joint bank account can cause unnecessary stress. Look for a joint account with low or no minimum balance requirements. That way, even if your partner pulls out money, and you don’t realize it, you won’t get hit with fees or even have your joint account closed.

It’s a good idea to select a joint checking account with overdraft protection or no overdraft fees as well.

Availability and convenience

When you’re choosing a bank or credit union, you want to select a financial institution that is convenient to use. For many people, this means opening a joint account with easy online checking. Other people might look for a bank with plenty of local branches.

Rewards

Some joint checking accounts, including Discover and LendingClub, offer rewards for using your debit card. Not all joint bank accounts offer rewards, so if this is important to you, review or list carefully to find one that does.

Security

All funds held in joint checking accounts at federal banks are insured up to $250,000 per depositor, per account, by the Federal Deposit Insurance Corporation, or FDIC. Similarly, joint accounts at credit unions are insured by the National Credit Union Association, NCUA.

In addition to this federal protection, you want to make sure your joint account has all the usual security features, including:

  • EMV chip cards
  • Fraud alerts
  • Easy debit card locking through an app
  • SSL encryption for online banking

Should couples get a joint account?

A joint account can make it easier to manage your family’s personal finance, share in savings goals, and keep your activities in alignment with your priorities. But it may not be the best choice for every couple, family, or even business partners. Will a joint bank account work for you? Consider the answers to these questions first.

Do you have an individual account for your own personal goals?

Joint bank accounts may be convenient for couples or business partners with shared expenses. But if you don’t have any other bank account in your name, you may want to establish an individual account before opening a joint account.

If something happens to the relationship, you want to have access to your own funds. Plus, in any relationship, you may want to make sure you have spending money in a separate account to reach your goals, buy gifts for your significant other, or simply treat yourself.

Do you or the other account holder have debt?

When you start thinking about opening a joint checking account, you should be aware that creditors, including the IRS, can garnish joint savings and checking accounts for unpaid debt.

If one partner has a lot of debt, you may want to reconsider opening a joint account. Runaway debt could be a sign they are bad with money and not responsible enough to handle a joint checking account. If they have unpaid, overdue debt or tax debt, you are putting your money at risk of garnishment in a joint account.

Separate vs. Joint Savings?

If you aren’t comfortable opening a joint checking account, you might consider a joint savings account for shared goals. You may want to save for a:

  • House
  • Family vacation
  • Emergency household expenses
  • Back-to-school expenses
  • Wedding or other big event
couple holding hands

Pros and Cons of Joint Bank Accounts

If you’re still debating whether to open a joint bank account with a partner, consider these pros and cons:

Pros

  • Ability to save money together and track your goals
  • Stick to a budget more easily when both parties can track spending
  • Pay for shared household or child care expenses out of a joint account
  • Fewer money transfers
  • Keep tabs on household spending
  • Gives both parties equal control over household finances

Cons

  • One partner may spend outside the family’s means, leaving the account short of money for necessities
  • Chance of overdraft fees if partners aren’t aware of each other’s spending
  • Joint accounts can be garnished for unpaid debts

How to Open a Joint Account

Opening a joint account is easy at any of the financial institutions listed above. At a traditional bank, both parties typically need to show up with ID. You can deposit money in the form of cash or a check from another bank account. Both account holders usually need to sign the application forms and leave a copy of their ID on file at the bank.

To open a joint account online, both account holders will be asked to provide their Social Security number or tax ID number. You will also need a form of government ID such as a driver’s license, date-of-birth for both parties, and a current address for both parties.

How to Close a Joint Checking Account

You may want to close a joint checking account if your relationship (business or personal) has ended, or if your partner has unpaid debt or legal obligations that could result in garnishment.

If you’re paying monthly fees for an account you don’t need, you may want to close your account.

Closing a joint checking account typically does not require consent or authorization from both parties. You can close a joint account by removing any money in the account and then requesting the bank to close the account.

If the account is in overdraft, you’ll need to first bring it current by making a deposit. You may be able to close a joint account in any one of several ways, depending on your bank:

  • Online: Close an account online by connecting with customer service through chat or email, or through a process on the website.
  • Mail: You can send a request in writing to close an account.
  • Phone: Call a customer service representative for your bank to close the account easily from home.
  • In a Branch: Most traditional banks allow you to close an account by visiting the branch. ID may be required.
  • Automatically: Some banks will close your account automatically if you’ve carried a zero balance for more than a few months. If closing the account isn’t urgent, this might be the easiest way. However, make sure your account doesn’t enter overdraft if you have it set up for automatic bill pay or other transactions.

Compare Joint Checking Account Options

When you’re exploring joint checking accounts, look for an account with low or no monthly fees, a convenient network of ATMs, and high customer service ratings. Speak to your partner about what’s important to them in a joint checking account to find a bank or credit union that offers the features most important to both account holders.

Dawn Allcot
Meet the author

Dawn Allot is a personal finance writer and content marketing expert specializing in finance, travel, real estate, and technology. In addition to her work at Crediful, Dawn regularly writes for Bankrate, GoBankingRates, and The Balance.