Best Joint Checking Accounts for 2023

Explore an expert review of the top joint checking accounts for your needs: married couples, unmarried couples, parents-teens, and businesses.

Citi Priority - Earn up to $2,000 Cash Bonus

• Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
• New to Relationship customers can choose their Relationship Tier.
• Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
• Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
• If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
• Bonus will be paid within 30 days after you successfully complete all required activities.
• Restrictions apply.

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Expires 1/9/2024

Member FDIC

BMO Smart Advantage Checking - $400 Cash Bonus

Open a new BMO Smart Advantage Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

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Expires in 2 days

Member FDIC

Chase Total Checking® - $200 Bonus

• New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking^® account with qualifying activities
• Access to more than 15,000 Chase ATMs and more than 4,700 branches
• Chase Mobile^® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
• JPMorgan Chase Bank, N.A. Member FDIC
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
• Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

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Expires 1/24/2024

Want sharing finances to be easier? A joint bank account may be the answer.

But not all joint accounts are created equal. Before you open one, it's best to lay out a plan for how the account will be used.

• What is the purpose of this account?
  
• Who is going to deposit the money (and how much)?
  
• How will these funds be used?

The answers will depend on your situation and relationship with the other account owner. Now, let's look at the best joint checking accounts available, how to open one, and the pros and cons.

Best Joint Checking Accounts

The banks below were chosen based on several factors. These include monthly fees, interest rates, cash back rewards, sign-up bonuses, and convenience of ATMs.

Discover: Best Cashback Account

Discover is well known for their cashback credit cards. It also offers an excellent Discover CashBack Debit account that you can open as a joint account. It's a great choice for couples that use their debit cards a lot.

Customers can enjoy 1% cashback on up to $3,000 in purchases each month. See website for details.

Plus, there are no monthly fees, no overdraft fees, and free checks.

Member FDIC

Online Checking Account - Earn Cash Back

Click Here to Apply Now

• Minimum Deposit Required: $0
• Balance Requirement: $0
• Monthly Fee: $0
• APY: N/A
• ATMs: 60,000+ Allpoint or MoneyPass ATMs
• Perks: 1% cashback on up to $3,000 in purchases each month. See website for details

Chase: Best Big Bank for Joint Accounts

If you're looking for a brick-and-mortar bank, Chase Total Checking provides the convenience of over 4,700 branches and more than 15,000 ATMs nationwide.

Chase is known for their new customer bonus offers. It also has a top-rated mobile app and excellent customer service.

Member FDIC

Chase Total Checking® - $200 Bonus

Open an Account

Expires 1/24/2024

• Monthly Fee: $12 Monthly Service Fee OR $0 with one of the following, each monthly statement period:
  • Qualifying electronic deposits made into this account totaling $500 or more,
  • OR a balance at the beginning of each day of $1,500 or more in this account,
  • OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances

Details

• New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking^® account with qualifying activities
• Access to more than 15,000 Chase ATMs and more than 4,700 branches
• Chase Mobile^® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
• JPMorgan Chase Bank, N.A. Member FDIC
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
• Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

Member FDIC

Chase Secure Banking℠ - $100 Bonus

Get $100 Coupon

Expires 1/24/2024

• Monthly Fee: $4.95

Details

• New Chase checking customers enjoy a $100 checking account bonus when you open a Chase Secure Banking℠ account with qualifying transactions. Open online or at any Chase branch.
• Set up direct deposit and you may get your money up to two business days early-exclusively for Chase Secure Banking℠ customers.
• No minimum deposit to open an account and get started plus no overdraft fees with a Chase debit card that helps you stay within your balance.
• Track your credit score, get a personalized action plan provided by Experian™ to help improve your score and receive identity monitoring for free through Chase Credit Journey^®.
• Chase Secure Banking℠ customers told us they save an average of $50 a month on fees after opening their account.
• JPMorgan Chase Bank, N.A. Member FDIC.
• Pay bills, cash checks and send or receive money with Zelle^® all for a $4.95 monthly service fee.
• Bank from anywhere with access to more than 15,000 Chase ATMs, more than 4,700 Chase branches, the Chase Mobile^® app and Chase.com.

Member FDIC

Chase College Checking℠ - $100 Bonus

Get $100 Coupon

Expires 1/24/2024

• Monthly Fee: No Monthly Service Fee while in school up to the graduation date provided at account opening (five years maximum) for students 17-24 years old.

Details

• Enjoy $100 as a new Chase checking customer when you open a Chase College Checking℠ account and complete 10 qualifying transactions within 60 days of coupon enrollment.
• No Monthly Service Fee while in school up to the graduation date provided at account opening (five years maximum) for students 17-24 years old.
• Students ages 18-24 with a Social Security Number can open an account online or at a Chase branch. Students with no Social Security number or who are 17-year-olds can only open an account at a branch.
• Keep track of your money in the Chase Mobile^® app. The app helps you manage your money.
• Zelle^® is available in more than 1,000 banking apps in the U.S. So you can send and receive money from almost anyone you know and trust who has a bank account in the U.S.
• Access to more than 15,000 Chase ATMs and more than 4,700 branches.
• JPMorgan Chase Bank, N.A. Member FDIC
• Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

Chase Private Client - $3,000 Bonus

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Expires 1/24/2024

Details

• You're eligible for up to a $3,000 bonus when you open a new Chase Private Client Checking℠ account with qualifying activities.
• Speak with a Private Client Banker to open your Chase Private Client Checking account today. Schedule your meeting at your nearest branch or over the phone.
• Priority service for everyday banking. Receive personalized attention from a dedicated Chase Private Client Banker who is ready to help you.
• Earn $1,000 when you deposit $150,000 or earn $2,000 when you deposit $250,000 or earn $3,000 when you deposit $500,000.
• No ATM fees worldwide.
• No Chase fee on incoming or outgoing wire transfers.
• Enjoy higher limits on Chase Private Client debit card purchases and ATM withdrawals, as well as higher Zelle^® and Chase QuickDeposit℠ limits.
• Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Deposit products are FDIC insured up to the maximum amount allowed by law.

Quontic: Best for Rewards

Quontic Bank has account options for everyone — spenders, savers, and even crypto enthusiasts:

• High Interest Checking
  
• Cash Rewards Checking
  
• Bitcoin Rewards Checking

Quontic Bank offers one of the largest ATM networks. You can use over 90,000 Allpoint, MoneyPass, SUM, or Citibank ATMs with no fees.

Just make sure you remain active, as Quontic charges a $5 inactivity fee.

Member FDIC

High Interest Checking - Up to 1.10% APY

• Earn up to 1.10% APY
• $100 minimum opening deposit
• APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.

Click Here to Learn More

Axos Bank: Best for High APY

Axos Bank Rewards Checking gives you the opportunity to earn Up to 3.30% APY. You can see the details of how it works here.

There are no overdraft fees and no ATM fees. Axos will provide unlimited domestic ATM fee reimbursements.

Member FDIC

Rewards Checking - Up to 3.30% APY

Click Here to Get Deal

• Minimum Deposit Required: $50
• Balance Requirement: $0
• Monthly Fee: No monthly maintenance fee
• APY: Up to 3.30%
• ATMs: Unlimited domestic ATM reimbursements
• Perks: Get your first set of 50 checks free

Ally Bank: Best for Saving

Ally offers an excellent checking account with interest. You can really get the most out of it by pairing it with a savings account.

When linked, you can use a roundup feature that sends the change of any debit card purchase directly into your savings account. Ally can also analyze your checking account for extra money, then transfer it automatically to your savings.

You can create up to 10 different savings "buckets." This makes it easy to save and track different personal and shared savings goals.

Capital One: Best for Parents & Kids

Capital One MONEY is a joint checking account that helps parents teach their teens about banking and money management. Though it's designed for teens, it's available to any kids age 8+.

This account comes with a debit card for kids and a suite of parental control features. It makes it easy for parents to transfer allowances or gift money. You can track your kids' activities and even lock/unlock their debit card.

There are no minimum balance requirements or monthly fees.

Alliant: Best Credit Union Joint Account

Alliant is the only credit union on our list. Member-owned credit unions like Alliant are famous for superior customer service and a focus on putting members over profits.

The Alliant High-Rate Checking account has no monthly fees and offers interest to help you grow your money.

Debit card holders can also use over 80,000 ATM CO-OP, Allpoint, and MoneyPass ATM locations.

Plus, if you have to use an out-of-network machine, Alliant gives you up to $20 of monthly ATM fee reimbursements.

Chime: Best Second Chance Account

If both you and your co-owner have poor or no banking history, Chime offers arguably the best second chance account.

That's because Chime does not check your credit or your ChexSystems score.

Overdraw your account? No problem. With Chime's SpotMe feature, you can overdraw your account up to $200 and simply pay it back later with no fees (eligibility requirements apply).

The Chime mobile app is easy to use for all your basic needs. You can transfer money between accounts, deposit checks remotely, request a replacement debit card, and monitor spending.

Chime also offers a respectable 2.00% APY with their savings accounts.

Bluevine: Best for Business Partners

Bluevine is a popular online business checking account for its high APY. You can earn 4.25% APY on balances up to $3M for Premier customers; 2.0% APY on balances up to $250,000 for Standard tier customers that meet monthly eligibility requirements.

It comes with a lot of great features, such as 2 free checkbooks, ability to deposit cash at 90,000+ Green Dot locations (with a small fee), and 2 free sub-accounts.

You can add as many additional users as you want. So it's great for businesses with multiple owners. You can set the level of account access each user gets (full, limited, or read-only).

Free Business Checking - Up to 2.0% APY

Click Here to Get Deal

• Minimum Deposit to Open: $0
• Balance Requirement: $0
• Monthly Fee: $0
• APY: 2.0% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000
• ATMs: 38,000+ MoneyPass ATMs
• Perks: 2 free checkbooks per year; No non-sufficient funds fee

The Pros and Cons of a Joint Bank Account

Regardless of whether you're opening an account with a business partner, spouse, or child — joint accounts require trust and solid communication. Joint accounts can make banking easier, but there is some risk involved.

Pros

• Pay for shared expenses like rent and bills
  
• Collaborate on savings goals like a new home or wedding
  
• Teach kids financial responsibility while monitoring their activity
  
• Up to $500,000 FDIC or NCUA Insurance ($250,000 for each owner)^[1][2]

Cons

• Shared liability. If one person overdraws the account, both are responsible to pay it back
  
• Limited financial privacy since each owner can view all transactions
  
• If either party owes money, debt collectors can put a lien on the joint account

How to Open a Joint Bank Account

Opening a joint bank account is the same as opening a standard account as an individual, except with two or more parties involved.

1. First, agree on how you'll use the account
   Communication is key with joint bank accounts. Talk to your account partner to decide what it will be used for, how contributions will work, and your long-term goals.

2. Choose your bank
   Identify the bank or credit union where you want to open a joint account based on the criteria above: rewards like APY or cash back, monthly fees, ATM access. Also, be mindful of any minimum balance requirements.

3. Gather the necessary documents
   Both parties will need to provide the banking institution documents to verify your identity. You should be ready to supply at least the following documents:
   
   • Your Social Security number (SSN) or taxpayer's identification number
     
   • A photo ID, such as a state-issued driver's license, state-issued ID card, or government passport
     
   • Personal info including your name, mailing address, phone number, and email address

4. Apply for your joint account
   Visit a bank branch, call, or apply online for your new joint checking account. If there's a minimum opening balance, you may also need to deposit funds before the account is considered active and in good standing.

What Are Joint Checking Accounts Used For?

Joint checking accounts are owned by two or more people to manage shared expenses. This could be between business partners, married couples, parents and their kids, or family members.

Trust and regular communication are required to manage a joint bank account. This is because both owners have the power to deposit and withdraw money, write checks, and view transaction history.

Keep in mind: Even if you open a joint bank account, keeping a private account for yourself is still a smart idea.

It's convenient if you're buying a gift for the other account holder or even as a fallback if the other person proves to be financially unreliable.

The Bottom Line

Joint accounts are a great way for marriage or business partners to simplify expenses or to teach your kids about financial responsibility.

Select the account with the right mix of high rewards, low fees, and convenient access that fits your needs.

Citi Priority - Earn up to $2,000 Cash Bonus

• Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
• New to Relationship customers can choose their Relationship Tier.
• Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
• Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
• If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
• Bonus will be paid within 30 days after you successfully complete all required activities.
• Restrictions apply.

Learn More

Read Review

Expires 1/9/2024

Member FDIC

BMO Smart Advantage Checking - $400 Cash Bonus

Open a new BMO Smart Advantage Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Learn More

Read Review

Expires in 2 days

Member FDIC

Chase Total Checking® - $200 Bonus

• New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking^® account with qualifying activities
• Access to more than 15,000 Chase ATMs and more than 4,700 branches
• Chase Mobile^® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
• JPMorgan Chase Bank, N.A. Member FDIC
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
• Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

Learn More

Read Review

Expires 1/24/2024

References