Updated August 5, 2022

Best Joint Checking Accounts

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Review the best joint checking accounts for any purpose — for business partners, parents and teens, and even crypto enthusiasts — in this in-depth review.

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.

Can I open a joint checking account online? Yes. Just like a regular checking account, you can apply and access a joint account online using any device with an internet connection.

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.

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.

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.

Discover also has one of the highest-rated banking apps around, with 4.8 stars on the Apple App Store and 4.6 stars on the Google Play Store as of this writing.

Axos Bank: Best for High APY

Axos Bank Rewards Checking gives you the opportunity to earn Up to 1.25% 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.

Tip: You can get more out of Axos Rewards Checking by adding an Axos investing account. This is a great option for couples that want to start a joint investment account together too.

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.

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 16,000 ATMs nationwide.

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

Bluevine: Best for Business Partners

Bluevine is a popular online business checking account for its high APY. You can earn 2.0% on balances up to $100,000 with monthly eligibility requirements; 0% APY on balances over $100,000.

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).

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

Can I open a joint checking account with anyone? Essentially yes. The relationship between the two people is irrelevant. Both owners just need to both be legally allowed to open a bank account in the United States and possess the proper paperwork.

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.

Does a will override a joint bank account? It depends. If the account is subject to probate and one owner dies, the funds in the account are not guaranteed to the surviving co-owner. But, the surviving co-owner is automatically granted legal ownership of the funds if it is a joint account that is not subject to probate.

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.

References

  1. ^ FDIC. Your Insured Deposits, Retrieved 5/3/2022
  2. ^ NCUA. How Your Accounts are Federally Insured, Retrieved 5/3/2022

Write to Justin Barnard at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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