Joint checking accounts can have many advantages for couples, business partners and relatives. This type of account allows more than one person to access the same funds for shared expenses and savings goals.

However, it’s essential to only open a joint account with someone you trust. You should communicate beforehand to determine how to manage the funds; otherwise, it could lead to potential conflict and damaged relationships.

Once you’re confident that all parties are on the same page, you’ll need to shop around for the best joint bank account to meet your needs. We’re here to help you sort through the options and find a good fit that makes sense for you.

Our team of experts at CNN Underscored Money analyzed dozens of joint bank accounts from more than 20 financial institutions to come up with the rankings for the best joint bank accounts. This included accounts from a mix of traditional banks, online banks and credit unions that are available nationally. We heavily emphasized lack of fees because that’s the factor that will directly impact your finances the most. You can read more about our methodology below.

The nbkc Everything Account has the features of both a checking and savings account. When you sign up, you receive a debit card and earn a competitive 1.75% annual percentage yield (APY) on your balance, well above the national average for interest checking accounts of 0.08%, according to the FDIC as of June 2024.

Along with excellent customer service, NBKC Bank’s online and mobile banking makes it easy to move money, track savings goals and set up auto-pay.

Although its ATM network is smaller than that of other banks because it’s based in Kansas City, you can access 31,000 MoneyPass ATMs at no charge, and NBKC will reimburse up to $12 monthly for out-of-network ATM fees.

The nbkc Everything Account is an excellent joint bank account for couples because you get the benefits of both a checking and savings account. All owners can easily access funds with a debit card while still earning a solid APY on the balance.

SoFi Checking and Savings

The SoFi Checking and Savings account is a linked checking and savings account. When you sign up for direct deposits, you earn 0.50% APY on your checking account balance and up to 4.20% APY on your savings balance.

With monthly direct deposits of $1,000, you qualify for SoFi’s overdraft coverage program for up to $50 on debit card purchases. You can also receive your paycheck two days early and earn up to a $300 welcome bonus, depending on how much you direct deposit within the first 25 calendar days of opening the account.

The account also features Vaults, which are customizable savings goals you can set up within your account, so you can save for a specific trip, purchase, emergency fund or anything else. You can enable automatic roundups on debit purchases so the spare change is sent to a vault.

Those looking to earn a sign-up bonus on an account with plenty of versatility and intuitive savings features.

Capital One MONEY Teen Checking Account

Teaching kids savvy financial management while they’re young may influence their responsibility with money as adults. Opening a Capital One MONEY Teen Checking Account for kids ages 8 and up may be one way to accomplish that.

Your child receives a debit card and a mobile app to view account balances and manage their money. Parents can also download the highly-rated mobile app to monitor account activity and lock or unlock the card as needed.

Although the APY is only 0.10% (barely above the national average of 0.08%), the MONEY Teen Checking Account offers a simple way to transfer money to your children and start teaching them about banking and finances.

The MONEY Teen Checking Account is ideal for parents who want to give their children some financial independence while monitoring their spending and saving habits to find teachable moments.

Axos Bank Rewards Checking

The Axos Bank Rewards Checking offers a competitive APY of up to 3.30%. However, to unlock the best rate, you must use other products and services at Axos Bank.

Requirements for the highest APY include $1,500 in direct deposits monthly, meeting spending requirements, managing an investment account with a $2,500 average daily balance and paying for an Axos loan with your account.

Axos is currently offering a sign-up bonus of up to $500* if you have qualifying direct deposits of $1,500 and an average daily balance of at least $3,000 each statement cycle for the first five statement cycles.

Those who qualify for the top APY and welcome bonus will benefit significantly from the interest earned and $300 cash infusion. Meeting the requirements to earn the bonus and maximum APY may be more manageable as a joint account with more than one person helping to qualify.

Connexus Credit Union Xtraordinary Checking

With the Connexus Credit Union Xtraordinary Checking Account, you can earn up to 1.75% APY on balances up to $25,000 when you meet specific requirements.

To qualify for the maximum APY, you must enroll in eStatements. You’ll also need to complete 15 debit card transactions or spend $400 with your debit card monthly, which you can track with the Xtraordinary Checking Progress tool.

There are no monthly fees or minimum balance requirements, and the debit card is free. You can make unlimited ATM transactions and get up to $25 reimbursed monthly for out-of-network ATM fees.

The Connexus Credit Union Xtraordinary Checking may be an excellent choice for a joint bank account because you’re more likely to hit the requirements to earn the maximum APY with two or more people making debit card transactions.

Capital One 360 Checking

Although Capital One 360 Checking earns only a 0.10% APY, it offers an excellent online banking experience with no account minimums or monthly fees. You can receive your paycheck two days early and transfer money to or from friends and family with Zelle.

Capital One’s mobile app has the best ratings on our list, and you can view your account balance, deposit checks, lock or unlock your card and receive transaction alerts.

There are over 70,000 ATMs nationwide where you can make withdrawals fee-free. You can also deposit cash at Walgreens,CVS and Duane Reade by Walgreens locations, a rare feature for an online bank account.

Capital One 360 Checking makes it easy for all parties to monitor their joint bank account with its highly-rated mobile app. It’s also an excellent option if you deposit cash into checking regularly.

When you sign up for Quontic Bank High Interest Checking, you can order a ring for your finger to use at payment terminals. The Quontic Pay Ring lets you leave your debit card at home while still accessing your funds for contactless payments using a ring on your finger.

You receive up to 1.10% APY on all balances but must make 10 qualifying debit card transactions of $10 or more per statement cycle.

While a $100 minimum deposit is required to open an account, Quontic Bank High Interest Checking has no monthly maintenance, overdraft or nonsufficient funds (NSF) fees. There is also an expansive network of over 90,000 ATMs where you can withdraw money free of charge.

Quontic Bank High Interest Checking offers an excellent APY with no balance requirements, making it a good choice for those with fewer funds to work with. For those looking to leave their wallet at home, the contactless Quontic Pay Ring is an innovative option.

LendingClub Bank Rewards Checking

With the LendingClub Bank Rewards Checking, you can earn an unlimited 1% cash back on qualifying purchases. While there isn’t a required balance to avoid a monthly maintenance fee, you’ll need at least $2,500 in your account to earn 0.10% APY and $100,000 to earn 0.15% APY.

LendingClub reimburses you for domestic ATM fees from other banks when withdrawing money from your Rewards Checking account. You can also receive your first order of 25 checks for free and get your paycheck two days early.

Between ATM rebates, cash back and earned interest, LendingClub says its customers received $20 per month in benefits on average.

If you plan to make a lot of debit transactions from your joint checking account, the unlimited 1% cash back may make the LendingClub Bank Rewards Checking a good choice for you. However, other banks may be a better fit if you want a higher APY.

Alliant Credit Union High-Rate Checking

With eStatement enrollment and at least one monthly recurring direct deposit, you can earn 0.25% APY on the Alliant Credit Union High-Rate Checking account.

Alliant is insured by the National Credit Union Administration (NCUA), so your funds safe up to $250,000. If you’re not otherwise eligible for membership based on living in or near Chicago or being an employee of one of Alliant’s business partners, you can make a one-time $5 donation to Foster Care to Success to become an Alliant member.

Alliant is a digital credit union, so there are no physical branches to visit. However, you can withdraw or deposit cash fee-free from 80,000 in-network ATMs and receive up to $20 in ATM fee reimbursements every month.

Alliant High-Rate Checking is best for people looking for an online credit union with a 24/7 customer service phone line. Every checking account comes with a savings account, so it may be an excellent joint account for working toward mutual savings goals with another person.

Upgrade, a financial technology (fintech) company, offers the Rewards Checking Plus account with no monthly fees or minimum balance requirement. Thousands of customers highly recommend Upgrade on Trustpilot, and its Apple and Google apps have excellent ratings.

Although Upgrade isn’t a bank, Cross River Bank, an FDIC member, provides its deposit accounts, meaning your funds are federally insured up to $250,000.

With at least $1,000 in monthly eligible direct deposits, you can earn up to 2% cash back on qualifying purchases (limited to $500 per calendar year) and ATM fee reimbursements. Meeting the direct deposit requirement also entitles you to a Performance Savings account with 5.07% APY.

If you can meet the $1,000 monthly direct deposit requirement, the Upgrade Rewards Checking Plus is a great way to earn cash back on purchases. For those who also want to open a savings account, you can earn a competitive APY with Performace Savings.

A joint bank account is similar to an individual bank account, except it has two or more people listed as owners.

You don’t have to be married or live at the same address to share a bank account. You can open a joint account with a romantic partner, parent, relative or business associate.

All co-owners must be natural persons — aka human beings. So, legal entities such as corporations can’t own a joint account. Listed owners have equal rights to the account, meaning they can deposit, withdraw, make debit card transactions and write checks.

A joint checking account can be an excellent way for two or more people to combine their finances. However, according to Teri Williams, president and chief operating officer of OneUnited Bank, sharing your finances with another person requires trust and communication.

“A joint account holder has all the rights to take money out of the account and move money around,” Williams said. “So the only time it makes sense is when you have full trust in the person that is on your account.”

Before opening an account together, discuss how much you intend to contribute and how you should use the money.

“The best strategy, assuming that you trust the person, is to really have some shared goals,” said Williams. “Why do you have the account? Is it an account for savings, and you have the shared goal of buying a home or going on vacation? Or is the account used to pay bills? Do you have a budget? The best way to manage a joint account is to sit down and talk with the joint account holder and come up with some actual financial goals for the account.”

You don’t need to close your individual accounts when you open a joint account. Keeping separate accounts can help you retain some privacy since all transactions from a joint account are visible. It may also help you avoid conflict about each other’s spending habits.

Streamline finances: Couples often open joint bank accounts to easily save money, budget, track spending and pay for expenses from the same funds. In a business, a joint account allows all partners to access company finances, including making deposits and managing spending.
Meet account minimums more easily: Opening a joint account is a simple way to meet a bank’s minimum account balance to receive better interest rates, waived fees or other benefits.
Encourage accountability: Joint accounts can’t hide expenditures or withdrawals, making them an excellent way for parents to teach their children about responsible financial management.
Help aging parents manage bills: A shared account allows an adult child to help a parent with banking and, generally, to maintain access to the account if the parent dies.

Federal insurance: You’ll also want to ensure that your financial institution is federally insured by the FDIC (for banks) or the NCUA (for credit unions), as all picks on this list are. You can check this with the FDIC’s BankFind Suite for banks or the NCUA’s Credit Union Locator.
Trustworthy account holders: Before opening a joint account, one of the most important considerations is whether all account holders are trustworthy. Any person on the account may be able to empty it without your permission, depending on the account agreement and state law.
Potential for disagreements: Even if you’re confident that your joint account holder is trustworthy, sharing finances is a big step that can easily lead to conflict. Before opening the account, you should clearly communicate with the other parties to ensure that you agree about how to manage the money.
Joint liability for any debts, such as overdrafts: If you or the other bank account owner have unpaid debts, creditors may seize the funds in your joint account to pay them. You will also be responsible for any fees, such as overdraft or NSF fees, regardless of who incurred them.
Lack of privacy. A joint account is not the right choice if all parties are not comfortable with sharing everything that goes in and comes out of the account.
Trouble if relationships end. You’ll have the added stress of figuring out how to divide funds if you and your joint account partner part ways.

You’ll typically encounter four types of joint bank accounts:

Revocable account: A revocable account identifies one or more beneficiaries who will receive account funds upon the owner’s death.
Convenience account: With a convenience account, one person has exclusive rights to the funds; however, other member(s) can access the account to deposit or withdraw on behalf of the owner.
Joint tenants with rights of survivorship (JTWROS): If a co-owner dies, the assets within the account automatically transfer to the other co-owners. Assets are divided in allotted percentages to the co-owners.
Joint tenants in common (JTIC): Assets are passed on to the deceased’s estate, where it is subject to probate.

When comparing joint bank accounts, there are a few aspects you should consider to find the best fit for you and the other account owners:

Interest rate: Whether you’re looking for a savings or checking account, check the APY and compare it against the rates other financial institutions offer. The higher the interest rate, the more returns you’ll receive from your balance.
Balance requirements: Even if an account has an excellent interest rate, read the account disclosures to see if there are any minimum balance requirements. If you can’t meet the account minimum, the bank may charge you a fee or lower the APY that your account earns.
Fees: It’s also important to read the bank’s fee schedule to see what charges may be associated with the account. Some banks may charge you for monthly maintenance, ATM transactions, transfers or inactivity.
Digital banking tools: Tools for digital banking and automated savings can help you manage your account without visiting a branch. You can often check your device’s mobile app store to find the features of the bank’s app and see how other customers enjoy it.
ATM network: A bank with a wide network of ATMs — including some nearby — can help you avoid fees when depositing or withdrawing cash. Many financial institutions have an ATM locator on their website so you can see if there’s a surcharge-free location near you.
Customer service: Banks with extended customer service hours and various contact methods may be helpful if you need assistance with your account. Checking online reviews of a financial institution may provide insight into how happy people are with their experience banking there.

Opening a joint bank account is just like opening an individual bank account, except you will select “joint account” when you apply.

Depending on the bank, you may need the other person there to open the account. Financial institutions generally need the following from all account owners:

Personal information, including address, birthdate and Social Security number or ITIN
Photo ID, such as a driver’s license or passport
Minimum deposit if required or if you plan to fund the account immediately

If you don’t want to open a new account, you can add an owner to an existing account.

Individual checking accounts: You can each maintain your own checking accounts if you don’t want to combine finances. Then review your spending every month to determine each person’s liability. Some financial management apps let you track shared bills, divide expenses evenly and pay each other straight from the app.
Joint savings account: Another alternative to a joint checking account is a joint savings account. You can use one account for shared expenses or multiple accounts to set aside money for specific savings goals. Any co-owner can withdraw funds when necessary, but there may be transaction limits.
Credit card with authorized user: Instead of opening a joint checking account, you can add an authorized user to a credit card. Once the bill arrives, the authorized user can reimburse you for their share of the statement balance. However, the primary cardholder is responsible for the charges on the card, even if the authorized user made them.
Checking account with authorized user: You can also add a secondary signer to your individual checking account. While the authorized user can make deposits and withdrawals, transfer funds and sign checks, they aren’t legally responsible for the account, including fees. Unlike a joint bank account, you typically don’t need permission to remove them from the account.
Linked accounts: Linking individual accounts is another option. This way, you can transfer funds between accounts to easily reimburse each other for expenses. It can make it simple to manage money while maintaining separate accounts.

Combining finances with another person is a significant step in a relationship. While it can be an excellent way to work toward your money goals as a team, it can easily cause strain between you and your partner if not done right. In fact, one study showed that 50% of surveyed couples agreed that financial problems were a major contributing factor to their divorce.

Here are some tips to help you successfully share finances as a couple:

Think as a team: Whether combining finances or keeping them separate, remember that you two are a team. Chances are, you won’t agree on everything, so it’s important to view disagreements as both of you against the problem rather than you and your partner against each other. Try to find a middle ground whenever possible and consider couples therapy if you can’t.
List your goals: What are your shared goals for the future (i.e., buying a home, starting a family, starting an emergency fund)? Decide the priority of each goal and calculate how much money you would need for each. Once you make a budget, you’ll be able to determine how much to save each month.
Create a budget: A budget offers a clear vision of where your money should go each month, which may prevent arguments about finances. Budgeting platforms like Monarch or YNAB can help you plan for bills, track spending and create savings goals. The 50/30/20 rule says 50% of your net income should go to necessary expenses, 30% to discretionary spending and 20% to savings or extra debt payments; however, you can adjust this to your unique circumstances.
Consider separate accounts: While a joint account can help couples manage shared expenses, you don’t need to combine your finances completely. Consider keeping separate accounts for fun money and gifts. You may try setting a specific amount you can use for personal spending each month.
Communicate often: Sit down with your partner regularly to discuss your finances. Check with them to see if they are happy with how things are going, and express any of your concerns. You’ll likely find that the system you originally agreed will need adjustments along the way.

Methodology

CNN Underscored Money analyzed dozens of joint bank accounts from more than 20 financial institutions to find the best joint bank accounts. This included accounts from a mix of traditional banks, online banks and credit unions that are available nationally. We ranked each account on 18 data points across six categories.

Frequently asked questions (FAQs)

Yes, joint bank accounts are generally considered safe when held at a federally insured bank or credit union.

The FDIC limit is $250,000 per depositor, per account and per FDIC-insured bank. Therefore, a couple’s joint account would have $500,000 in FDIC insurance.

*To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "RC500," an application for a Rewards Checking account must be submitted between 06/20/2024 at 12:00 am PT and 07/31/2024 at 11:59 pm PT.

Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:

Rewards Checking bonus up to $500: You must be approved for your new Rewards Checking account and fund it within 60 days of account opening. An incentive of up to $500 can be earned during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met.

$100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000.

Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible.

A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Account transactions may take one or more business days from the transaction date to post to the account.

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The best joint bank accounts in November 2024