Best joint checking accounts of September 2024
鈥淰erified by an expert鈥 means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 2:24 p.m. UTC Sep. 4, 2024
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A joint account typically makes managing joint finances easier. In addition to the practicality, there鈥檚 another reason to pool funds: a happier marriage. Research shows that committed couples in long-term relationships are better off banking together.
In the spirit of convenience and love, we combed through more than 300 accounts offered by the nation’s top banks and credit unions. We looked at fees, ratings and access options to come up with the best joint checking accounts to find the best one for you and yours.
Annual percentage yields (APYs) and account details are accurate as of September 4, 2024.
Chase Total Checking庐
*Offer details
Earn a $300 bonus after opening a new Chase Total Checking庐 account and setting up a qualifying direct deposit of $500 or more within 90 days of account opening.
Why trust our banking experts
Our team of experts evaluates hundreds of banking products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- More than 440 checking accounts from 140 institutions reviewed.
- 4 levels of fact-checking.
- 65+ data points analyzed.
Best joint checking accounts
| INSTITUTION | ACCOUNT NAME | BEST OF | ||||
|---|---|---|---|---|---|---|
 | Bank5 Connect High-Interest Checking | Earning interest and cash back | ||||
| ||||||
 | First Citizens Bank Free Checking | Branch network | ||||
| ||||||
 | Quontic Bank Cash Rewards Checking | Digital banking | ||||
| ||||||
 | Discover庐 Cashback Debit Checking | Cash-back rewards | ||||
| ||||||
 | PenFed Free Checking | Credit union banking | ||||
| ||||||
 | Service Credit Union Everyday Checking | ATM rebates | ||||
| ||||||
 | PenAir Credit Union High-Yield Checking | High yield | ||||
| ||||||
 | SoFi Checking and Savings Account | Savings tools | ||||
| ||||||
 | USAA Classic Checking | Huge ATM network | ||||
|
Earning interest and cash back
Bank5 Connect High-Interest Checking
Branch network
First Citizens Bank Free Checking
Digital banking
Quontic Bank Cash Rewards Checking
Cash-back rewards
Discover庐 Cashback Debit Checking
Credit union banking
PenFed Free Checking
ATM rebates
Service Credit Union Everyday Checking
High yield
PenAir Credit Union High-Yield Checking
Huge ATM network
USAA Classic Checking
Methodology
We examined over 60 data points for over 300 checking accounts offered by 119 financial institutions, including Bank of America, Capital One, Chase, Discover, TD Bank, Marcus by Goldman Sachs and USAA.
We evaluated each to create a star rating. A perfect score of 100 would get five stars; a score of 80 would get four stars, and so on. Here are the categories we analyzed, what exactly we looked at for each and how we weighted them.
Fees: 50%
Fees, or the lack thereof, are the most crucial consideration when selecting a checking account. While finding a bank that charges absolutely nothing is impossible, plenty have low service fees and no monthly maintenance fees.
Here鈥檚 how we added up and analyzed charges.
- Monthly service fees (23%).
- The ability to waive monthly fees (7.50%).
- NSF fee (5%).
- Overdraft fee (5%).
- Out-of-network ATM fee (5%).
- All other fees (2.50%).
As shown above, we heavily weighted the service fee as, once you choose a bank account, you can鈥檛 really opt out of an automatically recurring fee unless you jump through a hoop or two, which can be a drag.
Customer experience: 20%
We rated accounts highly that had positive customer experience metrics 鈥 reviews matter.
- Better Business Bureau (BBB) grade (9%)
- Trustpilot rating (9%)
- Live chat availability (2%)
Digital experience: 10%
Following customer demand, banks are continuing to digitize their services. Deloitte reports that mobile channel digitization increased between 2020 and 2022 across the 16 categories evaluated in 193 banks.
We rewarded accounts that performed well on:
- Apple鈥檚 App Store average rating (3.50%).
- Google Play Store average rating (3.50%).
- Availability of online bill pay (1%).
- Ease of online banking access (2%).
Access: 10%
While some people only need a banking app and a debit card, in-person transactions can be preferred and even necessary at times. We scored banks with a wide-ranging ATM network higher and also gave some points to those with available bank branches.
- ATM Network (7.00%).
- Branches (3.00%).
National average for interest-bearing checking accounts
The national average for interest-bearing checking accounts sits at a paltry 0.08% APY as of August 19, 2024, according to the . In your overall financial plan, you should use a savings account to earn interest rather than a checking account. Yet, some interest is better than no interest.
| SAVINGS PRODUCT | NATIONAL DEPOSIT RATE |
|---|---|
Interest checking
| 0.08%
|
Savings
| 0.46%
|
Money market
| 0.64%
|
3-month CD
| 1.53%
|
What is a joint checking account?
A checking account is a waystation to hold money as it comes in, before you divide it up and send it out to pay bills, buy things or increase your savings and investments.
In a joint checking account, two people can deposit and withdraw from one account. Each has a debit card and an online login (and maybe physical checks, if you want them).
How it works
Imagine the joint account as a pile of money in a locked box. Both owners have a key. Either one can make deposits at any time. Either one can withdraw all or part of the funds at any time, no matter who made the deposits.
Getting one with a trusted partner can be ideal and help with transparency, encouragement and accountability. Co-owners are often spouses or family-related.
Insurance coverage
Joint account owners can enjoy a greater level of deposit insurance. The Federal Deposit Insurance Corp. and the National Credit Union Administration insure your deposits at banks and credit unions, respectively.
鈥淭his coverage applies to $250,000 per owner, per account type for each financial institution,鈥 said Seth Mullikin, CFP at Lattice Financial in Charlotte.
He explained that a couple could have $1 million in deposit insurance at the same bank. Each owner has an individual account of $250,000 and then a joint account of $500,000.
Learn more: You can use the , or NCUA鈥檚 to see your bank鈥檚 deposit insurance policy.
How to choose the best joint account
Among the thousands of FDIC-insured banks and NCUA-insured credit unions, you likely only want to have a joint bank account with one or two of them.
- Determine the features that you and your co-owner want. Do you want low minimum balance requirements? Does your partner want cash-back debit card rewards? Knowing what you鈥檙e after is vital to determining what 鈥渂est鈥 means to both of you.
- Do some research. Now that you know what you鈥檙e looking for, check out top banks and credit unions. Dig a little deeper into the aspects you care about to ensure no strings are attached to them that turn you off. Check out the minimum deposit requirements and fees for services you may use often, such as wire transfers.
- Pick a finalist or two. When you鈥檝e matched what you want with what鈥檚 available, you鈥檝e found your contenders. Remember that you鈥檙e not limited to only having one joint checking account. You can have multiple joint accounts if you wish.
Pros and cons of a joint checking account
A joint checking account can be a powerful tool, but it requires you to have a strong bond of trust with your co-owner.
Pros
- Easily share expenses. Rather than sending money back and forth to cover mutual expenses, such as rent, you can pay it out of the joint account.
- Contribute toward savings goals together. It can be motivating to see your savings grow twice as fast with another person adding their efforts.
- Gain financial transparency. Both account owners can see every financial transaction that happens in the account 鈥 deposits, withdrawals and debit card spending.
- Have peace of mind with survivorship benefits. If one co-owner passes away, the other automatically has full ownership of the joint account assets.
Cons
- There鈥檚 greater potential to overdraw. With two people鈥檚 bills and debit cards drawing on the account, you can face a greater risk of overdrafts.
- Their debt may become your problem. If your co-owner owes money, the creditors can stake a claim to the funds in the joint account to cover those debts.
- Transparency means a lack of privacy. How you spend your money can be personal. Seeing that a co-owner doesn鈥檛 share your same financial sense could cause strife.
- A split relationship can split funds. If your relationship with the co-owner ends, either of you could claim half of the assets in the joint account, even if you contributed less than half.
- Greater assets could reduce benefits. All of the assets in a joint account are considered to be owned by each co-owner. A sudden gain in wealth could reduce a co-owner鈥檚 ability to receive benefits like college financial aid or Medicaid.
Who should consider a joint checking account?
Joint checking accounts offer awesome convenience and benefits to people who trust each other with money. You don鈥檛 need to be family, you don鈥檛 need to be married or dating, but you do need to have a strong relationship with honest communication.
By opening a joint account, you trust that your co-owner won鈥檛 drain the account and say goodbye the next time you disagree.
To that end, you stand to gain different benefits from joint accounts depending on the relationship you have with your partner. Remember that having a joint account doesn鈥檛 mean you can鈥檛 still have separate, independent accounts.
Committed couples
Sharing the responsibility and the workload of managing finances can be a relief. Splitting living expenses and vacation costs from one pool of money is easier than doing some potentially complicated math and transferring funds.
Talk with your partner about expectations. Figure out when it鈥檇 be nice (or necessary) to check in before completing a transaction or signing up for another account tied to the joint one.
鈥淥nce you have an account, the bank will try to cross sell you,鈥 said Sarah Behr, registered investment advisor and founder of Simplify Financial Money in San Francisco. 鈥淚t benefits the bank more than it benefits the consumer.鈥
Parents with young children
In many cases, the best way to learn is by doing it. With a joint account, you can help your children learn about banking and money, while still having some control.
Subtypes of joint accounts, including youth and teen banking accounts, are specially designed to provide metaphorical bumper guards. For example, Capital One鈥檚 Money Teen Checking allows an adult to set spending limits, lock and unlock the debit card and control the child鈥檚 access to Zelle.
If you鈥檇 like to go further, you can check out the best investment accounts for kids
Adult children with aging parents
A joint account with your parent may allow you to:
- Pay their bills on time online.
- Swipe the debit card when you pick up their medication or groceries.
- Monitor transactions and flag suspicious activity.
A sudden drop in your parents鈥 checking account funds could mean fraud is afoot or a scammer is involved. By monitoring transactions, you can stay on top of things and potentially stop or reverse a problem.
Business partners
If your business is just getting off the ground and you don鈥檛 want to open a business checking account yet, you and a partner could open a joint checking account.
Having one pot of money to manage can be advantageous for moving things forward quickly. A joint account's transparency can also make accounting easier when you and your business eventually have to file taxes.
Learn more: The differences between business and personal checking
Joint checking account costs
A joint account has all the same potential costs as a regular checking account.
Monthly maintenance fee. Sometimes called a service fee, this fee is traditionally paid to keep the account open and operational. Many banks no longer charge it. For those that do, the fee is generally less than $10 each month.
Overdraft fee. If your account balance dips into the negatives (also called overdrafting), you not only have to make up the difference, but you also have to pay a fee for each transaction that sends your account below zero or further below zero. According to the FDIC, overdraft fees typically cost $35.
Thanks to the Consumer Financial Protection Bureau (CFPB) going after illegal junk fees in 2023, fewer institutions charge overdrafts and NSFs now.
Nonsufficient fund fee (NSF). This happens if the bank doesn鈥檛 allow your account balance to become negative. So when you don鈥檛 have enough funds, the transaction won鈥檛 go through and the bank will charge you an NSF. On average, this can cost $34 each time, according to the CFPB.
Wire fees. Transferring funds by wire almost always incurs a fee. While the exact fee can vary greatly, the median cost to receive a domestic wire in 2022 was $5 and the cost to send one was $25. International wires are more expensive. For example, TD Bank charges $15 for incoming international wires and $50 for outgoing international wires.
Out-of-network ATM fees. According to a Bankrate study, the average fee for using an ATM out-of-network hit a high of $4.73 in 2023.
We expedited mail fee. If you need something tangible ASAP, like a replacement credit or debit card, overnight delivery will likely cost you several dollars.
How to open a joint checking account
Choosing the financial institution you want may be intuitive or may take a while, but most banking account applications take only a few minutes.
1. Pick a provider
Your options include banks, credit unions, brokerages and online-only institutions that offer everything from high yields to brand-name clout. Once you match what you鈥檙e looking for to what鈥檚 out there, you鈥檒l go to the next step.
2. Apply for the joint account
Both you and your future banking partner will need to supply this data so it鈥檚 clear to the bank to whom the account assets will belong. We go into more detail on this in the next section.
- Provide personal details. You鈥檒l need to provide your names, addresses, and Social Security numbers to your chosen bank.
- Agree to terms and conditions. Whether in person or online, you must both sign the bank鈥檚 contract that establishes the relationship.
3. Get approved and set up the account
In most cases, approval should be immediate and you can set things up.
Pay the appropriate fees (if any). For accounts that do charge fees or for credit unions that require a membership donation, you typically have to pay only a nominal amount. If you don鈥檛 have to pay at the start, you鈥檒l need the funds to cover it in the account at the end of the first month.
Make a deposit. If the bank requires an initial deposit or maintains a set balance, you鈥檒l need to transfer cash to fund the account. Of course, you can put more money into the account than you need to. If you鈥檙e in person, you could literally hand over dollars. If you鈥檙e online, you could transfer funds, which brings us to the next point.
Establish account connections. To transfer cash easily, tie your joint checking account to other joint or individual financial accounts, which can be at the same financial institution or with others. Savings accounts, mobile wallets (like Venmo and Apple Pay), and investment accounts can all be connected.
Set up direct deposit and bill pay. You and your partner can set up direct deposit to fund the joint account automatically. If one or both of you don鈥檛 want your entire paycheck going to the joint account, you could set up an automatic fund transfer from another account that will siphon off only a percentage of your entire deposit. Once your account has some green in it, you could set up bill pay so money automatically goes where it needs to.
Activate debit cards. Within a week, you should receive your debit cards and any checks via mail. You may also be able to pick them up at a bank branch.
What if you鈥檙e not approved?
Your joint checking account application may be turned down if you or the co-owner have a banking history with red flags. Under the Fair Credit Reporting Act (FCRA), ChexSystems keeps a consumer report on your banking history. It鈥檚 much like other firms do with your credit history. If you or your partner have previous unpaid bank fees and unfunded accounts, look into second-chance banking.
Joint checking account requirements
Each person must provide data and a signature to open a joint checking account.
Personal information
Regulatory agencies like the FDIC require that banks keep records of account holder information for several reasons. Some of those reasons include fraud prevention and insurance coverage for your funds.
- Name and birthday. Your full legal name and your birthday.
- Government ID number. If you don鈥檛 have a Social Security number, a taxpayer identification number (TIN), driver鈥檚 license number, military ID, alien identification card or passport number may suffice.
- Residential address. This needs to be your street address, not a P.O. box.
- Contact details. Your phone number and email address.
In rare cases, the bank may ask you to provide further information to prove your identity. For example, you might have to upload a photo of your ID card or provide a copy of your rental agreement, mortgage statement or utility bill.
Terms and conditions
This is the legal, enforceable contract in which you, your joint account co-owner and the bank establish a financial relationship. It outlines the rules and regulations, stating who has what rights over the account. It may also include the minimum requirements and the fees.
Ideally, both joint owners will read over the papers before signing, but even if you skip down to the dotted line, you鈥檒l both need to sign before you can open the account.
Transfer funds
If your bank requires you to make a minimum deposit to start, or requires a set minimum balance at all times, you鈥檒l need to fund the account as part of the opening process. If you joined a credit union, you may also need to make a donation as part of the membership requirements. Either way, the institution will guide you through this process and gladly accept your money.
Alternatives to joint checking accounts
While joint checking accounts may make sense for one couple, others may want to seek out an alternative. Several different options include:
Individual checking accounts. If you and your spouse, for example, are likely to maintain a sense of financial independence from one another, it may make more sense to open or maintain individual checking accounts. You can also opt for a joint checking account and a separate individual checking or savings account.
Linked accounts. For people who want to maintain that independence but easily transfer money, you can consider linked accounts. An example of linked accounts are checking and savings accounts opened with the same institution that lets you seamlessly send money back and forth between accounts.
Apps to manage your finances. Another option is to use a financial management app like You Need a Budget or HoneyDue. These apps allow you to track your budgeting and spending, and you can link your individual accounts but look at the same figures.
Is a joint checking account right for you?
A joint account may make sense if you鈥檙e looking for a simple way to manage your expenses with another person, like a spouse or aging parent. These accounts let you conveniently keep your shared money in one spot. So you can easily track spending and how much you have to spend on everyday expenses.
When deciding whether a joint checking account is right for you, consider the pros and cons. If you're concerned about your co-owner's debt, the lack of privacy, or the other concerns outlined above, consider an alternative.
Frequently asked questions (FAQs)
You can open a joint account with anyone you trust who has a 91影视 government-issued ID number, such as a Social Security number, though doing so with someone you don鈥檛 absolutely trust comes with risks.聽
In most cases, if one of the joint account holders dies, the other person automatically holds sole ownership of the account and its assets.聽
The process can differ depending on the bank, but both owners generally need to consent by going to a banking branch in person and signing a form for the account to close.聽
A joint checking account works much like a regular checking account, except two people can access it. Both have equal rights to the funds inside, no matter who made the deposits.聽
*SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at
鹿We鈥檝e partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi鈥檚 ATM policies are subject to change at our discretion at any time.
虏Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the 鈥淪tart Date鈥 and 鈥淓nd Date鈥 set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the 鈥30-Day Evaluation Period鈥). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
鲁New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
鈦碬hen you use a non-USAA ATM outside of USAA鈥檚 preferred network, you may incur surcharge, usage, or other fees charged by the ATM operator or network. FSB refunds up to $10 per monthly statement cycle in non-USAA ATM surcharge or usage fees for transactions made at non-USAA ATMs. 1% Foreign Transactions Fee may apply. See the Account and Service Fee Schedule for details.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider鈥檚 website for the most current information.
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