Updated July 22, 2024

Best Joint Checking Accounts for 2024

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

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.

Discover the best joint checking accounts available, how to open one, pros and cons, and more.

Which is the best joint checking account?
Here are 11 great checking options you can open with someone:
  1. Axos Bank Rewards Checking for High APY
  2. SoFi Checking and Savings for Fee-free Checking
  3. Capital One MONEY as Parent/Teen Account
  4. LendingClub Rewards Checking for Perks
  5. Chase Total Checking® Account as Big Bank Option
  6. Ally Spending Account for Optional Savings
  7. Quontic High Interest Checking for Rewards
  8. Alliant High-Rate Checking as Credit Union Option
  9. Discover® Checking Account for Cashback
  10. Chime Checking Account for Second Chances
  11. Bluevine Business Checking for Business Owners

Can I open a joint checking account online? 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 bank accounts below were chosen based on several factors. These include monthly fees, interest rates, cash back rewards, sign-up bonuses, and convenience of ATMs.

CreditDonkey PARTNER Rule: Protection, Accessibility, Rates, Tools, No fees, Easy management, Rewards

The PARTNER rule helps you remember the key aspects to consider when choosing a joint checking account:

  • Protection: Ensure the account offers strong security features and fraud protection.
  • Accessibility: Look for easy access to funds through ATMs, branches, and online banking.
  • Rates: Check for competitive interest rates and fee structures.
  • Tools: Ensure the account provides useful financial management tools.
  • No fees: Aim for accounts with minimal or no maintenance fees.
  • Easy management: The account should be simple to manage for both account holders.
  • Rewards: Look for any rewards or benefits offered by the account.

Axos Bank Rewards Checking For High APY

Axos Bank Rewards Checking gives you the opportunity to earn Up to 3.30% APY. It has a series of conditions to unlock a special interest rate every time you fulfill one.

For example, if you receive monthly direct deposits totaling to at least $1,500, you get 0.40% APY. You could add 0.30% APY if you use your Axos Visa® Debit Card for a total of 10 transactions per month, and so on, until you reach the maximum APY possible.

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 an investment account together, too.

SoFi Checking and Savings For Zero Fees

Online banks often enable customers to get more value-added benefits than traditional banks. This is why SoFi is a popular option. It combines fee-free checking with high-earning savings, making a perfect case for 2-in-1 checking and savings accounts.

You don't pay monthly fees, no overdraft charges, no ATM fees (within the Allpoint network) — nothing.

If at all, the only charge you'll probably encounter is when you make a cash deposit, which you can easily skirt if you opt for online transfers to fund your account instead. Technically, it's a third-party fee, not SoFi's.

Capital One MONEY for Parents & Kids

Capital One MONEY is a joint checking account that helps parents teach their children 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.

Related: Best First Checking Account For Kids

LendingClub Rewards Checking for Perks

LendingClub Rewards Checking offers a chock-full of bank incentives that both you and your account partner can take full advantage of. Aside from earning Unlimited 1.00% cashback on LendingClub debit card purchases, you get unlimited ATM fee rebates and your first 25 checks for free.

To qualify for cashback, you must have:
  • A Rewards Checking account open for at least 30 days, or
  • Receive $2,500 worth of recurring direct deposits into your account from an income source or keep an average monthly balance of at least $2,500.

While it isn't much, your balance can earn interest (if it's $2,500 or more). Otherwise, it has no minimum balance requirements whatsoever.

What's more, a slew of loan options awaits you. They are comparably less stringent, making them easier to secure if you have fair to good credit standing.

Chase Total Checking® as Big Bank option

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

Although this account comes with a monthly fee, you can waive it quite easily. One way is to make electronic deposits totaling $500 or more, which is fairly manageable.

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

Ally Spending Account for Optional Savings

Ally offers an excellent checking account with interest. But 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 30 different savings "buckets."[1] This makes it easy to save and track different personal and shared savings goals.

Quontic High Interest Checking Account

Quontic Bank has account options for everyone — spenders, savers, and even those interested in innovative financial solutions:

  • High Interest Checking
  • Cash 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.

Quontic Checking Account holders can also get a Quontic Pay Ring for convenient contactless payments. Just make sure you remain active, as Quontic charges a $5 inactivity fee per month.[2]

Alliant High-rate Checking 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.

Discover® Checking Account for Cashback

Discover® Bank 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 4.9 stars on the Apple App Store and 4.5 stars on the Google Play Store as of March 2024.

Chime Checking 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 and there are no monthly fees and no minimum balance requirements.[3]

Read More: Best Second Chance Bank Accounts and Banks Like Chime

Bluevine Business Checking for SMEs

Bluevine Business Checking 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; 3.0% APY on balances up to $250,000 for Plus customers; 1.5% 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 (with a small fee) at 90,000+ Green Dot locations and 1,500+ Allpoint+ ATMs, multiple debit cards for authorized users, and 5 free sub-accounts.

You can also add as many 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).

What Are Joint Checking Accounts Used For?

A joint checking account is owned by two or more people to manage shared financial expenses. This could be between business partners, married couples, parents and their kids, or family members.

Such an account can be useful for helping an elderly parent manage their finances, pay bills, and monitor spending. If you have a child, you can deposit funds in it for their schooling and other needs.

Between travel partners, it simplifies managing split expenses like lodging, transportation, and activities.

Even if you open a joint bank account, keeping another account just for yourself is still a smart idea.

How Does a Joint Checking Account Work?

Joint checking accounts are like any other checking account. But since there are at least 2 individuals involved, you all will typically have equal access to the money. This means you can request a debit card, write checks, and withdraw funds without requiring permission from the other co-owner/s.

In addition, the account holders share responsibilities like paying bank fees and taxes from interest earnings (if any).

Can I remove my name from a joint checking account?
It is possible to remove your name from a joint checking account. Since banks' policies may vary, you need to check with your bank or financial institution if they will require consent of the other account holder/s.

Pros & Cons

Pros

  • Simplifies financial management
  • Better transparency
  • Quicker access to funds (especially during emergencies)
  • Fosters collaboration when you have savings goals (i.e. a new home or wedding)
  • Teaches financial responsibility (when kids are your co-account holders)
  • Higher insurance coverage

Each account holder in the joint checking account can claim up to $250,000 in insurance coverage from the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).[4][5]

Cons

  • Shared liability
  • Limited financial privacy
  • Potential for conflict

Can I open a joint checking account with anyone? Opening a joint checking account can be done with anyone regardless of your relationship. Both owners just need to be legally allowed to open a bank account and possess the required proof of identification.

Types of Joint Bank Accounts

Joint bank accounts come in several types, each designed for a particular preference or need. Here are some of them.

Joint Tenants with Rights of Survivorship (JTWROS)
Perhaps the most common type of a joint bank account, JTWROS automatically transfers any remaining funds to the surviving account holder if a co-owner passes away.

Tenants in Common (TIC)
Unlike JTWROS, the share of the deceased account holder in a TIC goes to their estate or designated beneficiary.

Convenience Account
Another person is allowed to transact with the account on behalf of the actual account holder. This means they can withdraw from the funds but they don't have any ownership over the account.

Joint Business Account
This holds corporate funds which typically grants access to 2 or more people involved in the company.

What happens if the other person in a joint checking account dies?
2 things can happen with the death of an account holder in a joint checking account. One is that the funds will automatically belong to the surviving account holder. If it's a Tenants-In-Common account, the share of the deceased account holder goes to their heirs (who may or may not be the co-account holder).

When To Consider a Joint Checking Account

There are several scenarios that make a case for opening a joint checking account. One is if you are a married couple. Given shared expenses, keeping one account provides more transparency, streamlined payments, and easier tracking.

A joint account with young children may be a sound choice for parents. This way, they can guide them in their finances and teach financial responsibility.

If you want to assist elderly parents with their money matters, opening a convenience account is one way to go about it. You can help them pay bills, etc. while they still get to keep full ownership of their account.

Trust and regular communication are required to manage money in a joint checking account successfully. With both account holders having access to the account, having trust ensures that neither party will misuse the funds. At the same time, regular communication helps avoid conflicts and promotes healthy financial partnership.

How to Choose the Best Joint Checking Account

Shopping for the best joint checking account for you and your partner may require evaluating the following aspects against your needs and financial goals.

Features
Does the joint checking account offer bill pay services? What about interest on balances, cashback rewards or other perks?

Fees
While there are many fee-free checking options, check if the monthly and other bank fees are something you both can live with in exchange for its benefits.

Who pays taxes on a joint bank account?
The account holder whose SSN or TIN is associated with the joint bank account is typically responsible for reporting any interest income to the IRS using Form 1099-INT. If your co-account owner (who isn't your spouse) has a share in that income, you may allocate their portion by issuing them a separate Form 1099-INT.

Accessibility
Many deposit accounts come with mobile apps, providing utmost convenience to account holders. You also want to ensure there are nearby ATMs that belong to your bank's network.

Customer support
Consider availability and quality of customer service via phone, online chat, or in-branch assistance.

Security
Check your account's fraud protection measures such as if they have a 2-factor authentication process when accessing your account online.

Are joint accounts safe?
Joint bank accounts can be safe, but you have to be aware of its potential risks. There is a possibility of misuse or mismanagement of your co-owner, more so if your relationship with that person ends. To mitigate such risks, it will help opening an account with someone you fully trust and reviewing your account regularly.

How to Open a Joint Bank Account

Opening a joint bank account is the same as opening a standard account as an individual, except there are 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. Also, be mindful of any minimum balance requirements.

  3. Gather the necessary documents.
    Both parties will need to provide the financial 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 (TIN).
    • 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 activated.

Does a will override a joint bank account?
Generally, a will does not override a joint bank account which is often set up with the rights of survivorship (or the surviving co-owner automatically inherits the entire account balance). But there may be instances that when the account becomes subject to probate, the remaining funds are eventually awarded to the rightful beneficiary instead.

Alternatives to a Joint Checking Account

If you aren't comfortable with a joint checking account, there are other options that can provide some level of shared access or responsibility while still taking charge. Here are some of them:

Separate accounts with linked transfers
Each person has their own individual account which enables you to conduct manual or automatic transfers between accounts to cover shared expenses.

Money transfer apps
Two or more people can easily send money transfers to one another in real-time through P2P payment apps like Venmo and PayPal.

Restricted joint accounts
Open a joint checking account for a specific purpose of managing household expenses like rent, utility bills, etc as an example.

Joint savings accounts
In case you just want to save as a couple, shop for a high-yield savings account to give you better interest earnings.

Budgeting apps
Using online budgeting tools like Quicken and Monarch Money are great for couples to help you manage money and track expenses while keeping your deposit accounts separate.

How do you close a joint checking account?
When closing a joint checking account, you can write a request and have all account holders sign it. Most banks will require only one account holder to close the account in person. In any case, check your bank for special instructions to carry this out correctly.

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. ^ Ally Bank. Buckets — The Simple Solution For Your Spending and Savings Goals, Retrieved 2/23/2024
  2. ^ Quontic Bank. Schedule of Fees, Retrieved 2/23/2024
  3. ^ Chime. Chime High-Yield Savings Account, Retrieved 2/23/2024
  4. ^ FDIC. Your Insured Deposits, Retrieved 7/1/2024
  5. ^ NCUA. How Your Accounts are Federally Insured, Retrieved 7/1/2024

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

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