Finest Banks for Joint Accounts for January 2023

For those who’re prepared to mix funds together with your associate or train your youngsters about cash, a joint checking account might help. It helps you to mix all earnings into one account to trace your cash, targets and payments multi functional place.

Relying in your shared targets and causes for opening a joint checking account, some options could also be extra vital than others. We reviewed dozens of joint checking account choices for low charges, low minimal deposit necessities, ATM and department availability and the power to earn curiosity. Listed here are are picks for greatest joint checking accounts for 2023.

Annual share yields or APYs present as of Jan. 27, 2023.


  • APY: 2.50% APY for joint checking; 3.75% APY for joint financial savings
  • Minimal deposit required: No
  • Minimal steadiness requirement: No
  • Month-to-month payment: No
  • ATM entry: 55,000 ATMs inside the Allpoint Community. Out-of-network charges aren’t reimbursed. 
  • Bodily areas: No

SoFi would not cost any month-to-month upkeep charges and it additionally would not have a minimal steadiness or deposit necessities for its joint checking account. You may earn a aggressive rate of interest (as much as 2.75% APY) and get 15% money again once you use your debit card to make purchases at choose native companies. Proper now, once you open a checking account and arrange direct deposit, you may additionally qualify for a welcome bonus of as much as $250. 

This on-line joint checking account additionally helps you to spherical up your purchases to the closest greenback, then switch the rest to your SoFI high-yield financial savings account. You may robotically obtain a financial savings account when opening a joint checking account, so should you’re not focused on two new accounts, you may think about another choice.

SoFi’s joint checking account additionally comes with $50 in overdraft protection, so long as you’ve got month-to-month deposits of a minimum of $1,000. And you may get paid as much as two days early. Nonetheless, although SoFi has over 55,000 fee-free ATMs, you may pay a surcharge for any ATM out of community. 

  • Joint checking APY: Earn 0.10% on balances lower than $15,000, then 0.25% on balances greater than $15,000. 
  • Minimal deposit required: $0
  • Minimal steadiness requirement: $0
  • Month-to-month payment: $0
  • ATM entry: Use Allpoint ATMs without spending a dime. You may be reimbursed as much as $10 per assertion cycle for surcharge charges at out-of-network ATMs.
  • Bodily areas: No

Ally’s joint checking account simplifies banking for each account holders and is stuffed with options like  early direct deposit to get your paycheck as much as two days sooner. If you wish to automate financial savings, Ally can robotically spherical your transactions as much as the closest greenback, then switch the cash to an Ally high-yield joint financial savings account — which might earn as much as 3.30% APY.

Ally’s CoverDraft℠ offers you overdraft safety for as much as $100 (or $250 should you arrange qualifying direct deposits). It’s possible you’ll qualify 30 days after you deposit $100 into the checking account. Then, you may improve your overdraft safety quantity after two months of direct deposits. 

There aren’t any month-to-month upkeep charges, minimal steadiness necessities or overdraft prices. However you may count on just a few customary banking charges, for companies like outgoing wire transfers, same-day invoice pay and expedited supply. 

However the perks outweigh the charges with this interest-earning account. Ally gives in-network ATMs at Allpoint ATMs and you may rise up to $10 reimbursements month-to-month for out-of-network surcharges. 

There’s one draw back that units Ally aside — you will not be capable to deposit money instantly into your account. You’ll be able to solely switch funds from one other Ally account, exterior checking account, examine or wire switch. And since Ally is an online-only financial institution, in order for you entry to a bodily department, it is best to think about another choice.

Learn our full evaluate of Ally Financial institution.

Alliant Credit score Union

  • Joint checking APY: 0.25%
  • Minimal deposit required: $5
  • Minimal steadiness requirement: $0
  • Month-to-month payment: $0
  • ATM entry: Entry to 80,000 in-network ATMs. You’ll be able to rise up to $20 every month reimbursed for out-of-network ATMs. 
  • Bodily areas: Sure

When you have your sights set on a financial savings aim, Alliant’s high-rate checking account might help. To earn curiosity, you may must opt-in for eStatements as an alternative of paper statements and obtain a minimum of one qualifying digital deposit (direct deposit, ATM deposit, cell deposit or a switch from one other checking account) into your account every month. 

We additionally like that Alliant gives overdraft safety companies, together with Courtesy Pay and Overdraft Safety, without spending a dime. As well as, this financial institution has joint teen checking accounts for fogeys with no month-to-month service prices, month-to-month charges or minimal steadiness necessities. Your first field of checks is free, there are 80,000 in-network ATMs and you may rise up to $20 per thirty days in rebates for out-of-network ATM surcharges. 

Nonetheless, Alliant is a digital credit score union that gives on-line and cell banking companies —  however should you want managing your cash together with your associate or child in individual, it is best to think about another choice. Plus, you may must turn out to be a member to get entry Alliant’s charges and APYs. The simplest path to membership for many consists of turning into a member of Foster Care to Success. Once you join, Alliant can pay the one-time $5 membership payment in your behalf. You are additionally eligible for membership should you:

  • Are a present or retired worker from Alliant enterprise or group companions
  • Are a partner or instant member of the family of an Alliant member 
  • Stay or work in one of many communities close to the Chicago headquarters

Study extra about Alliant Credit score Union on our Finest Credit score Unions checklist.

James Martin /

  • Joint checking APY: 0.10%
  • Minimal deposit required: $0
  • Minimal steadiness requirement: $0
  • Month-to-month payment: $0
  • ATM entry: 700,000 fee-free ATMs
  • Bodily areas: Sure

Dad and mom that need to give their youngsters some monetary freedom and adaptability ought to think about Capital One’s Cash Teen checking account. You may earn curiosity in your steadiness, and there aren’t any minimal necessities or most quantity of curiosity you may earn. Dad and mom even have management over their youngsters’ spending limits — although Capital One does cap each day limits to $500 for these below 18 and $5,000 for these over 18.

Different cash administration perks embody a web based function to separate spending and financial savings by distributing cash between your kid’s “Spendable” and “Set Apart” accounts. Dad and mom may also lock and unlock the MONEY Teen account and alter the debit card PIN. Remember the fact that solely the child will obtain a debit card. 

Capital One helps you to handle this account at a bodily department, on-line or by way of the cell app. 

The account comes with just a few customary checking options, together with paying with Zelle, direct deposit and transfers. Capital One account would not cost for digital transfers or international transactions. Nonetheless, there are just a few charges, together with a $10 cashier’s examine payment and surcharges for out-of-network ATMs. 

Learn our full evaluate of Capital One Financial institution.

Sarah Tew/

  • Joint checking APY: N/A
  • Minimal deposit required: $25 (On a regular basis Checking)
  • Minimal steadiness requirement: $0 (On a regular basis Checking)
  • Month-to-month payment: $10 (On a regular basis Checking)
  • ATM entry: 12,000 in-network ATMs, and you will not be reimbursed for out-of-network ATM surcharges.
  • Bodily areas: Sure

Wells Fargo has a number of joint checking account choices, however we advocate the On a regular basis Checking account as a result of it has fewer charges in comparison with the financial institution’s different choices. 

The account requires a $25 minimal deposit and a $10 month-to-month upkeep payment. However you may waive the payment just a few methods. 

  • $500 minimal each day steadiness 
  • $500 or extra in complete qualifying direct deposits 
  • A linked Wells Fargo Campus ATM or Campus Debit Card 
  • Main account proprietor is 17-24 years outdated

Though this account comes with extra charges and fewer perks in comparison with different banks with joint account choices, Wells Fargo gives extra department areas — which can be extra handy should you want bodily banking.

The On a regular basis Checking account comes with overdraft safety, however in order for you extra reductions, rewards and perks, we advocate the Prime Checking account. It has a $25 month-to-month upkeep payment. 

Connexus Credit score Union

  • Joint checking APY: As much as 1.75% (for balances $25,000 and below)
  • Minimal deposit required: $5
  • Minimal steadiness requirement: No 
  • Month-to-month payment: $0
  • ATM entry: 67,000 in-network ATMs. You may be reimbursed as much as $25 for out-of-network surcharges. Nonetheless, you have to meet account necessities to qualify for reimbursements. 
  • Bodily areas: Sure 

You’ll be able to select from a number of Connexus checking accounts relying in your wants, however we advocate the Xtraordinary account should you’re opening a joint account, as a result of it earns a aggressive rate of interest of as much as 1.75% APY (for balances $25,000 or below).

To earn curiosity, you have to make a minimum of 15 debit card purchases or a minimum of $400 in debit card spending and e-statements per thirty days. You may additionally solely earn the best APY for as much as $25,000 — although we would advocate transferring extra funds right into a high-yield financial savings account.

The Connexus’ Xtraordinary account gives free Co-op and MoneyPass transactions and as much as $25 in month-to-month reimbursements for out-of-network ATM surcharges. However should you do not meet the account necessities, you will not earn curiosity or obtain the ATM surcharge rebates, by which case, we would advocate contemplating Alliant or Ally.

There’s a $4 overdraft payment per every day your account is overdrawn, however you may keep away from this by linking your Connexus checking and financial savings account.

Along with on-line banking, there are just a few Midwestern Connexus branches for in-person banking, in addition to 5,600 shared branches throughout the US.

Learn our full evaluate of Connexus Credit score Union.

Finest joint financial institution accounts, in contrast

Financial institution APY Minimal deposit requirement Minimal steadiness requirement Month-to-month payment Bodily areas
SoFi Checking 2.50% $0 $0 $0 No
Ally Curiosity Checking 0.10% to 0.25% $0 $0 $0 No
Alliant Excessive-Fee Checking 0.25% $5 $0 $0 Sure
Capital One Cash Teen Checking 0.10% $0 $0 $0 Sure
Wells Fargo On a regular basis Checking N/A $25 $0 $10 (could be waived) Sure
Connexus Xtraordinary Account As much as 1.75% (On balances $25,000 or much less) $5 $0 $0 Sure

What’s a joint checking account and the way does it work?

A joint checking account is a checking account for 2 or extra individuals. Often, joint accounts work greatest for {couples}, enterprise companions, shut relations or dad and mom and youngsters. Other than two account holders, a joint checking account features like a normal checking account. 

For instance, two individuals might deposit their paychecks, or a father or mother and little one can each contribute cash collectively for just a few years. Usually, each account holders have equal entry to the account to switch and deposit money or deal with different banking companies. Nonetheless, relying on the account, dad and mom usually have full management over spending limits and different options on their kid’s account.

You may select a joint banking account to make it simpler to entry mixed funds to pay shared payments like mortgages, lease, utilities and extra. 

discover the perfect joint account

You may need to guarantee the cash in your joint banking account is secure and straightforward to entry. We advocate reviewing a number of joint checking accounts at totally different banks to search out the fitting match on your monetary wants. Listed here are just a few common guidelines to remember when selecting your account. 

FDIC or NCUA insurance coverage 

FDIC and NCUA insurance coverage protects your cash as much as $250,000. You should use the FDIC’s financial institution instrument to examine in case your financial institution is roofed. The NCUA additionally has a locator for credit score unions


Some banks cost extra charges that may eat away at your steadiness. For instance, you might overdraft your account in case your associate makes an surprising expense. For those who’re sharing the account, you may want to speak and regulate the account to remain on prime of any account prices and adjustments. 

Listed here are just a few charges to look out for:

  • Inadequate funds 
  • Month-to-month upkeep (or service) 
  • Overdraft 
  • Out-of-network ATM
  • Wire switch

It’s possible you’ll keep away from a few of these prices by selecting an account with low or no charges, like Ally’s high-yield checking account. You might also discover a joint checking account that waives charges should you meet particular necessities. For instance, Wells Fargo waives its month-to-month upkeep payment when you have a $500 minimal each day steadiness, a minimum of $500 in direct deposits or meet different necessities. 

ATM entry

If that you must deposit or withdraw money usually, be sure you have entry to in-network ATMs in your space or choose a joint checking account with no or low ATM charges. Most banks and credit score unions have in-network ATMs to keep away from paying additional for ATM use. Out-of-network ATMs normally cost a couple of bucks, however some banks waive these charges as much as a certain quantity. If each account holders must withdraw money often, the charges can add up, so an account with a better ATM rebate might make sense. 

Digital or cell banking

Cell or on-line banking can come in useful when each account holders must entry the account from anyplace. Most cell apps are free and may deal with primary companies, comparable to depositing checks, transferring cash and extra. Joint financial institution accounts typically have separate logins for every individual to handle the shared account and another particular person accounts, comparable to your private financial savings or retirement. 

Execs and cons of a joint banking account

A joint checking account is usually a good strategy to mix paychecks and handle cash in a single place. However there are some disadvantages to sharing funds. 


  • Joint effort to work towards monetary targets
  • Save on banking charges which may be doubled with separate financial institution accounts
  • Potential to earn extra in curiosity by retaining a better steadiness


  • Joint effort to work towards monetary targets
  • Save on banking charges which may be doubled with separate financial institution accounts
  • Potential to earn extra in curiosity by retaining a better steadiness
  • Much less spending autonomy
  • Unequal paychecks and spending habits
  • Each account holders are answerable for every others’ spending habits

Do you have to get a joint checking account together with your associate or partner? 

Earlier than opening a joint account together with your partner, take into consideration the aim of becoming a member of funds. It could be to carry one another accountable for spending, to work in the direction of future targets or to simply pay payments from one account. Whatever the cause, each companions might want to monitor cash coming in and going out to maintain the account in good standing. 

Sure, joint accounts could make it simple to see your monetary state of affairs as a complete to be able to plan accordingly. However particular person checking accounts even have their advantages, together with autonomy. It’s possible you’ll need to maintain on to your particular person financial savings or extra cash that you just’re not prepared to mix to preserve your monetary independence. For instance, you may have a part of your paycheck deposited into your shared account and the remaining into a person checking or financial savings account. Or you may merely transfer cash to a joint checking account as wanted.

Have an open and sincere dialogue about how you propose to handle your particular person and mixed bills, and think about your particular person must resolve if a joint account is sensible. In that case, focus on how you propose to make use of the account to search out the fitting one on your wants. 

apply for a joint checking account 

When you slender down your most well-liked financial institution and account, it is time to apply. You may want just a few paperwork from each account holders to get began, together with:

  • A government-issued ID or passport
  • Drivers license 
  • Social Safety card or Tax Identification Quantity 
  • Proof of your tackle, together with your identify and residence 
  • Telephone quantity and electronic mail

Some banks require a minimal deposit quantity to open an account. In that case, examine the permitted strategies, comparable to ACH, wire switch or money.

Often, you may open a joint account the identical approach you’d open a conventional checking or financial savings account. When filling out your utility, you may examine a field that asks if you wish to add a co-owner, joint proprietor or extra account holder. That lets the financial institution know to checklist two individuals on the account as an alternative of 1. From there, you may be requested to offer choose details about the co-owner so as to add them. 

Organising your joint checking account 

After you open your joint account, there are just a few additional steps to make banking simple and handy for each account holders. This is what else it’s best to do.

  • Arrange on-line banking: In case your financial institution has a cell app or web site, make certain each of you arrange login particulars to trace your transactions, switch cash and rapidly look at your steadiness. 
  • Order debit playing cards: Some branches can concern debit playing cards for account holders in individual, however should you open your joint account with a web based financial institution, you may every must order a debit card. Though you may have separate playing cards, you may nonetheless have one invoice for all the transactions. 
  • Discover your nearest department, if obtainable: Some banking companies are extra handy to deal with in individual — like getting a cashier’s examine or making a wire switch. In case your financial institution gives a bodily location, be sure you know the place to search out the closest department or ATM, 
  • Hyperlink an account for overdraft safety: Most banks counsel linking an account, comparable to your financial savings, simply in case your account reaches zero to assist shield you from overdraft charges. The financial institution can then pull from this to cowl any transactions, in case your financial institution gives this feature. You might also be capable to arrange this account as a joint financial savings account too, so each account holders have entry.


Who pays taxes on a joint checking account?

For those who earn any curiosity from a checking account, you may obtain IRS type 1099-INT throughout tax season. With joint financial institution accounts, the financial institution will solely ship this manner to one of many account house owners — typically the first account proprietor who opened the account. In case your joint checking account is shared with a partner, and also you file your taxes collectively, will probably be thought of a joint expense and can be deducted out of your shared tax return.

Nonetheless, when you have a joint checking account with somebody you aren’t married to, otherwise you file your taxes individually, the method shouldn’t be as easy. The first account holder might resolve to pay the tax in full for the curiosity accrued. If this feature will not be just right for you, you may determine and ship the opposite individual type 1099-INT with the right cut up. Guidelines can get difficult relying on which state you reside in and the way a lot a person withdrew from the account in the course of the yr. We advocate speaking to a licensed skilled accountant when you have any questions.

Can I apply for a joint checking account on-line?

How do I shut a joint checking account?

Greater than two dozen choices had been examined throughout a broad vary of classes in each conventional and online-only banks and credit score unions as a way to decide these picks for the perfect joint checking accounts. First, we required all picks to be both FDIC or NCUA insured. We additionally want banks which have low or no minimal steadiness or deposit necessities. We additionally seemed carefully at account charges, favoring these with no charges or decrease limitations to take care of an account. We additionally checked out on-line options, availability, ATM entry and overdraft safety. Lastly, we thought of accounts that earn APY, in addition to welcome bonsues and different perks. 

Banks researched

  • Alliant
  • Ally Financial institution 
  • Axos 
  • Financial institution of America 
  • Bethpage Federal Credit score Union 
  • BMO Harris 
  • Capital One 
  • Chase 
  • CIT Financial institution 
  • Citi 
  • Connexus 
  • Uncover Financial institution 
  • LendingClub 
  • Liberty Federal Credit score Union 
  • Pentagon Federal Credit score Union 
  • Presidential Financial institution 
  • Quontic Financial institution 
  • Areas Financial institution 
  • SoFi 
  • TD Financial institution 
  • TIAA 
  • Wells Fargo 

Extra banking recommendation

The editorial content material on this web page is predicated solely on goal, impartial assessments by our writers and isn’t influenced by promoting or partnerships. It has not been offered or commissioned by any third social gathering. Nonetheless, we might obtain compensation once you click on on hyperlinks to services or products supplied by our companions.

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