Splitting bills, tracking expenses, and making sure both people have access to cash can get messy fast. Whether you’re sharing expenses with a partner, handling family finances, or managing money with a business partner, a joint checking account can make life easier.
The right account gives both parties equal access to deposits, payments, and withdrawals—without the hassle of constantly transferring money back and forth. Some even offer perks like high-yield interest, cash-back rewards, or early direct deposit.
11 Best Joint Checking Accounts
We researched the top joint checking accounts to find the best options based on fees, interest rates, features, and accessibility. Here’s how they compare.
SoFi – Best Overall Joint Checking Account
SoFi’s joint checking and savings account is a top choice for couples or partners who want high interest rates, no fees, and strong digital banking features.
Upgrade – Best for High-Yield Savings
Upgrade offers a fee-free joint checking account with a standout feature: a savings account earning 4.02% APY on balances over $1,000.
Ally – Best Online Joint Checking Account
Ally Bank is a great choice for those comfortable with online banking, offering a fee-free checking account with interest and a high-yield savings account.
Capital One – Best for Families
Capital One 360 makes it easy to manage a joint account with no monthly fees, strong digital tools, and in-person branch access in select locations.
Chase – Best Big Bank Joint Checking Account
Chase is a strong option for those who want a joint account with extensive branch access and a trusted name in banking.
LendingClub – Best for Cash Back
LendingClub stands out for offering a cash-back joint checking account, making it a great choice for partners who frequently use their debit card.
Wells Fargo – Best for Nationwide Branch Access
Wells Fargo is a great choice for those who prefer in-person banking with access to thousands of branches.
Bank of America – Best for High Earners
Bank of America is a solid choice for couples or partners who maintain higher balances and want premium banking perks.
Discover – Best for Rewards
Discover offers one of the best cash-back debit joint checking accounts, making it ideal for partners who want to earn rewards without using credit cards.
Presidential Bank – Best for Money Market Accounts
Presidential Bank is a strong choice for partners who want a joint account with high interest on checking and savings balances.
Alliant Credit Union – Best for Credit Union Accounts
Alliant Credit Union is one of the most accessible credit unions, offering a high-yield joint checking account with no monthly fees.
How Joint Checking Accounts Work
A joint checking account allows multiple people to access and manage the same account. Each account holder can deposit checks, withdraw money, make purchases with a debit card, and pay bills. Unlike an individual account, all joint bank account holders share equal ownership, meaning their names appear on statements, checks, and account documents.
What to Look for in a Joint Checking Account
Not all joint checking accounts offer the same features. Whether you’re opening one with a partner, family member, or business associate, consider these key factors to find the best fit.
ATM Access and Fee Reimbursements
A good joint checking account should provide easy access to fee-free ATMs for withdrawals and deposits. Banks with large ATM networks, such as Wells Fargo, offer thousands of locations nationwide. Some online banks may have fewer ATMs but compensate by reimbursing out-of-network ATM fees to help you avoid extra charges.
Minimum Balance Requirements
A joint account with low or no minimum balance requirements helps prevent unnecessary stress. If one account holder withdraws funds without the other realizing it, a high minimum balance could trigger maintenance fees or even cause the account to be closed. Look for an account that also offers overdraft protection or no overdraft fees to prevent unexpected charges.
Accessibility and Convenience
Decide whether you prefer online banking, in-person branch access, or both. Many online-only banks provide user-friendly apps and 24/7 digital access, while traditional banks may be better for those who want in-person customer service. Some banks offer a combination of both, giving you more flexibility.
Rewards and Cash-Back Benefits
Some banks, such as Discover and LendingClub, offer cash-back rewards on debit purchases, making them a great option for account holders who frequently use their debit cards. If rewards are important to you, compare different options to find an account that maximizes your everyday spending.
Security and Account Protection
A joint account should come with strong security features to protect your money. In addition to FDIC or NCUA insurance, which covers up to $250,000 per depositor, look for:
- EMV chip debit cards: Helps protect against fraud at ATMs and retailers
- Real-time fraud alerts: Notifies you of suspicious transactions
- Debit card locking: Allows you to freeze or unfreeze your card instantly
- SSL encryption: Secures online and mobile banking
By prioritizing these features, you can find a joint checking account that fits your needs while keeping your money secure.
Pros & Cons of Joint Checking Accounts
A joint checking account can simplify shared expenses, but it also comes with potential risks. Before opening one, consider the biggest advantages and drawbacks.
Pros
- Easier money management: Both account holders can track spending and deposits in one place.
- Fewer money transfers: No need to constantly send money back and forth for shared expenses.
- Shared financial goals: Helps couples, families, or business partners stay on the same page with budgeting and saving.
Cons
- Potential overdrafts: If one person spends more than expected, it could lead to overdraft fees or declined transactions.
- Loss of financial independence: Joint accounts require trust, as both parties have full access to funds.
- Debt and garnishment risk: Creditors can seize funds from a joint account if one account holder has outstanding debts.
How to Open a Joint Checking Account
Opening a joint checking account is similar to opening an individual account, but both parties need to provide their information.
Steps to Open a Joint Account
- Compare accounts – Choose a bank with low fees, strong digital tools, and the features you need.
- Gather required documents – Both applicants will need a government-issued ID, Social Security number, and proof of address.
- Apply online or in-branch – Many banks allow joint applications online, while some require both account holders to be present in person.
- Fund the account – Some banks require an initial deposit to activate the account.
- Set up account access – Enable mobile banking, bill pay, direct deposits, and spending alerts for both account holders.
How to Close a Joint Checking Account
Closing a joint checking account depends on the bank’s policies, but the process is usually straightforward.
Steps to Close a Joint Account
- Withdraw or transfer funds – Ensure the account has a zero balance before closing.
- Check for automatic payments – Update any recurring bills or direct deposits linked to the account.
- Submit a closure request – Some banks allow one account holder to close the account, while others require both parties’ authorization.
- Confirm the account is closed – Get written confirmation from the bank to avoid unexpected fees or issues.
Final Thoughts
A joint checking account can simplify shared expenses and help both account holders manage money more efficiently. The key is choosing an account with low fees, strong security, and features that fit your financial needs.
Before opening an account, make sure both parties are comfortable with full access to shared funds. Clear communication about spending, saving, and account responsibilities can help prevent conflicts and keep your finances running smoothly.
