Best Joint Bank Accounts of 2022

If you want to closely manage finances with another person, a joint bank account might be worth considering. Joint bank accounts allow two or more individuals to equally own and monitor an account.

Most of our top picks for joint bank accounts have minimal bank fees and unique features.

We’ve chosen joint bank accounts that might be ideal for specific a purpose — like a bank account for parents and minors — as well as generally strong joint bank accounts depending on your bank preference.

Best joint bank accounts of 2022

Best overall: Ally

Why it stands out: Ally is a great choice if you are searching for a straightforward fee-free joint bank account. The Ally Interest Checking Account doesn’t have monthly services or overdraft fees.

You can also save money through Round Ups if you have the Ally High Yield Savings Account —  a feature that rounds up debit card purchases, payments, and checks and transfers the change to save for specific goals.

What to look out for: Ally is an online-only institution, so it doesn’t have any physical locations. If you’d like to deposit cash, you’ll have to visit a nearby ATM.

Ally also won’t let you open a joint bank account with a child. Many online-only banks or online banking platforms will require you to be at least 18 years old to open a joint bank account.

Best for earning a high interest rate: SoFi

Why it stands out: SoFi pays one of the highest interest rates right now and is an excellent choice if you don’t mind combining your checking and savings into one account. You can earn 1.00% APY on the first $50,000 in checking, savings, and Vaults accounts if you set up direct deposit. 

SoFi won’t charge monthly service fees, overdraft fees, or out-of-network ATM fees. There’s also a savings tool called Money Vaults, which helps you save for individual goals.

What to look out for: The interest rate for the SoFi Checking and Savings drops significantly if you have an account balance over $50,000 in your checking, savings, or Vault accounts. You’ll want to consider other options if you tend to maintain a high account balance. 

Also, similar to Ally’s high-yield savings account, you must be at least 18 years old to open SoFi Checking and Savings.

Best credit union: Alliant Credit Union

Why it stands out: Credit unions usually require membership to open a bank account, but Alliant lets you add an account owner if at least one person is a member. 

The Alliant High-Interest Checking Account serves as a generally strong banking option because it doesn’t charge monthly services or overdraft fees. If you use an out-of-network ATM, the credit union refunds up to $20 per month. 

If you’d like to open a bank account with your child, Alliant also offers strong kid’s bank accounts featured in our best kid’s savings accounts guide and best teen checking accounts guide. 

What to look out for: Alliant Credit Union is an online-only credit union, so it may not be easy to deposit cash. Some Alliant ATMs allow you to deposit cash, while others don’t.

Best for parents and kids: Capital One

Why it stands out: The Capital One 360 Kids Savings Account is featured in our best kid’s savings account guide because it makes it easy for both children and parents to manage the account. 

Some kid’s accounts have a strict age requirement, but the Capital One 360 Kids Savings Account allows you to open an account for a child under age 12 if you’re the parent or legal guardian.

The savings account won’t charge monthly service fees, pays a competitive interest rate, and offers 24/7 live chat customer support if you have any questions. 

What to look out for: Your banking experience may vary depending on where you live. The bank has branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. If you don’t live nearby any of these areas, it might not be easy to deposit cash.

Best account for couples with  individual goals: Qapital

Why it stands out: Qapital is an online banking platform with unique savings tools that help control spending.

The Qapital Goals Account is where you will keep the money for goals and collect savings earned after setting up “Rules.” Some “Rules” can round up purchases to the nearest dollar or help you complete the 52-week money challenge.

mobile banking

platform. Access to certain features may entail a monthly fee that varies between $3 to $12 per month. If you don’t want to deal with monthly fees, consider one of our other top picks.

Best for frequent debit card users: Citi

Why it stands out: Citibank stands out because it has high daily ATM withdrawal limits and debit card purchase limits. With the Citi Access Account — the lowest tier checking account —  you may withdraw up to $1,500 from ATMs and purchase up to $5,000 with your debit card daily.

Citibank also has a substantial ATM network, with over 72,000 fee-free ATMs throughout the US and ATMs overseas. As a result, you’ll be more likely to find an in-network ATM and avoid out-of-network ATM fees.

What to look out for: Citibank groups savings and

checking accounts

into distinct packages. You’ll have to pay attention to monthly service fees and how to waive them because it varies depending on which accounts you get.

Other joint bank accounts that didn’t make the cut 

• Axos Bank: Axos Bank requires at least $250 to open the bank’s high-yield savings account. Our top picks have lower minimum opening deposits or offer more appealing features.
• Bank of America: Bank of America has monthly service fees on checking and savings accounts unless you qualify to waive them. It also pays pretty low interest rates compared to some of our top picks.
• Bethpage Federal Credit Union: Bethpage offers solid fee-free accounts, but our top picks offer more competitive interest rates or unique money management features.
• Blue Federal Credit Union: Blue Federal Credit Union has lackluster mobile app ratings. Some of our top picks are featured in our best mobile banking apps guide. 
• Chase: Chase has a substantial branch and ATM network, but you might have to deal with monthly service fees if you don’t meet certain account requirements. It also has pretty low interest rates compared to our top picks.
• CIT Bank: CIT Bank doesn’t have an ATM network. Instead, it reimburses up to $30 in out-of-network ATM fees each month. If you frequently withdraw money from an ATM, it might not be a good fit.
• Connexus Credit Union: Connexus has checking and savings accounts that won’t charge monthly service fees, but our top picks offer more competitive interest rates or unique money management features.
• Consumers Credit Union: Consumers Credit Union has a unique high-yield rewards checking account, but the interest rate you’ll earn depends on how you manage your account. Its savings account also pays a pretty low rate compared to our top picks.
• Discover Bank: Discover Bank has solid fee-free accounts, but our top picks either have more unique savings tools for joint account owners or offer higher ATM withdrawal limits.
• LendingClub: LendingClub has a unique checking account that lets you earn cash back on debit purchases, but you’ll need at least $100 to open an account. Our top picks have lower minimum opening deposits.
• Pentagon Federal Credit Union: Pentagon Federal Credit Union charges monthly services fees for the checking account unless you qualify to waive them.
• Quontic Bank: Quontic offers competitive interest rates on accounts, but our top picks have more unique savings tools for joint account owners.
• Regions Bank: Regions Bank is a national bank with a variety of bank account options. Most accounts have monthly service fees unless you meet certain requirements, though.
• TD Bank: TD Bank has low or minimum opening deposits, but most accounts may require monthly service fees. Our top picks also have more appealing savings tools.
• US Bank: US Bank might be worth exploring if you want a bank with a national presence. It pays pretty low interest rates. Some bank fees might also be challenging to waive.
• Wells Fargo: Wells Fargo has one of the largest branch and ATM networks in the US. However, you’ll earn a pretty low interest rate on savings accounts, and you’ll need to meet certain requirements to avoid monthly service fees.
• Wings Financial: Wings Financial has solid fee-free accounts, but our favorite options have more unique savings tools for joint account owners.

Are these banks trustworthy?

The Better Business Bureau assesses businesses based on responses to customer complaints, honesty in advertising, and transparency about business practices.

Below are the BBB ratings of our top picks: 

Ally and Qapital received lower than an A rating from the BBB because they’ve both received a high volume of customer complaints. Citibank has an F rating because it has a high volume of unresolved customer issues and has had government action taken against the bank.

A good BBB rating won’t necessarily guarantee your relationship with a bank will be perfect. Consider talking to customers or reading online customer reviews.

Capital One, Citibank, and SoFi have also been involved in recent controversies. 

In 2020, the Office of the Comptroller of Currency required Capital One to pay $80 million in a settlement that said the bank was partially responsible for a 2019 data breach when a hacker accessed over 100 million credit card applications.

 In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing than they actually could.

Citibank has been in the following public scandals: 

• In 2019, Citibank accidentally sent $900 million to customers. 
• In 2020, the bank was required to pay $400 million in a settlement with the Comptroller of the Currency. The OCC stated the bank had inefficient banking practices.

Why trust our recommendations?

At Personal Finance Insider, our goal is to create useful content that helps you make good decisions about your money. We recognize every person has distinct preferences, so we provide ample options to help you find the most suitable financial product or account.

We research extensively to make sure you know the standout features and limitations of a financial institution.

Frequently asked questions

How did we choose the best joint bank accounts?

First and foremost, we wanted to provide you with options. We researched more than a dozen joint bank accounts at brick-and-mortar banks,

online banks

,

credit unions

, and online banking platforms to find the strongest joint bank accounts. 

We reviewed and compared each joint bank account to find options that required minimal bank fees. We also looked for standout features, like competitive interest rates, flexible customer service hours, and savings tools.

What is a joint bank account?

A joint bank account is a bank account owned by two or more people. Each co-owner may deposit, withdraw or make transactions.

A joint bank account is also federally insured for up to $500,000. Meanwhile, an individual bank account is only federally insured for $250,000 since there’s only one owner.

Which bank is best for a joint account?

The best joint bank account for you will depend on your preferences. There are a lot of choices out there, so you can compare several different banking options until you find the right one.

If you want a bank with a large branch and ATM network, national banks might be worth exploring.

For high interest rates and low bank account fees, online banks or credit unions may be a great place to start.

If you prefer bank accounts with budgeting tools or strong mobile and online banking, also check out online banking platforms.

Keep in mind if you plan to open an account with a minor, you might have fewer options. Many online-only banks and online banking platforms won’t let you open a joint bank account with someone under 18. 

How does a joint bank account work?

Joint bank accounts have equal withdrawal rights. This means when you open a bank account with another person, each of you is allowed to withdraw money at any time.

There isn’t a requirement for depositing money, though. As a result, you’ll want to have a good personal and financial relationship before you open an account.

The experts’ advice on choosing the best account for you

To learn more about what makes a good checking account and how to choose the best fit, four experts weighed in:

Here’s what they had to say about checking accounts. (Some text may be lightly edited for clarity.)

How can someone determine whether a bank is the right fit for them?

Tania Brown, CFP:

“Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”

Laura Grace Tarpley, Personal Finance Insider:

“I would look for the bank that charges you the least in fees. This means either no monthly fees or you qualify to waive the monthly fees. If you expect to travel in retirement, you may want a bank that doesn’t charge foreign transaction or ATM fees.”

What should someone look for in a brick-and-mortar bank?

Tania Brown, CFP:

“How can that bank grow with you? If you are 25, single or newly married, and all you need is a checking account, that’s going to look very different 15 years from now when you may have had a couple of jobs, you may have an IRA roll over, or you may want a financial adviser.”

Mykail James, CFEI:

“How accessible it is. So where are the branches? And if I am to go out of town or something, how accessible is my money to me?”

What should someone look for in an online bank?

Roger Ma, CFP:

“How onerous the transfer process is, transferring money in and transferring money out. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?”

Mykail James, CFEI:

“When it comes to online banks, you want to be a little bit more strict about what type of interest rates they’re providing. That’s the biggest thing because online banks are supposed to have the higher interest rate because they don’t have the overhead of the brick-and-mortar. You want to make sure that it’s well above the national average.

“What types of securities do they provide? Do they have two-factor identification? If it’s an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank.”