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Joint checking accounts are a great option for anyone who wants to manage everyday spending with another person — whether it’s a spouse, an aging parent or a child. In some cases, joining checking accounts have been specifically designed for two owners, especially ones made for kids and parents to share, while other standard checking accounts have appealing fee structures and benefits that make them equally great options for sharing with someone.
Here are Bankrate’s picks for the banks with the best joint checking accounts.
Best joint checking accounts
Note: Annual percentage yields (APYs) shown are as of May 2. Bankrate’s editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
Best joint checking accounts for kids and teens
Why should you open a joint checking account?
Opening a joint checking account can be a valuable step toward managing money with someone else. In some cases, that might be a significant other or spouse who you are working with to save money, manage expenses and budget for the future. In others, it might be a child or teen who you want to help understand the basics of banking. In any case, joint checking accounts offer a way for both parties to have access to the funds.
“Opening a joint checking account allows for joint fiscal management between individuals,” says Michelle Smoley, director of personal and college finance at Bright Horizons College Coach. “This can be beneficial for spouses, parents with young adult children and adults with aging parents.”
“For spouses and partners who cohabitate, joint checking accounts can help streamline household bills and payments. Joint ownership also allows immediate access to the account funds should one account owner pass away or become unable to take care of their finances.”
Risks of having a joint bank account
Joint bank accounts have their pros, but they’re not for everyone and you should know the risks of joint account ownership: either owner can legally withdraw all the money in a joint account at any given time. If this happens to you, you could sue in small claims court to get the money back, but how much, if any, will be awarded back to you will vary.
Requirements to open a joint checking account
Opening a joint checking account feels similar to opening an individual checking account, but instead, you’ll need to share personal details — name, address, date of birth, phone number, email address and Social Security number, for example — for both parties on the account. Depending on the institution, you may need to be able to meet a minimum opening deposit requirement.
What to look for in a joint checking account
When you’re comparing joint checking accounts, make sure you’re considering these key features:
- Fees: Some banks charge monthly service fees if you fail to meet certain requirements. However, it’s easy to avoid these pesky costs by focusing your search on free checking accounts.
- Flexible overdraft policies: With two people spending money from one account, you might find that overdrawing becomes an issue, at least until you get the hang of things. Find an account that has forgiving and flexible overdraft policies to avoid fees.
- Budgeting tools: In many cases, a joint checking account is the first step toward marrying finances. With that in mind, it’s smart to find a bank that includes helpful mobile tools to manage your monthly budget. Some banks also offer useful round-up features to link the account with a savings account to store cash for the future. If you’re married — or planning to make that major life decision down the road — that early effort to save can lay the foundation for successful money management.
- Perk opportunities: Banks want your business, so shop around for opportunities to earn interest on your money, cash back or even a bonus that can score you a few extra hundred bucks with your new account. If you can get $200 or $300 for setting up direct deposit, that’s free money to help you cover some expenses.
- Safety: Make sure that whatever account you open, it offers protection to you in case of a bank (or credit union) failure. That means finding a bank that’s insured by the Federal Deposit Insurance Corp. (FDIC) or a credit union that’s insured by the National Credit Union Administration (NCUA).
Pros and cons of joint checking accounts
Pros
- Limits the need for constant transfers between individual accounts
- Offers a chance to create a shared budget
- A helpful step in understanding a partner’s approach to money
- Helps children learn money management skills
Cons
- Can lead to arguments over spending patterns
- Limits one’s sense of financial independence
- You’re giving full access to all the money to the joint owner, which means they can withdraw it all without asking you
Joint checking account FAQs
Research methodology
Bankrate researches and reviews over 100 banks, including some of the largest financial institutions, online-only banks, regional banks and credit unions with both open and restrictive membership policies.
To find the best joint checking accounts, we looked at which of our highest-rated checking accounts allow joint checking as these accounts are equally great options for sharing with someone as they are for an individual. Most of the highly-rated checking accounts were from online-only banks, so we also included Chase as an option for those with a joint owner who may not be comfortable banking online and wants access to a brick-and-mortar bank. We chose Chase as it has branches in 48 states and Washington, D.C.
To find the best joint checking accounts for kids and teens, we looked at which of our broadly-available banks and credit unions offered an account specifically for kids or teens. Then, we looked at the features each one provided, such as APY and parental controls and spending limits, to determine which accounts were best for kids and teens to use and learn money management skills.
Learn more about how we choose the best banking products and our methodology for reviewing banks.
