Married couples combine their savings in a joint savings account for many reasons.
One reason is having a joint vision of their future with sufficient finances. Another reason is to save up for a vacation or a common marriage fund savings account.
Dozens of joint savings accounts from banks give you many perks by finding the most suitable one for your needs. Here are four joint savings accounts that we’ve found to provide the best for most joint savers. Learn more about each of them below.
Related: Best Joint Checking Account
| Bank | Type of Account | APY | Minimum Balance | Bonus |
| Chase | Chase Savings Joint Account | 0.01% | $1,500 | $225 |
| Bank of America | Bank of America Joint Account | 0.05% | $1,500 | $100 |
| Wells Fargo | Wells Fargo Joint Account | 0.01% | $0.01 | n/a |
| Capital One | Capital One 360 Joint Account | 0.10% | $0 | $150 |
Let’s take a closer look at each bank’s savings offers.
1. Chase Joint Account
All of Chase’s consumer checking and savings accounts have automatic qualifications as joint accounts. Thus, you can have a co-owner join you after opening your savings account. You can have your life partner or spouse easily transfer their assets. Both of you must visit a Chase branch for joint account registration.
Alternatively, parents can synchronize their financing with Chase-banked children. For example, any child with a Chase First Banking Account and Chase High School Checking account for kids and teens accordingly will require that their parents have a Chase consumer checking or savings account before proceeding.
In addition, Chase has a $225 bonus for anyone signing up early. You can learn more about it here.
Features
- Deposit your checks in your Chase checking account using a photograph with Chase QuickDeposit
- Use its Zelle money-sending feature
- Use its mobile and online banking features
- Access over 10,000 ATMs nationwide
Pros and Cons
Pros
- 4,700 branches and 16,00 ATMs guarantees exceptional accessibility
- Easily synchronizable with Chase First Banking Account and Chase High School Checking accounts
- Allows immediate addition of new savings co-saver
Cons
- Low annual percentage yield (APY) on savings
- Has a $12 monthly fee except if you
- Deposit $250 monthly
- Maintain $1,500 every day on your account
- Have a $10,000 combined asset total, including linked accounts
How to Open an Account
You can head to Chase Bank’s page to learn more about the steps, including all the requirements you’ll need to open your account.
2. Bank of America Joint Account
Anyone with an existing Bank of America checking and savings account can apply for co-ownership of a single Bank of America account with no additional fees. Applicants can head straight to any branch and bring the co-owner’s crucial information, such as an address, employment information, and date of birth.
Like Chase, Bank of America makes it easy for parent-student financial synchronization. Bank of America Minor Savings Account owners require parents to own a Bank of America checking, or savings account for co-ownership.
Unlike Chase, Bank of America’s child accounts can access their money and learn about money management technologies and practices. These help build your kid’s financial knowledge in investment, savings, and economics early.
Bank of America has periodic promotions for new savings account signups. Each can get a $100 bonus. Learn more about them here.
Features
- Balance and APY aligned growth
- Keep The Change automated money-saving feature
- 10% cashback from select BankAmeriDeals accounts
- Monthly fee waive available
- Top-notch online banking tools
Pros and Cons
Pros
- Excellent online banking tools
- Straightforward website user experience
- Convenient check deposits, bill payment, and money depositing features using the application
- Real customer service up to 11 PM on weekdays and 8 PM on weekends
Cons
- High overdraft fees can put off some potential customers
- Low APY on basic savings accounts will not effectively protect your savings against inflation
How to Open an Account
You can head straight to Bank of America’s online application page to open an account instantly.
3. Wells Fargo Joint Account
Wells Fargo has few special and added requirements for co-ownership of a single Wells Fargo account. The company requires that all parties sign the joint account application form and personally submit it to any Wells Fargo branch. Thus, you won’t have to worry about submitting marriage certificates and other requirements for joint account holders.
All Wells Fargo savings accounts can easily expand to family members below the working age. Wells Fargo’s Kids Savings Account and Clear Access Banking account have great teaching benefits to children about money-saving technologies and disciplines.
Kids Savings Accounts can teach children to grow their savings and house their allowance and savings matches from parents simultaneously. On the other hand, the Clear Access Banking account helps teenagers pay bills and does not charge overdraft or insufficient funds fees if linked with a Wells Fargo savings account.
Features
- Easily synchronizable with Kids Savings Account and Clear Access Banking accounts
- Allows immediate addition of new savings co-saver
Pros and Cons
Pros
- Tens of thousands of branches nationwide
- Fully-waived monthly fees with easy monthly deposit requirements
Cons
- Low savings interest rate
- Hefty overcharge fee at $35 that Wells Fargo can charge three times daily.
How to Open an Account
You can head straight to Wells Fargo’s savings account application page to get started on using their products.
4. Capital One 360
Capital One has special requirements before they can approve a new co-owner of an account. Some of Capital One’s accounts have restrictions. For example, a savings account held in a revocable living trust can’t have co-owners. In addition, Capital one zero-funded or overdrafted savings accounts can’t have a co-owner until they settle their dues.
Capital One’s Kids Savings Account and MONEY Checking Account will require parents to open a Capital One 360 account. However, Capital One will add only the initially-linked Kids Savings Account and MONEY Checking Account owners. Future account holders can’t be added later.
Despite these strict measures, Capital One 360 is a great service because it has no monthly fees and minimum balances. In addition, your child will love seeing small increments to their account because it has an acceptable interest rate.
Features
- 0.10% APY on all balances
- Mobile app access
- No minimum balance for checking, savings, and CD accounts.
Pros and Cons
Pros
- High interest rate for a savings account at 0.10%
- Excellent mobile app and desktop website streamlined experience
- Zero minimum balance requirements and annual fees
Cons
- Exorbitant overdraft fees at $35
How to Open an Account
You can head straight to Capital One 360’s application page to learn about the account opening process and other special requirements.
Details To Consider To Find The Best Joint Savings Accounts
Here are the best methods to help you find the best joint savings account
- Partner Relationship: Legally bind any action between two parties in the same account. Married couples are the best example of ideal unified account ownership.
- Shared Goals: All parties must have the same goal in using the savings account’s finances. For example, parent-child joined accounts allow parents to wire allowances to their child’s account. Married couples can watch their pot grow until they achieve their ideal savings amount.
- Benefits For Special Savers: Some banks offer great advantages and discounts for elderlies and mothers who unify their accounts.
- Monthly APY, Minimum Balance and Annual Fees: These fees can grow or eat up your savings account balance. Fortunately, everything on this list gives you annual fee waiving rights.
- Legal Recourse: As we’ve mentioned earlier, you can legally bind any action between two parties using the same account. Any party working with a business or other party should consider having legal recourse at all times.
- Terms That Vary Depending on Banks: Check your bank’s terms and conditions thoroughly to avoid paying hefty fees and penalties that you’ve missed by immediately using the account.
1. What’s a Joint Account?
These savings accounts are your typical bank-issued savings accounts that you can use for any purpose. Any saver who marries or partners with someone they completely trust in the future can register a co-owner who becomes their joint account holder.
The bank may ask the applying co-owner for some documented requirements and other proofs as they see fit. Afterward, they can use the account alongside their spouse or partner and deposit, withdraw, or access the savings account’s mobile application.
Business partnerships use special joint bank accounts to house mutual investments or profits in a single account. Official business representatives maintain and observe these accounts. Thus, these joint business bank accounts have well-worded and specified legal documents that bind the two or more parties with their respective rights and responsibilities.
2. Who Usually Owns a Joint Account?
Married couples are primary customers of banks offering joint accounts. Alternatively, life partners can use joint accounts. Banks will ask the same co-owner application requirements of married couples to applying life partners.
On the other hand, professional partnerships can open a common account that functions like a joint account. Two parties can open these accounts for a particular project, investment, or business interest. As a result, most professional joint accounts have legal bindings that protect each account owner.
3. How Many Banks Provide a Joint Account?
Virtually every American bank can provide borrowers with a joint account. You can ask any bank about their joint bank account options.
We have found these four highly recommended banks from our list to be highly popular and useful for numerous joint bank account holders within the last few years.
In addition, we’ve left you tips about which joint accounts provide the best signup bonuses and benefits that can work for specific savers.
4. Are Joint Savings Accounts Necessary?
Many married couples find joint bank accounts convenient when making investments in both their names. They wouldn’t require their partner’s signature in executing deposits, withdrawals, and other actions. However, joint bank accounts aren’t necessary for unmarried individuals.
Unmarried people will find joint bank accounts necessary if they are their elderly parent’s caretakers. They can immediately wire money to their parents’ bank accounts and manage their incoming pensions.
5. Is it Possible to Merge Two Existing Separate Accounts Into a Joint Account?
Yes. Many American banks permit savers to fuse together their accounts.
Some banks will ask for more requirements that prove marriage between two savers.
On the other hand, business partnerships are far more involved because of legal bindings. Both parties have new account deposit and withdrawal agreements that protect their rights. On the other hand, unmarried couples can use the same deposit and withdrawal agreements that ensure the contract respects every party’s rights.
6. What Are The Requirements to Open a Joint Bank Account?
Each bank has its specific customer requirements. We highly advise that you visit your chosen bank’s application page to learn more about them.
We’ve included each bank’s account opening the link above if you’d like to use any of their services.
7. Why is my Relationship With my Account Partner Important?
Married couples open joint accounts because they have complete trust in each other as spouses. Many joint savings accounts mostly have married couples for this reason. Therefore, opening a bank account that you and your significant other can share is a huge undertaking that requires high-level trust between the two of you.
On the other hand, multiple parties must bind their united account partnership on a legal document. Doing this protects all parties’ rights to claim compensation for any misgiving between two parties. Couples who haven’t married and business partnerships can use this method to ensure legal recourse in the future.
8. Why Must Joint Account Holders Have Shared Goals?
Two parties that unify their savings account must have a shared and unifying goal. Married couples are the best examples because most use their accounts to deposit cash and withdraw the money from a common pot once they’ve reached their savings goal.
On the other hand, professional partnerships have legally defined shared goals that ensure every party can withdraw the account balance as long as the party uses it within the legal binding’s definition. Any joint account holder who fails in complying will face hefty consequences.
9. Why is It Challenging To Close a Joint Bank Account?
All parties must agree and sign a document to officially close a joint bank account. The bank will not take action if one of the parties does not sign or consent to close it. However, mutually agreed or legally bound agreements ensure that all parties agree to close the account after each one has handled their responsibilities accordingly.
We highly advise married couples and people in relationships with joint bank accounts to have legal bounds and pre-agreements to settle joint bank accounts easily.
Summing Everything Up
- People who can work together with legal agreements can work most efficiently with joint savings accounts.
- Most banks don’t charge monthly maintenance fees once you bypass their monthly minimum requirements.
- Some savings accounts provide excellent benefits for specific demographics. Elderly people and single parents have specific benefits from some bank accounts.
- Savings accounts have interest rates. However, they can’t achieve high profit levels as investment accounts.
- Most banks transform single savings accounts into joint bank accounts after they receive a few requirements from account owners
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