Whether you’re applying at a traditional brick and mortar bank, a credit union or comparing online banks to get the best deal, the process you’ll need to go through to open a joint bank account is usually very straightforward.
In fact, it’s largely the same as that you’ll have experienced tons of times before when opening standard checking accounts. As such, you can expect to enjoy typical checking account features, such as your own debit card (and one for every other additional account holder), top-quality mobile banking apps, bill pay / settling features, and more.
On top of this, you might even get access to special bonus features offered on a bank-by-bank basis, like waivers on ATM fees or monthly maintenance fees. Just remember that every bank is different and finding the best joint checking accounts to meet your unique needs might take a bit of shopping around.
Let’s take a look at some of FiLife’s favorite joint bank accounts on the US money market right now.
8 Best Joint Bank Accounts of 2022
From bank fees and branch locations to whether or not a joint account will let you deposit cash, there’s a lot to consider when it comes to choosing the right joint account. And unlike individual accounts, there are more than one person’s needs to think about, too. The table below compares our top favorite joint checking accounts in various categories, to help you find the best joint account for you and your family.
| Best For | Monthly Fees | Minimum Balance | Direct Deposit | Check Supply | Brick and Mortar Bank Branches | Interest | |
| Ally Bank – Interest Checking Account | Best Overall Joint Checking Account | No | No | N/A | Free | Online Only | 0.10% APY (balances below $15,000) 0.25% APY (balances above $15,000) |
| Axos Bank – Essential Checking Account | Best Online Joint Bank Account | No | No | Yes | Charged | Online Only | Up to 1.25% APY |
| Wells Fargo – Everyday Checking Account | Best Joint Account for Branch Banking | Yes | Yes (Needed to Avoid Fees) | Yes | Charged | 5,300 Across 39 States | 0.01% APY |
| Presidential Bank – Advantage Checking Account | Best Joint Account for High Interest | Yes | Yes (Needed to Avoid Fees) | Yes | First Set Free (3x Free Transactions Per Month) | 9 in Greater D.C. | 1.00% APY(2.25% APY on balances under $25,00) |
| Radius Bank – Personal Rewards Checking | Best Joint Account for Cashback | No | No | Yes | First Set of Radius Bank Checks Free | 1 in Boston, MA | 0.10% APY (on balances over $2,500 |
| Evansville Teachers Credit Union – Vertical Checking | Best Joint Account for Debit Users | No | No | Yes | N/A | Mainly Online | 3.30% APY (on balances below $20,000) |
| Capital One – MONEY Teen Checking Account | Best Joint Account for Students | No | No | N/A | N/A | 755 Across the US | 0.10% APY |
| Alliant Bank – High Yield Checking Account | Best Credit Union Joint Account | No | No | Yes | On Request | 5 in IA and WI | 0.25% APY |
1. Best Joint Checking Account Overall – Ally Bank Interest Checking Account
Overview
Ally Bank has a top-tier reputation as one of the 20 largest banks here in the US. This is quite something, as Ally operates online banking services only and has no physical brick and mortar branches in any US state. Ally consistently ranks highly on reviews aggregators on account of its great customer service, low fees and superb joint checking accounts – just like this one, which allows account holders to avoid virtually all bank fees. That said, customers who can maintain a minimum daily balance of above $15,000 will enjoy a higher interest rate of 0.25%.
Features
- No minimum balance requirements
- No monthly maintenance fees
- Attractive interest rate of 0.10% to 0.25% APY depending on balance
Pros
- Avoid monthly fees and annoying minimum balance requirements
- Enjoy amazing online banking software
- Get a free check supply with unlimited refills
Cons
- Legitimate interest rates advertised are lower than elsewhere
- Cash deposits are not accepted
- Ally has no physical brick and mortar branches
How to Open an Account
Visit the Ally website here.
2. Best Online Joint Bank Account – Axos Essential Checking Account
Overview
Axos is best-known for offering amazing online-only banking experiences. The bank’s Essential Checking Account is one of FiLife’s favorite online joint checking accounts right now, due to its total lack of overdraft fees, monthly maintenance fees and early direct deposit features. Customers can also enjoy a tasty referral bonus when they invite friends – and unlimited ATM fee reimbursements, too.
Features
- No monthly maintenance fees
- No minimum balance requirement
- No overdraft fees
Pros
- 2-day early direct deposit available
- No monthly fees whatsoever
- Unlimited ATM fee reimbursements – great for heavy ATM users
Cons
- 1.25% APY interest rate is only paid on certain joint accounts and balances
- No free checks are offered
- No brick and mortar bank branches
How to Open an Account
Visit the Axos website here.
3. Best Joint Account for Branch Banking – Wells Fargo Everyday Checking
Overview
Wells Fargo has the largest number of brick and mortar branches of any bank here in the US, making its Everyday Checking Account hands-down the best option for Americans who prefer in-branch banking. Across 39 US states, you can enjoy super-fast Zelle money transfers, generous monthly fee waivers and tons of other great benefits.
Features
- Multiple checking account options available
- Waive monthly maintenance fees using a monthly direct deposit of $500
- Bank from anywhere in the US (or online for the 11 states with no branches)
Pros
- 150-year-old reputation
- Brick and mortar branches in most states
- Excellent customer service
Cons
- 0.01% APY interest rate is very low
- Printed checks come at a charge
- Minimum balances are required
How to Open an Account
Visit the Wells Fargo website here.
4. Best Joint Account for High Interest – Presidential Bank Advantage Checking Account
Overview
Presidential Bank is our top choice for a joint checking account that pays interest on account of its amazing 2.25% APY rate paid on balances of $25,000 or less. Customers with higher balances can still earn a generous 1.00% APY, monthly maintenance fees can be pretty easily waived, and account holders get the first order of printed checks for free, too.
Features
- Attractive interest rates of up to 2.25%
- Monthly fees can be easily waived
- Excellent online banking services for customers outside D.C.
Pros
- Straightforward qualifying transactions
- Very few fees incurred ($5 if you fall below a $500 daily minimum balance)
- Fall-back APY still outdoes most other joint checking accounts if you have a bad month
Cons
- Monthly direct deposit of $500+ required to maintain high interest rate
- No Zelle payment capability and D.C location only
- Just 3 free check transactions allowed per month
How to Open an Account
Visit the Presidential website here.
5. Best Joint Bank Account for Cash Back – Radius Bank Personal Rewards Checking
Overview
Radius Bank pays 1.5% cashback on all debit transactions, making its Personal Rewards Checking product a wise choice for couples or families who make a lot of debit card purchases or just favor debit card transactions. The bank has been active since 1987 and, despite being based in Boston, offers exceptional online services available all across the US.
Features
- Up to 1.5% cashback available on debit card purchases
- Debit card transactions are unlimited
- No monthly maintenance fee or minimum balance required
Pros
- Unlimited international ATM fee refunds
- First set of checks distributed for free
- No annoying hidden fees
Cons
- Low legitimate interest rate of just 0.10% APY
- Zelle transfers not supported
- Only 1 brick and mortar location (in Boston)
How to Open an Account
Visit the Radius website here.
6. Best Joint Account for Debit Users – Evansville Teachers Federal Credit Union Vertical Checking
Overview
Evansville Teachers Federal Credit Union (ETFCU) isn’t just for account holders in Evansville, Indiana. This largely online-based credit union is accessible to anyone willing to make a small $5 donation to the town’s local high school. All members are then free to apply for a Vertical Checking Account offering an awesome interest rate of 3.30% on top of plenty of other perks.
Features
- No monthly fees or minimum balance requirements
- Incredible 3.30% APY rate available on up to $20,000
- Available to anyone who makes a small donation
Pros
- ATM fees reimbursed if you incur up to $15 per month
- Access one of the market’s highest joint checking account interest rates right now
- Perfect for regular debit card users
Cons
- One direct deposit and 15 debit card transactions each month are required to get that 3.30% APY rate
- You must join the credit union first
- No interest will be earned if you don’t meet the requirements within a given month
How to Open an Account
Visit the ETFCU website here.
7. Best Joint Bank Account for Students – Capital One MONEY Teen Checking Account
Overview
If you’re looking for a fee-free joint bank account to hold alongside your kids, Capital One might just be your best bet. The bank’s latest teen checking account comes with no monthly maintenance fees, no minimum balance requirement and a bunch of customizable tools perfect for parent-child banking. Teens also get to set their own goals and targets using intuitive apps.
Features
- No minimum balance requirement
- No monthly fees
- Endless customization (turn accounts on and off, set targets etc.)
Pros
- Free ATM withdrawals at more than 40,000 ATMs
- Awesome goal-setting apps available
- Parents can monitor teens’ spending and customize account controls
Cons
- Interest earnings of 0.10% APY are well below average
- No check-writing capability
- Only network ATMs apply for the fee-free ATM policy
How to Open an Account
Visit the Capital One website here.
8. Best Credit Union Joint Account – Alliant Bank High Yield Checking Account
Overview
When it comes to the top credit union joint accounts, Alliant comes out on-top with its strong 0.25% APY interest rate for members, state-of-the-art mobile banking app and other great features. Customers get to enjoy no monthly fee requirements, $20 worth of monthly ATM rebates and much more – but you will have to jump through a few hoops to become a member first.
Features
- No monthly service fee
- No minimum balance requirements
- $20 per month worth of ATM rebates
Pros
- Excellent mobile-driven online banking experience
- Strong 0.25% ATY rate
- Rates and benefits likely to remain consistent
Cons
- Membership requires being a relative of an Alliant member, joining a select organization or living in a qualifying community
- A small $5 donation may be required
- Better interest rates are available elsewhere
How to Open an Account
Visit the Alliant website here.
Which Bank Has the Best Joint Checking Account?
All the joint bank accounts listed in our comparison table offer amazing perks to customers, but the best for joint savings account or joint checking account for you will always depend on your unique circumstances. With some superb fee waivers, a free check supply and very competitive interest rates, Ally Bank’s Interest Checking Account tops the list as FiLife’s favorite all-rounder right now. But if you need a teen checking account or would prefer a more favorable interest rate, Capital One or Presidential Bank, respectively, might be better suited to your needs. Read more about the best bank for joint savings account.
Opening a joint bank account will always be a big decision and, as such, you should compare what each financial institution is offering relative to your individual requirements. If savings are important to you, perhaps consider comparing savings account options instead of joint checking accounts. Or if joint bank accounts don’t feel like a good fit for your family, why not consider individual accounts? Never act impulsively and always think carefully about what’s right for you.
Related: Checking vs Savings Account
Top Perks of Having Joint Bank Accounts
Whether you’re applying for a joint checking account to share bill pay costs or joint expenses with your spouse, to keep a closer eye on your children’s spending, or just to rule out the annoyance of having tons of separate accounts, having a joint account means you can enjoy a number of great benefits. These include:
- Convenience
Your family or additional account holders can all access the same family funds any time they like.
- Saving money on fees
Having just one joint account for more than one person may help you to cut down on maintenance fees associated with other accounts held separately.
- Safety, security and less passwords
All your personal data will be stored in or linked to one trusted joint checking account – including your own, your partners process data and your family’s data. This means less passwords and PIN codes to remember, backup from other account holders when you need it and a centralized banking hub for the whole family.
When to Avoid Joint Bank Accounts
As with any financial matter, opening a new joint checking account should always be a highly personal decision – and might not be for everyone. You should discuss with your spouse, children or other additional account holder whether joint accounts are really right for you.
Some couples may find it useful to pool together savings accounts, condense multiple individual accounts into one and share expenses. Conversely, others may disagree and prefer to have their own debit card or separate accounts for privacy or other reasons. You should also factor in what might happen in the event a relationship between joint account holders ends. In this situation, each spouse would have the right to withdraw their joint account balance without the consent of the other party – which could have worrying implications. Always think through any important financial decision very carefully.
Things to Consider Before Opening a Joint Checking Account
1. Fees and Costs
From monthly maintenance fees to frustrating minimum direct deposit limits, it’s important to compare fee structures between providers and select the right deal for you.
2. Location
If you’re an online-only kind of person, physical location might not be such an issue for you. If you prefer to bank in-person, make sure your joint account is opened with a bank that has a brick and mortar premises in your city, town or region. Use precise geolocation data as part of your search to pin down the best local deals.
3. Online Access
Most modern banks offer state-of-the-art apps and online banking capabilities – but not all of them. Always double-check before opening an account.
4. Perks and Bonuses
From great interest rates to cashback and other bonuses, make sure you’re happy with the perks you’re getting when comparing joint checking accounts.
5. Customer Service
Some joint checking accounts offer 24/7 customer support, others might not have a telephone hotline in your state, or an online live chat option.
Best Joint Checking Account FAQs
Still have questions about joint checking accounts? Let’s run through a few answers to some frequently asked questions.
1. What is a Joint Checking Account?
Simply put, a joint checking account is a standard checking account used for debit card transactions, bill payments, money transfers and more – just designed for more than one person or account holder to use at the same time.
2. Does a Joint Bank Account Earn Interest?
Yes. If you are opening a joint checking account, chances are it will be an interest-bearing bank account. Just be sure to double-check the terms and conditions with your preferred lender before signing up.
3. Can you Open a Joint Bank Account Online?
Yes. Most modern banks and credit unions offer comprehensive online and mobile banking services – which usually enable you to set up a new account online. Usually, you’ll just need to enter some basic process personal data and pass a few simple verification procedures. Some banks even offer online-exclusive sign up bonuses.
4. What Do you Need to Open a Joint Bank Account?
With most banks and credit unions, you’ll need a photo ID, US address and Social Security Number for both applicants – unless you are adding a new applicant to an existing account held in the other applicant’s name.
Methodology – How We Review the Best Joint Checking Account Options
Here at FiLife, we review joint accounts offered by banks and credit unions from all across the United States. Both brick-and-mortar and online banks are considered, and eligible accounts are rated based on monthly maintenance fees, minimum deposits, ATM fee rebates and other important features. We also pay close attention to state availability, Zelle payments and other important consumer perks.
Conclusion – Find the Best Joint Checking Account for You Today
With so many amazing checking accounts available on the US market offering excellent perks for joint account holders, choosing the right one to suit your unique needs isn’t always easy. Here are a few expert FiLife tips to keep in mind when comparing the US money market for the best deals:
- Find the Right Fee Structure
Direct deposit and monthly balance requirements can be punitive, but they can also be reasonable and easy to fit into your standard financial lifestyle if you’re using the account for regular debit card purchases or for accumulating savings. Make sure your joint account’s fee structure suits your spending and saving habits.
- Secure the Right Services
If you want high interest, hunt for it. If you need a teen account, compare teen accounts only. If you value having an in-person branch, make sure your new bank accounts can be accessed in-store locally. And remember to use precise geolocation data when comparing US money market accounts for the best deals, as this can greatly affect browsing data and whether the deals listed are really available in your state.
- Check the T&Cs Very Carefully
Whether you’re opening savings accounts, checking accounts, other bank accounts, applying for a personal loan or making any other important financial decision, you should always go through any terms and conditions with a fine tooth comb. Never sign up for a joint bank account you’re not 100% happy with.
For more up-to-date reviews of joint bank accounts, savings accounts, personal loans and much more, please subscribe to the FiLife newsletter today. Alternatively, feel free to check out our latest blogs for the hottest US financial news.
