You don’t need to be married (or even dating) to open a joint bank account. A joint checking or savings account can make financial management easier with your spouse, unmarried life partner, roommate, business partner and even your kids. We’ve researched and analyzed over 400 joint accounts, and here are eight of the best.
SoFi Checking and Savings all-in-one online account takes the top spot for best overall joint bank account. An additional owner can easily be added to your account with a simple online application that's directly sent to them. There are no monthly or overdraft fees or an opening deposit requirement. The checking and savings both earn APY: 0.50% for checking and up to 4.20% for savings. To earn the highest APY on savings, set up direct deposit, which also gives you access to no-fee overdraft coverage up to $50. If you don't do direct deposit, you can still earn 4.20% APY on savings by depositing at least $5,000 per month. If you don't meet either deposit requirement, your savings still earns 1.20% APY. SoFi® also offers optional FDIC insurance up to $2 million. However, many users report issues connecting their bank to fund their SoFi account if their existing bank isn't compatible with Plaid.
APY
Up to 4.20%
Fee
$0 per month
Minimum deposit to open
$0
SoFi Checking and Savings all-in-one online account takes the top spot for best overall joint bank account. An additional owner can easily be added to your account with a simple online application that's directly sent to them. There are no monthly or overdraft fees or an opening deposit requirement. The checking and savings both earn APY: 0.50% for checking and up to 4.20% for savings. To earn the highest APY on savings, set up direct deposit, which also gives you access to no-fee overdraft coverage up to $50. If you don't do direct deposit, you can still earn 4.20% APY on savings by depositing at least $5,000 per month. If you don't meet either deposit requirement, your savings still earns 1.20% APY. SoFi® also offers optional FDIC insurance up to $2 million. However, many users report issues connecting their bank to fund their SoFi account if their existing bank isn't compatible with Plaid.
Pros
Allows one additional joint owner
No monthly or overdraft fees
Up to 4.20% APY on savings
Cons
No physical branches
Requires direct deposit for best perks
Uses Plaid to fund from external accounts
Annual Percentage Yield (APY)
Up to 4.20%
Intro or bonus offer
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
Rewards
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances(including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits.Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Our account fee policy is subject to change at any time.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Greenlight is a top kids' account offering parents three plans to choose from. Each plan offers up to five kids' debit cards and an app with granular parental controls that allow you to set store- and category-level spending limits. There are no reload fees, and you and your kid will get access to chore and allowance features, money games, and tools for spending, saving and earning. Greenlight also offers a credit card that's currently waitlisted called the Family Cash Card that accepts kids as authorized users so they can start building credit history. One of the only downsides with Greenlight is that you'll pay a monthly fee of at least $5.99 per month.
Fee
$5.99 per month
ATM withdrawal
$0
Greenlight is a top kids' account offering parents three plans to choose from. Each plan offers up to five kids' debit cards and an app with granular parental controls that allow you to set store- and category-level spending limits. There are no reload fees, and you and your kid will get access to chore and allowance features, money games, and tools for spending, saving and earning. Greenlight also offers a credit card that's currently waitlisted called the Family Cash Card that accepts kids as authorized users so they can start building credit history. One of the only downsides with Greenlight is that you'll pay a monthly fee of at least $5.99 per month.
Pros
Up to five kids per plan
Strong parental controls
Optional investing platform and credit card
Money games and educational content
Cons
Unavoidable monthly fee
Monthly fee
$5.99
ATM withdrawal
$0
Card replacement fee
$3.50
Card type
Debit
Card network
Mastercard
Special offer
For each successful referral you or your kid make, you’ll earn a cash bonus and so will your referral.
Relay wins our best pick for a joint business bank account. This business checking account lets you create up to 20 customizable checking accounts for your team or specific expenses and assign up to 50 debit cards to employees with daily spending and ATM withdrawal limits. There are also no monthly fees, foreign transaction or ATM fees. Its savings account also offers 1% to 3% APY, depending on your balance. On the downside, Relay doesn't offer checkwriting, and you'll need a balance of at least $1 million to earn the 3% APY on the savings account.
APY
Up to 3.00%
Fee
$0 per month
Minimum deposit to open
$0
Relay wins our best pick for a joint business bank account. This business checking account lets you create up to 20 customizable checking accounts for your team or specific expenses and assign up to 50 debit cards to employees with daily spending and ATM withdrawal limits. There are also no monthly fees, foreign transaction or ATM fees. Its savings account also offers 1% to 3% APY, depending on your balance. On the downside, Relay doesn't offer checkwriting, and you'll need a balance of at least $1 million to earn the 3% APY on the savings account.
Pros
No monthly, foreign or ATM fees
Up to 20 checking accounts
Up to 50 debit cards for employees
Cons
No checkwriting privileges
Requires high balance for best APY
Annual Percentage Yield (APY)
Up to 3.00% on balances of $1,000,000+ 2.00% on balances of $250,000 to $999,999 1.50% on balances of $50,000 to $249,999
Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC.The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
Zeta stands out for its joint accounts for married and unmarried couples alike. There are no monthly or overdraft fees and no balance requirements. When you sign up, you get one joint bank account and two debit cards. The mobile app is bursting with couple-friendly features like an in-app chat function to discuss finances, auto-bill pay, envelope system budgeting, virtual cards, savings goals and more. You and your partner can set up weekly or monthly spending trackers to stay on budget. Also earn up to 2.45% APY on your checking balance with VIP status by depositing at least $1,000 per month or holding a minimum balance of at least $5,000. You can also link your credit cards to the Zeta joint account, so the app can set aside money for you to easily pay off the balance. However, app reviews frequently mention the app has some technical issues.
APY
2.45%
Fee
$0 per month
Minimum deposit to open
$0
Zeta stands out for its joint accounts for married and unmarried couples alike. There are no monthly or overdraft fees and no balance requirements. When you sign up, you get one joint bank account and two debit cards. The mobile app is bursting with couple-friendly features like an in-app chat function to discuss finances, auto-bill pay, envelope system budgeting, virtual cards, savings goals and more. You and your partner can set up weekly or monthly spending trackers to stay on budget. Also earn up to 2.45% APY on your checking balance with VIP status by depositing at least $1,000 per month or holding a minimum balance of at least $5,000. You can also link your credit cards to the Zeta joint account, so the app can set aside money for you to easily pay off the balance. However, app reviews frequently mention the app has some technical issues.
Ivella features a joint savings account that's heavily designed for engaged or married couples. It offers a very high 5.15% APY with direct deposit, or by subscribing to Pods+. When you open the Ivella checking account, you get up to two pods for free. With its Pods+ membership costing $5 per month (and a free 30-day trial), you can create up to 500 savings pods to separate your custom savings goals for things like a honeymoon, college savings, vacations, emergencies — you name it. Each savings pod has its own account and routing number, so it's like having 500 savings accounts in one. You also get virtual cards that can be assigned to individual pods for easy budgeting. Set savings goals you can track in the app with your partner, and have peace of mind with up to $500,000 on FDIC insurance. Just keep in mind that if you don't set up some form of direct deposit or get Pods+, the APY drops to 1%.
APY
Up to5.15%
Fee
From $0
Ivella features a joint savings account that's heavily designed for engaged or married couples. It offers a very high 5.15% APY with direct deposit, or by subscribing to Pods+. When you open the Ivella checking account, you get up to two pods for free. With its Pods+ membership costing $5 per month (and a free 30-day trial), you can create up to 500 savings pods to separate your custom savings goals for things like a honeymoon, college savings, vacations, emergencies — you name it. Each savings pod has its own account and routing number, so it's like having 500 savings accounts in one. You also get virtual cards that can be assigned to individual pods for easy budgeting. Set savings goals you can track in the app with your partner, and have peace of mind with up to $500,000 on FDIC insurance. Just keep in mind that if you don't set up some form of direct deposit or get Pods+, the APY drops to 1%.
Pros
Highly competitive 5.15% APY
Pods come with up to two virtual cards each
Create and track savings goals
Up to $500,000 in FDIC insurance
Cons
More than two pods requires Pods+ paid account
APY
Up to5.15%
Minimum balance to earn interest
$0
APY
Up to5.15%
Fee
From $0
verified_userFDIC Insured
Best for joint checking
Ally Bank Spending Account
4.3
★★★★★
Finder score
Ally Bank's Spending Account is a top account for singletons and couples alike. You can add up to four joint owners who each get their own login, and there are no monthly fees or balance requirements. It's full of hard-to-beat perks, including $10 in monthly out-of-network ATM reimbursements, free checks, online bill pay, savings roundups, and early direct deposit. You can also create up to 30 spending buckets, which function like digital envelopes for budgeting. Earn up to 0.10% APY on balances under $15,000 and up to 0.25% APY on balances over $15,000 on your spending account and buckets. Even if you can't earn the highest APY, the 0.10% rate is still higher than the national average of 0.07%. However, as an online bank, you'll get no physical branches, and you can't make cash deposits.
APY
Up to 0.25%
Fee
$0 per month
Minimum deposit to open
$0
Ally Bank's Spending Account is a top account for singletons and couples alike. You can add up to four joint owners who each get their own login, and there are no monthly fees or balance requirements. It's full of hard-to-beat perks, including $10 in monthly out-of-network ATM reimbursements, free checks, online bill pay, savings roundups, and early direct deposit. You can also create up to 30 spending buckets, which function like digital envelopes for budgeting. Earn up to 0.10% APY on balances under $15,000 and up to 0.25% APY on balances over $15,000 on your spending account and buckets. Even if you can't earn the highest APY, the 0.10% rate is still higher than the national average of 0.07%. However, as an online bank, you'll get no physical branches, and you can't make cash deposits.
Pros
Allows up to four joint owners
No monthly or overdraft fees
Create up to 30 spending buckets
Earn 0.10% to 0.25% APY on balance
Cons
No cash deposits
Best APY requires a $15,000 balance
Annual Percentage Yield (APY)
0.25% on balances of $15,000+ 0.10% on balances of to $15,000
Fee
$0 per month
ATM transaction fee
$0
Foreign transaction fee
1%
Overdraft fee
$0
APY
Up to 0.25%
Fee
$0 per month
Minimum deposit to open
$0
verified_userFDIC Insured
Best joint credit card
Discover it® Secured
4.4
★★★★★
Finder score
Discover It Secured is a highly rated credit card with no annual fee. Discover credit cards allow up to five authorized users. There's no minimum credit score requirement, so it's great for young couples or families looking to build credit together. You can earn 2% cash back at gas stations and restaurants up to $1,000 each quarter and unlimited 1% everywhere else. Plus, Discover matches all the cash back you earned in the first year of card ownership automatically with no limits. After seven months, Discover reviews your account to see if you can upgrade to an unsecured card and earn your deposit back. Like other secured credit cards, there's an APR, and you'll need to make an opening deposit of at least $200.
Welcome Offer
Other
Rewards
Up to 2% cash back
Annual fee
$0
Minimum credit score
300
Discover It Secured is a highly rated credit card with no annual fee. Discover credit cards allow up to five authorized users. There's no minimum credit score requirement, so it's great for young couples or families looking to build credit together. You can earn 2% cash back at gas stations and restaurants up to $1,000 each quarter and unlimited 1% everywhere else. Plus, Discover matches all the cash back you earned in the first year of card ownership automatically with no limits. After seven months, Discover reviews your account to see if you can upgrade to an unsecured card and earn your deposit back. Like other secured credit cards, there's an APR, and you'll need to make an opening deposit of at least $200.
Pros
Up to five authorized users
No annual fee
No minimum credit score requirement
Cashback and match program
Cons
Minimum deposit of $200
Starting 27.74% purchase APR
Annual fee
$0
Purchase APR
27.74% variable
Balance transfer APR
10.99% intro for the first 6 months (then 27.99% variable) Balance transfer fee of 3%
Welcome Offer
Discover will match cash back earned at the end of your first card year
Rewards
Up to 2% cash back
Welcome Offer
Other
Rewards
Up to 2% cash back
Annual fee
$0
Minimum credit score
300
Best for roommates
Quontic Cash Rewards Checking
Quontic Cash Rewards Checking accepts one primary owner with up to four other joint owners, with no monthly fees. And, as the name suggests, there's cash back to be earned: 1% cash back on all signature-based purchases up to $50 per month. Quontic also offers a unique product called Pay Ring, which is a wearable ring that works like a contactless debit card that's tied to your Quontic checking account. It's free to get, doesn't need to be charged, is water- and scratch-resistant and can easily be turned on and off from the Quontic app. Each joint owner can also get a free Pay Ring. This cashback checking account has a $100 opening deposit requirement, but after that, there are no minimum balance requirements.
Fee
$0 per month
Minimum deposit to open
$100
Quontic Cash Rewards Checking accepts one primary owner with up to four other joint owners, with no monthly fees. And, as the name suggests, there's cash back to be earned: 1% cash back on all signature-based purchases up to $50 per month. Quontic also offers a unique product called Pay Ring, which is a wearable ring that works like a contactless debit card that's tied to your Quontic checking account. It's free to get, doesn't need to be charged, is water- and scratch-resistant and can easily be turned on and off from the Quontic app. Each joint owner can also get a free Pay Ring. This cashback checking account has a $100 opening deposit requirement, but after that, there are no minimum balance requirements.
Pros
Up to five joint owners
No monthly fees
1% cash back up to $50 per month
Free Pay Ring for contactless payments
Cons
$100 opening deposit
Annual Percentage Yield (APY)
N/A
Fee
$0 per month
Foreign transaction fee
0%
Overdraft fee
$0
Fee
$0 per month
Minimum deposit to open
$100
verified_userFDIC Insured
Methodology
Finder’s banking experts research over 400 bank accounts to find the best joint account options. We compare checking, saving, business and kids’ bank accounts to find the best in the current market and update our best picks regularly. We also favor accounts with no monthly fees, no opening deposit requirements, and accounts with joint-specific features such as in-app chats, shared savings goals and budgeting.
Nationwide availability
Monthly fee at or below $6
Must accept more than one account holder
Opening deposits:
At or below $100 for savings and checking
At or below $200 for credit cards
Reasonable requirements to earn APY on savings, such as a direct deposit requirement
How do joint bank accounts work?
Joint bank accounts work just like regular bank accounts — the main difference is that two or more people share the account. For joint checking, each owner gets their own debit card and can access the funds. Both owners are responsible for fees incurred, like overdraft charges, so you should only open a joint bank account with someone you trust.
Although they typically allow up to two account holders, some providers allow three or more people. Most joint accounts give owners equal access, but some banks allow you to add restrictions, such as requiring dual signatures for withdrawals or closures — a particularly common restriction with joint business bank accounts.
How to open a joint bank account
The application process for a joint bank account is nearly the same as opening an account on your own. However, some banks don’t allow you to open a joint account unless you already have an account with them. Some traditional banks might require you to visit a branch to verify the person you’re adding to the account.
To apply for a joint bank account, you and the other intended owner(s) need to show proof of identity and address, provide other contact information and meet deposit requirements, if applicable. Some banks review your bank account history through ChexSystems when you apply.
Are joint accounts a good idea?
Joint bank accounts are a great way for spouses and life partners to manage expenses and get on the same page financially.
Both owners can see transactions, pay bills, keep track of spending and their budget. Joint accounts can also be great for roommates, business partners and family members who share expenses, or caregivers who manage someone else’s finances.
Whoever you choose to get a joint account with, trust is key — co-owners will likely have equal access to the funds unless set up otherwise.
Joint accounts for kids
Joint accounts are also a great idea for parents, as they can open a joint bank account with their kids to monitor their spending and teach them how to manage their money. Parents can also open a shared savings account to set their child up for later.
Expert tip: How FDIC insurance works with joint accounts
Each co-owner of a joint account is insured up to $250,000 for the combined amount of their funds in all joint accounts at the same institution, according to the FDIC. Simply put, this means you and each joint owner are individually insured up to $250,000. Insurance covers the depositor (you), not the account. If you and one co-owner pool over $500,000 in one bank, consider spreading out funds for full deposit insurance coverage.
Joint bank accounts are great for couples and can also help anyone looking to share or manage expenses with multiple people. Regardless of where you open your joint checking or savings account, be sure you and the co-owner trust each other.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 435 Finder guides across topics including:
Can a debit card be issued for a JOINT ACCOUNT to both of the persons holding the account?
Finder
JhezelynJanuary 31, 2019Finder
Hello Daebi,
Thank you for your comment.
If you’re referring to having each of them hold a physical card, yes, if it’s a joint account, each account holder can have a debit card.
Regards,
Jhezelyn
JassyJanuary 9, 2019
If A and B open a join account , can We set the case as shown :
A can withdraw any time without B acknowledgment but the B must need the A to be present , isn’t possible?
nikkiangcoJanuary 10, 2019
Hi Jassy,
Thanks for getting in touch! The rules and restrictions of joint accounts will depend on where you’re opening it. Check with your bank how you can set the rules. Essentially, all parties are allowed to make changes and be notified of account activities. Hope this clarifies!
Best,
Nikki
bonnieJanuary 7, 2019
A halfway house is telling my son he has to open a new joint account with thier name on it …. is this leagal
nikkiangcoJanuary 8, 2019
Hi Bonnie,
Thanks for getting in touch!
Generally, a halfway house may authorize an inmate to have a savings account and a debit card but it does not necessarily have to be a joint account with them.
You may want to speak with the Case Manager of the halfway house about this matter so they can explain the reason behind the need for a joint account with your son. You may also contact the Federal Bureau of Prisons so they can address your concerns.
Hope this is helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
KenNovember 27, 2018
In a joint savings or checking account, I assume that the bank requires the social security numbers of both parties. So, how does the bank decide which party should be responsible for taxes on income earned in the account? Which party receives the Form 1099 and whose security social number will be one it?
nikkiangcoNovember 28, 2018
Hi Ken,
Thanks for getting in touch! Since this is a joint account, both account holders will be asked for their tax identification number, therefore, both parties will be subject to taxes for income earned in the account. Both you will receive a Form 1099 and both social security numbers will be recorded as well. I hope this helps and let me know if you have questions.
Cheers,
Nikki
AnonymousNovember 5, 2018
If you open a joint account, will the other person also receive a card in the mail?
Finder
JhezelynNovember 5, 2018Finder
Hello,
Thank you for your comment.
Yes, usually the bank can provide you two cards. The first one is free on which you get after account opening. The second one which you are asking is called ADD ON card. For that, you just need to fill a form. Please note that the second card is chargeable. After one year of completion of account, both the cards are annually chargeable. Best to verify with your bank.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
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Can a debit card be issued for a JOINT ACCOUNT to both of the persons holding the account?
Hello Daebi,
Thank you for your comment.
If you’re referring to having each of them hold a physical card, yes, if it’s a joint account, each account holder can have a debit card.
Regards,
Jhezelyn
If A and B open a join account , can We set the case as shown :
A can withdraw any time without B acknowledgment but the B must need the A to be present , isn’t possible?
Hi Jassy,
Thanks for getting in touch! The rules and restrictions of joint accounts will depend on where you’re opening it. Check with your bank how you can set the rules. Essentially, all parties are allowed to make changes and be notified of account activities. Hope this clarifies!
Best,
Nikki
A halfway house is telling my son he has to open a new joint account with thier name on it …. is this leagal
Hi Bonnie,
Thanks for getting in touch!
Generally, a halfway house may authorize an inmate to have a savings account and a debit card but it does not necessarily have to be a joint account with them.
You may want to speak with the Case Manager of the halfway house about this matter so they can explain the reason behind the need for a joint account with your son. You may also contact the Federal Bureau of Prisons so they can address your concerns.
Hope this is helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
In a joint savings or checking account, I assume that the bank requires the social security numbers of both parties. So, how does the bank decide which party should be responsible for taxes on income earned in the account? Which party receives the Form 1099 and whose security social number will be one it?
Hi Ken,
Thanks for getting in touch! Since this is a joint account, both account holders will be asked for their tax identification number, therefore, both parties will be subject to taxes for income earned in the account. Both you will receive a Form 1099 and both social security numbers will be recorded as well. I hope this helps and let me know if you have questions.
Cheers,
Nikki
If you open a joint account, will the other person also receive a card in the mail?
Hello,
Thank you for your comment.
Yes, usually the bank can provide you two cards. The first one is free on which you get after account opening. The second one which you are asking is called ADD ON card. For that, you just need to fill a form. Please note that the second card is chargeable. After one year of completion of account, both the cards are annually chargeable. Best to verify with your bank.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn