Compare your joint account options
Narrow down top joint bank accounts by fees, APYs and opening deposits.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
How many people can be in a bank account?
You can open a joint bank account with two, three, four, five or more people depending on the bank.
Joint accounts most commonly have two account holders, but it’s possible to add more. No matter how many joint owners, each person can deposit and withdraw funds.
When a 3-way joint bank account makes sense
A joint bank account makes the most sense for those who share expenses or frequently need to share funds. Common reasons why people open up joint accounts include:
- Life partners or family members to manage income and expenses
- Parents who want to monitor their children’s spending and transfer allowances
- Roommates for shared living expenses
- Business partners for easier money management
- Friends to contribute toward an upcoming vacation
- Caregivers or guardians who need to manage a person’s funds
How to compare joint bank accounts
If you want to open an account with three or more people, consider the following when comparing your options:
- Monthly fees. Look for an account with low or no monthly fees.
- Transaction limits. With several people accessing the account, there may be a lot more transactions. Make sure you’re not charged any unnecessary transaction fees and know that most savings accounts only allow for up to six transactions per month.
- ATM fees. Look for an account that offers free ATM withdrawals, so you’re not hit with a fee each time one of the account holders withdraws some cash.
- Easy online access. Make sure the account is easily accessible for everyone on the account. For example, check if there’s an easy-to-use mobile banking app and an online banking platform.
- Number of linked debit cards. If more than two people request a linked debit card, make sure you’re not charged extra fees for the additional cards.
- APY on savings. If you’re aiming for a joint savings account, compare the account’s APY. Average rates are 0.42%(1), but some accounts have APYs above 5.00%.
- Account closure. Generally, one person can close a joint bank account without the other’s permission. But some banks have stricter rules that require all joint owners to provide consent before closing.
Pros and cons of having a joint account with multiple people
Pros
- Streamlines money management and expense sharing.
- Simplifies budgeting when you can see where money is going.
- Gives access to other joint holders when one is unavailable.
- Makes transferring money to a spouse, child, or friend easier.
Cons
- Other account holders can withdraw money without your consent.
- Complicates keeping track of the account balance when multiple people are making transactions.
How to open a 3-way bank account
Opening a joint bank account is similar to opening an individual account. If you’re applying online, there’s usually a “joint account” option you’ll need to select. In some cases, the bank will require all joint owners to visit the physical branch to complete the application process.
Each person needs to provide identification, such as a driver’s license or government-issued ID, Social Security numbers, birthdates, address and contact information. If the account requires an opening deposit, be sure to complete that requirement within the allotted time.
And, if you want to add a child as a joint owner, the primary account holder will be responsible for the account.
Bottom line
While two is the most common number when it comes to joint accounts, most banks don’t have a rule preventing you from adding a third account holder. Before you decide, compare top savings accounts and checking accounts to find one with the features you need.
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