Best joint checking accounts in December 2024

Joint checking accounts are a great option for anyone who wants to manage everyday spending with another person – whether it’s a spouse, an older parent or a young child. In some cases, joining checking accounts have been specifically designed for two owners, 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 best joint checking accounts.

Banks with the best joint checking accounts for August 2024

Note: Annual percentage yields (APYs) shown are as of July 25. 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.

Alliant Credit Union Teen Checking

Alliant Credit Union’s Teen Checking Account is a great fit for any parent who wants to be a member of a credit union and introduce their teen to the basics of budgeting. In addition to a solid mobile app, the account comes with somewhat of a rarity – free checks – to help your kids learn about the old-school method of writing and signing checks.

Ally Spending Account

Ally offers the perks that come with online-only banks – above-average interest rates, minimal fees and robust tech features – and the bank’s Spending Account is a great option for merging finances. If you keep a bigger balance in the account, you’ll score a higher APY – 0.25 percent on balances above $25,000 – but you can still get 0.10 percent APY on lower balances. If you open a savings account at the bank, too, you can take advantage of a round-up tool to encourage savings for you and your joint account holder.

American Express Rewards Checking

If one of you is an existing American Express credit cardholder, the bank’s Rewards Checking account is a no-brainer. There are no fees and no minimum balance requirements, and you’ll earn 1.00 percent APY on your entire balance.

Capital One MONEY Teen Checking Account

Capital One’s MONEY Teen Checking Account is a great option for parents who want to help kids who are at least eight years old begin to understand how to manage their money. Each party gets login credentials, and parents have control to lock the debit card if it’s lost (or if the child happens to be overspending). The child is the only one who receives a debit card – not the parent – so this is purely designed to help kids learn more about money.

Charles Schwab Investor Checking

If you’re opening a joint checking account with a significant other, you’re going to need to think about more than what you’ll spend today – you’ll need to consider how to invest for tomorrow, too. Charles Schwab’s Investor Checking account is a step toward making that happen. You’ll be able to easily transfer money into your brokerage account to invest it, while enjoying easy access to funds for everyday spending.

Chase Total Checking

Chase can’t compete against the other names on this list when it comes to paying interest and offering checking rewards, but it does offer one potentially big benefit: a huge network of branches and ATMs. If you and your fellow account holder value access to in-person banking, the biggest bank in the country is worth a look. Plus, you can probably score a bonus for opening a new account.

LendingClub Rewards Checking

If the two of you plan to use a debit card for regular spending, the LendingClub Rewards Checking offers major appeal: unlimited 1.00 percent cash back, which beats Discover Bank’s online checking account that caps cash back at $3,000 of monthly purchases. Plus, you can qualify to earn between 0.10 percent and 0.15 percent APY on your balance

NBKC Everything Account

Appropriately named, the NBKC Everything Account combines checking and savings into one product that pays 1.75 percent APY. There’s a savings goal-setting tool, which is very valuable for couples. If you’re planning a big spring break vacation together, it’s a way to keep both of you on track.

Presidential Bank Advantage Checking

Presidential Bank’s Advantage Checking earns a double take-worthy 4.62 percent APY on balances up to $25,000 (a lower APY kicks in after that threshold), which makes this a great option for managing spending money while earning interest. The bank has branches throughout the Washington, D.C. metro area, which is a bonus if you live nearby.

SoFi High-Yield Checking Account

SoFi’s joint checking account automatically takes the next step in sharing finances: You also open a joint savings account at the same time. The checking account pays 0.50 percent APY – a very competitive offer in today’s checking landscape – while the savings account pays a 4.60 percent APY, which is also among the best savings rates available.

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 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 either case, joint checking accounts offer a way for both parties to have access to the funds.

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 and minimum balance requirements – Some banks charge hefty monthly service fees if you fail to maintain a certain average balance in the account. However, it’s easy to avoid these pesky costs by focusing your search on free checking accounts.
• 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.
• Bonus opportunities – Banks want your business, so shop around for opportunities to score 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. Pro tip: Don’t let the upfront bonus get in the way of thinking about the bigger picture, though. Make sure the account will be a good fit long after that bonus cash is gone.

Pros and cons of joint checking accounts

Joint checking account FAQs

• Can joint accounts earn interest?

  Yes. Joint accounts – just like individual accounts – may pay interest. It’s up to individual banks and credit unions to determine whether an account earns interest.

• How can I get a joint checking account bonus?

  Many banks and credit unions use bonus offers to attract new customers, and these promotions may vary throughout the year. As you compare options for joint accounts, do your research to compare offers for bonus cash. In most cases, you’ll need to perform some sort of qualifying activity to qualify such as setting up a direct deposit.

• What is overdraft protection?

  Overdraft protection is an optional service that many banks and credit unions offer that links a customer’s checking account with a savings account or a line of credit. If the balance of the checking account drops to zero while trying to make a payment, funds from the linked account will automatically transfer to make sure that the transaction clears.

• How do I get out of a joint checking account?

  Call the bank or credit union to learn about their policies for making changes to accounts. In some cases, you may be able to remove your own name from the account. In others, the two account holders may need to close the account entirely and set up individual accounts. Because both names are on the account, you’re both legally entitled to the funds, which can create some challenges in attempting to remove one name.

Research methodology

Bankrate’s editorial team is made up of five banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.

We select banks that have high annual percentage yields, or APYs, and that are popular and broadly available, including some of the largest banks.

• Banks we monitor

  These financial institutions are featured in our checking account rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Credit One Bank, Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, EverBank (formerly TIAA Bank), Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Heritage Bank NA, Huntington National Bank, KeyBank, LegacyTexas Bank, Limelight Bank, Live Oak Bank, Morgan Stanley Private Bank, M&T Bank, Marcus by Goldman Sachs, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.