Best Banks for Joint Bank Accounts for October 2023

The best banks for joint accounts make it easy to access your money, have low or no fees, are FDIC insured, and have other benefits. A joint savings account could help you and a loved one save for a wedding, a house, or a child's college savings; a joint checking account could allow you and a roommate or partner split bills.

A joint bank account is great for sharing finances with the people you're close with -- the people you share goals with and the people you share expenses with. Good news -- there's plenty of options! Take a look at our list for the best banks for joint accounts to find one that fits your needs.

How we decide which banks for joint bank accounts to recommend
How did the crew at The Ascent decide which banks for joint bank accounts to list on this page? Our method is straightforward: If we wouldn't recommend these banks for joint bank accounts to friends and family, they don't belong here. We ban big banks from paying their way onto this list -- the thing is, we'd prefer to only recommend banks for joint accounts we strongly believe in. Since we're texting this list to Mom and Dad, it only makes sense. (Hi, Mom.)

Opening a joint bank account isn't too different from opening any other bank account.

Here's what you'll need to do:

1. Pick an account: Find a bank and bank account you like. (Our favorites are listed above!)
2. Fill out the application: Everyone whose name will be on the account should fill out the application together. You can usually do this online if you want.
3. Provide documentation: Provide any supporting documentation the bank needs. Everyone involved will need to provide some form of identification.
4. Fund your account: Transfer money to your new account, and you're ready to go!

Here are some factors to consider when choosing a bank, whether you're looking for the best joint checking account or the best joint savings account.

FDIC or NCUA insurance

Verify that the bank or credit union where you want to open a joint account is insured by the FDIC or NCUA. The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency that insures a customer's bank deposits up to $250,000. Accounts at FDIC-insured banks are protected by the federal government up to the maximum limit.

The National Credit Union Administration (NCUA) is the FDIC equivalent for credit unions. This insurance protects and reimburses customers up to $250,000 if the credit union fails.

Read more: Credit Union vs. Bank: What's the Difference?

Type of account

Most financial institutions offer several types of joint accounts. The right fit depends on how you want to use your account. Here are the most common types:

• Standard joint checking account: This offers basic features such as making deposits, withdrawals, writing checks, paying bills, and using a debit card. Standard accounts pay low APYs, and you may have to pay a monthly fee.
• Premium joint checking account: Premium accounts require a higher balance, but account holders often earn interest, get discounts on other services, and get lower fees. Those who plan keeping a larger amount of money in their joint account can benefit from a premium account. If you're looking for the best joint bank account for couples, this option may be for you.
• Custodial or joint account with minors: Children under 18 can't open a bank account by law. They need a parent or guardian to either open a custodial or joint account. A custodial account is the property of the minor, but is managed by the guardian until the minor turns 18. With a joint account, both the parent and child have access to the account. The adult can limit activity, such as setting a maximum amount the minor can withdraw from the account.
• Rewards-based joint account: Like credit cards that pay rewards for purchases, rewards-based accounts offer cash back, points, or special discounts.

Fees

When you're looking for the best bank to open a joint account at, research the fees you'll be required to pay. Many accounts offer low or no monthly service fees, but it's good to check the fine print. You'll also want to see what the bank charges for services like overdraft protection and wire transfers to make sure you're getting the best deal on an account that fits your needs.

Minimum requirements

Some banks require minimum deposits to open a joint account. They might also require a minimum balance to continue qualifying for a free joint account. Customers who don't meet the minimum requirements will often have to pay the monthly service fee. For most people, it's best to find a bank account that doesn't require minimum deposits or average balances.

Availability and convenience

To find the right joint account, check where and how you can access your account. If you prefer banking in person, check whether the bank you're interested in has branches near you (or nationwide, if that fits your lifestyle).

Most banks offer some online functionality these days, and some banks are fully online. But it's worth checking out a bank's mobile app (if it has one) to see how much of your banking you can do from your phone or other device. This could be especially helpful if you're opening a joint account with someone who doesn't live near you.

ATM network or generous ATM fee reimbursement program

You want your bank to be as accessible as possible. If you often pay with cash, you will need access to in-network ATMs to avoid any ATM fees. If you only have access to out-of-network ATMs, look for banks that offer generous ATM fee reimbursements. Most banks boast how many ATMs you can use for free on their websites, and they'll also post what fees, if any, you might incur when using an ATM.

APY and other perks

Extra perks, like cash back, might not be the main reason you're opening a joint bank account. But it doesn't hurt to shop around for the best deals when you're researching the best banks for joint accounts.

Some checking accounts earn interest, but not all of them do. If you're looking at a joint checking account, you may not be able to earn much interest on your money. Still, some banks offer a bonus just for signing up or meeting other requirements. When looking for the joint account that is right for you, consider what additional perks a bank will offer and if there are ways to maximize them with two account holders.

If you're opening a joint savings account, you're more likely to see attractive APYs. Don't forget to compare interest rates at different banks before committing to opening an account!

Learn more: Best Bank Bonuses

There are many joint checking accounts out there. By taking these factors into consideration when looking for the best joint account, you can find the right fit. Whether you're looking for the best joint bank accounts for couples or just a casual account to split bills with, consider these factors before opening an account.

A joint bank account has its pros and cons. Here are some things to consider before opening a joint bank account.

Do you trust the person you want to open a joint account with?

If you're thinking of opening a joint account with another person, make sure you trust them. One person can drain the entire account without the other person's permission. Since all parties of a joint account can monitor all transactions and activity, there can also be privacy issues.

Be sure you talk through the implications of a joint account with the person you want to open an account with before you jump in.

Do you or the other account holder have debt?

If one of the account owners owes money to creditors or declares bankruptcy, any money in the joint account can be at risk. Be sure both account holders understand each other's needs and finances before setting up a joint account so you're not surprised by a big withdrawal someday.

Do you have an individual account for your own personal goals?

A joint account can make it difficult to save for individual goals. If multiple owners are depositing funds into the account, it can be challenging to keep track of who is depositing what, or what that money is earmarked for. You might find it works to open a joint account for a certain financial goal while having an individual account for other needs.

A joint account is a bank account owned and shared by two or more people. Joint accounts are often used by couples, family members, and business partners.

Each joint account owner has full access to the joint bank account.

How do joint accounts work?

A joint account works just like a standard checking account, except there is more than one owner.

Each owner on the account can:

• Deposit money
• Withdraw money
• Make transactions, like paying bills or transferring money
• View account activity

Joint bank account checks have all the names of the owners on it, so each owner can write checks.

You can open a joint checking account online or in-person -- and the same goes for joint savings accounts or other joint bank accounts.