Best Joint Savings Accounts for April 2024

Joint savings accounts link the finances of two or more people and help them reach savings goals twice as fast. Great for couples sharing their finances, parents teaching their kids about saving money, or any pair who want to collaborate with their money, these accounts are a safe place for multiple parties to store cash.

The best joint savings accounts have zero or low fees, competitive APYs, and flexible withdrawal options. If you're ready to link up your savings with someone, below are our top picks for joint savings accounts.

3 featured joint savings accounts

Here’s a quick list of some of the best joint savings accounts, backed by our expert research and testing:

• SoFi Checking and Savings (Member FDIC): up to $300 bonus and up to 4.60% APY (annual percentage yield)
• Capital One 360 Performance Savings (Member FDIC): 4.25% APY
• CIT Platinum Savings (Member FDIC): 5.05% APY for balances of $5,000 or more

What is a joint savings account?

A joint savings account is one that assigns ownership to more than one person and lets them deposit and withdraw savings freely. Typically, these joint accounts have one routing number, one monthly fee (if it has one), and one APY. That said, account holders could have different PINs for ATM cards or different login information for the same online account.

Sometimes, banks will offer joint savings accounts as its own product. But more often than not you'll open a regular savings account and choose to add joint owners in the beginning of your application. Most banks will even let you add a joint owner to an account you opened by yourself.

How to choose the best joint savings account

Choosing the best joint savings account will come down to how much branch access you want, whether you want an ATM card, and how much interest you want to earn on your savings. With that in mind, here are some important factors to consider when choosing your account:

• Annual percentage yield (APY): The APY on your savings account is the total interest it will earn over a 12-month period. Nearly all savings accounts have APYs, but not all have competitive rates. Typically, online high-yield savings accounts will have the best rates, while those at big national banks will pay out the least. Some joint accounts even have tiered APY systems and will assign you a higher rate when your savings surpasses a certain threshold.
• Monthly maintenance fees: Service fees are common with accounts held at brick-and-mortar banks, but even some online accounts will impose them. The best joint accounts will impose no fees or give you easy ways to waive them.
• Online vs. brick and mortar: Brick-and-mortar banks have in-person services and can make withdrawing and depositing cash super convenient. Online banks, on the other hand, limit access to your funds, but often give you a higher savings rate and will waive fees.
• ATM network: Some joint savings accounts will come with ATM cards that let you withdraw cash at fee-free ATMs. This feature is more common with accounts held at brick-and-mortar banks, though some online accounts -- like the LendingClub High-Yield Savings account -- also come with their own cards.
• Welcome offers: Banks occasionally give welcome bonuses to new account holders. Typically, you have to satisfy some criteria, like setup direct deposit or maintain a minimum balance for a certain period. Depending on how high the bonus is you may have to report it on your taxes.

How to open a joint savings account

The application process for opening a joint account is similar to personal accounts, except you'll select the joint account option during signup, then enter the personal information for all account owners, likely:

• Address
• Date of birth
• Social Security number

If you're signing up at a brick-and-mortar location, both owners should be present to fill out their respective application forms.

Pros and cons of opening a joint savings account

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how The Motley Fool Ascent rates bank accounts.

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