Best Joint Checking Accounts for 2024

Fact checked by Matthew M KlammerReviewed by Samantha Silberstein

Based on our research, Ally Bank has the best joint checking account due to its lack of fees and no minimum deposit requirement.

A joint checking account is an easy banking solution for any two people who want to partially or fully share finances, providing each with the ability to manage the funds. Most commonly, joint checking accounts are opened by couples, but they can also be useful for parents with teens or even business partners.

The best joint checking accounts offer features such as debit card usage, check-writing ability, ATM access, online bill payment, and more. These accounts can easily be accessed by their account holders on the go and offer competitive interest and low or zero fees.

Best Overall: Ally Bank

• Minimum Deposit: None
• Fees: None
• APY: 0.10%-0.25%

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Why We Chose It

Ally offers the best checking account because it doesn’t charge any fees and doesn’t require a minimum deposit. Ally’s Interest Checking Account also offers easy couples management.

Pros & Cons

Pros

• No monthly fees

• Free checks with unlimited refills

• Well-designed online and mobile tools

Cons

• Some other accounts pay higher interest

• No physical branches

• Cannot deposit cash

Overview

Opening a joint bank account with Ally is quick and simple and is handled almost entirely online. While there are no brick-and-mortar branches you can visit, customer service is easy to access via a phone call or live chat, available both in the app and via online banking.

Ally’s web and mobile interfaces are among the most user-friendly banking apps in the industry. Plus, each account holder gets their own login, letting you individually set up your own external transfer accounts, Zelle contacts and payments, and so forth, making it easy for each of you to both view and execute transactions.

What makes Ally’s checking account additionally notable is that it is so seamless, with virtually no bumps in the experience from unexpected fees. There are also no requirements to meet in order to waive fees, which makes couples’ management of the account even easier. As for checks, not only is a printed supply with both account holders’ names provided to you free of charge, Ally will also send you free refills whenever your checkbook runs out.

Ally’s checking account also pays interest on your funds, currently 0.10% APY if your balance is below $15,000 and 0.25% APY above that threshold. Though some checking accounts pay more, higher rates are often tied to meeting certain transaction requirements each month. Meanwhile, Ally’s interest rate is provided automatically and is far above the current national average of 0.07% APY.

About Ally Bank

Ally Bank began in 1919, specializing in auto financing. In 2009, it rebranded its banking subsidiary as Ally, an internet-only bank. In addition to checking accounts, Ally also offers savings, money market, and CD accounts, as well as mortgages, auto and personal loans, and investment accounts. It is headquartered in Detroit.

Best for Parents & Teens: Capital One

• Minimum Deposit: None
• Fees: None
• APY: 0.10%

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Why We Chose It

Ideal for parents and teens, this account has parental controls, separate parent and teen logins, and no minimum balance requirements.

Pros & Cons

Pros

• No monthly fees

• Parental monitoring and controls

• Financial goal setting and progress tracking

Cons

• Minimal interest earnings

• No check writing

• Fees for out of network ATMs

Overview

Opening a joint checking account with your tween or teen is an excellent way to help them learn how to bank wisely, as you track their account activity for teaching money moments. Whether you’re transferring allowance funds or simply monitoring your child’s transactions, Capital One’s mobile app makes it easy for parents to stay on top of their child’s banking, which makes it our top pick for joint parent-child accounts.

The MONEY Teen Checking account is fee-free, no matter how much or little is in the account, and it can be opened, jointly with an adult, by any child at least eight years old. Parents do not have to have a Capital One account of their own; linking an external account from another bank is an easy step.

There are a few limitations to be aware of on this account. First, it is a “debit card only” checking account, meaning it does not offer the ability to order or write checks. Also, while ATM withdrawals are free at over 70,000 ATMs in the Capital One, MoneyPass, and Allpoint networks, withdrawing from other ATMs will trigger fees that will not be reimbursed.

The interest rate is also low. Though it out-pays the national average, funds in this account currently only earn 0.10% APY.

About Capital One

Headquartered in McLean, Virginia, Capital One dates back to 1933. It took its current name in 2006.

Best for Frequent ATM Users: Axos Bank

• Minimum Deposit: None
• Fees: None
• APY: Up to 3.30%

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Why We Chose It

Axos Bank is ideal for frequent ATM users because it offers unlimited domestic ATM fee reimbursements so your trips to the ATM won’t cost you any money.

Pros & Cons

Pros

• No minimum balance requirement

• No overdraft fees

• Unlimited domestic ATM fee refunds

Cons

• No free checks provided

• No Zelle capability for person-to-person payments

• No physical branches

Overview

Axos’s simplest checking account is called Essential Checking. It features no monthly maintenance fee, no minimum balance, no ATM fees (via unlimited reimbursements), and not even any overdraft fees. An added bonus is its Direct Deposit Express feature, which allows you to get your paycheck deposit up to two days early.

If earlier paychecks aren’t as appealing to you and your partner as an attractive interest rate, you’ll want to consider Axos’s Rewards Checking account instead. You’ll get all the same no-fee benefits but with the chance to earn up to 3.30% APY on your balance. Receiving a monthly direct deposit of at least $1,500 will earn you 0.40% APY, using your Axos debit card 10 or more times in a month will earn you an extra 0.30%APY. Combine the direct deposit qualification and 10 debit transactions along with a few other opportunities to earn a total APY of 3.30%.

Prefer cashback rewards instead? Then you can opt for Axos’s CashBack Checking account, in which you and your joint account holder will earn 1.00% cashback on all signature-based debit card purchases, and enjoy the same no-fee structure and unlimited ATM rebates.

About Axos Bank

San Diego-based Axos Bank opened on July 4, 2000, and originally was called Bank of Internet USA, rebranding with the Axos name in 2018. It is headquartered in San Diego.

Best for Branch Banking: Wells Fargo

• Minimum Deposit: $25
• Fees: $5-$35/month if qualifications not met
• APY: 0.00–0.01%

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Why We Chose It

Wells Fargo offers its customers online and in-person banking so you can get individual attention and get your questions answered in person at one of its branches. With brick-and-mortar branches in 36 states plus the District of Columbia, the odds of living near a Wells Fargo branch are very high for this bank.

Pros & Cons

Pros

• Operates over 4,500 branches in 36 states

• Monthly fees easily waivable for most customers

• Multiple checking account options to choose from

• Ability to quickly send or receive money to others with Zelle

Cons

• Minimum balances or other requirements are necessary to avoid fees

• Checking accounts with interest pay just a tiny fraction of a percent

Overview

Wells Fargo’s simplest joint checking account is Everyday Checking. Though it carries a $10 monthly fee, anyone who keeps at least $500 in the account or has at least one direct deposit of $500 hit the account each month will not be charged the fee.

Wells Fargo operates a feature-laden mobile app and online banking interface, making account management for both account holders a breeze. And when you need help from a human, you can call, visit a branch, or even make an appointment with a banker.

Whether or not you live near a Wells Fargo branch, anyone interested in branch banking also should investigate the checking account options available from the banks located in their community, as these may offer comparable or better account features or lesser fees and requirements.

About Wells Fargo

Established in 1852, Wells Fargo is one of America’s oldest banks and is the third-largest by assets. Residents of any state can bank with Wells Fargo online, but these 14 states have no physical branches: Hawaii, Indiana, Kentucky, Louisiana, Maine, New Hampshire, Ohio, Oklahoma, Vermont, West Virginia, Rhode Island, Missouri, Michigan, and Massachusetts. It is headquartered in San Francisco.

Best for High Interest: Presidential Bank

• Minimum Deposit: $100+
• Fees: $5/month if balance falls below minimum
• APY: 0.10%–4.62%

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Why We Chose It

Presidential Bank’s impressive interest rate and a fairly easy set of qualifying transactions help you earn money on the funds you already have in the bank. Another perk is that your first set of checks is free. These benefits make it our top pick for high-yield joint checking accounts.

Pros & Cons

Pros

• Balances up to $25,000 earn 4.62% APY

• Monthly maintenance fee is easy to waive

• First order of checks is free

Cons

• Monthly direct deposit of $500+ to earn high interest rate

• No Zelle capability for person-to-person payments

• $100–$25,000 minimum balance to avoid the monthly fee

Overview

For balances up to $25,000, Presidential Bank’s Advantage Checking account pays 4.62% APY each month that the required qualifying transactions are made. These include at least seven electronic withdrawals per month, such as ATM, debit card, ACH, and bill pay withdrawals, with both account holders’ transactions counting toward the same threshold of seven. In addition, a monthly direct deposit of at least $500 is required to earn the high-yield rate.

This compares favorably to most other “rewards checking” accounts, which typically require the user to make 12 debit transactions a month or more, and often cap the balance earning the high yield at some lower level, such as $10,000 or $15,000.

If you don’t meet Presidential’s requirements in any given month, you won’t earn 4.62% for that statement cycle. But the fall-back APY is 0.10%, which still outdoes many checking accounts. For anyone holding high cash balances at a bank, Presidential’s highly competitive interest rate tiers can translate into not needing a separate savings account.

There are potentially a few fees with this account, however. If you fall below the $500 daily minimum, you’ll be hit with a $5 monthly maintenance fee. And if you write more than three checks in a month, a $3 fee is triggered for each check that month starting with the fourth.

About Presidential Bank

Based in Bethesda, Maryland, Presidential Bank was established in 1985 and operates nine branches in the greater D.C. area. But it serves customers nationwide with its online banking platform.

Best for Cash Back: LendingClub Banking

• Minimum Deposit: None
• Fees: None
• APY: 0–0.15%

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Why We Chose It

LendingClub Banking, who recently acquired Radius Bank, offers cash back on an unlimited number of debit card purchases and it doesn’t charge any monthly maintenance fees which makes it ideal for customers who want to earn cash back on their checking accounts. 

Pros & Cons

Pros

• No minimum balance or monthly maintenance fee

• Up to 1% cash back paid on unlimited debit card purchases

• Unlimited ATM fee refunds, even internationally

• Free first set of checks

Cons

• Little or no interest paid, depending on your balance

• High balance or direct deposit totals necessary to be eligible for cash back

• No Zelle capability for person-to-person payments

Overview

Cash-back checking is not a common concept. Although paying customers cash back on their purchases is well worn in the credit card industry, among bank debit cards, it’s a rarity. And so far, no one is doing it as generously as LendingClub Banking, earning it our award for the best cashback checking account for couples.

LendingClub serves its customers mostly online. With its Rewards Checking account, it makes it possible for checking account customers to earn between 1% cash back on their debit card transactions. When you make this a joint account and arm each account holder with their own debit card, the cash-back rewards can really add up.

LendingClub offers its premium cash-back rate of 1% on all purchases as long as the account holder maintains a $2,500–$100,000 balance or has $2,500 worth of direct deposits each month. While some debit cash-back accounts cap how much can be earned in a month, LendingClub’s cash-back calculation applies to an unlimited number of debit transactions each month.

In addition to requiring no minimum balance and charging no monthly maintenance fee, LendingClub also will reimburse an unlimited number of U.S. and international ATM fees.

Just don’t count on this account for much in the way of interest earnings. At balances below $2,500, the interest rate is zero, and above that threshold, the account pays just 0.10% APY.

About LendingClub

LendingClub began operations as an online full-spectrum bank in 2007, with the parent company, LendingClub Bank, being an FDIC member since 1987. It is headquartered in San Francisco.

Best for Debit Users: Liberty Federal Credit Union

• Minimum Deposit: $25
• Fees: None 
• APY: Up to 3.45%

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Why We Chose It

Liberty Federal Credit Union is available for anyone to join and offers its debit card users high interest rates and it doesn’t charge monthly maintenance fees. 

Pros & Cons

Pros

• 3.45% APY on balances that meet qualifications

• No minimum balance

• ATM fee reimbursements up to $15 per month

Cons

• Minimum of 15 debit card transactions per month

• One direct deposit each month required

• Must join the credit union

Overview

Not a teacher? Don’t live near Evansville, Indiana? Don’t sweat it. Neither of those things is necessary for you to become a member of the Liberty Federal Credit Union. In fact, anyone willing to make a modest $5 donation to the community’s local high school alumni association is eligible to become an LFCU member and enjoy their Vertical Checking account.

If you’re not familiar with credit unions, they operate essentially like a bank and offer the same types of financial services and accounts. The difference is that a credit union’s customers are member-owners of the credit union. Like a bank, though, credit unions are federally insured, carrying the same $250,000 in federal deposit insurance that banks carry.

LFCU has landed itself on our list by offering a top interest rate among reward checking accounts, for those that stipulate meeting certain requirements each month in order to earn the high yield. While it may sound too good to be true to earn 3.45% APY on up to $20,000 in a checking account, it is possible and makes LFCU our best joint checking account for debit-using couples.

To earn the high rate in any given month, you have to make 15 or more debit card transactions and have at least one direct deposit hit your account. In addition, you’ll need to sign up for electronic statements and sign in to online or mobile banking at least once each month. Complete all of these and you’ll see an interest payment at the end of that month equivalent to 3.45% APY on your daily balance. However, miss just one requirement and you’ll earn zero that month.

Sweetening the deal on this account is that it requires no minimum balance and charges no monthly maintenance fees. It will also reimburse ATM fees you incur up to $15 per month.

About Liberty Federal Credit Union

Anyone can join Liberty by donating $5 to the Mater Dei Friends & Alumni Association and holding at least $5 in a savings account. Headquartered in Evansville, Indiana, the credit union dates back to 1936.

Final Verdict

Our top choice is Ally Bank because it does not require a minimum deposit to open an account, has no monthly fees, and is part of a large network of ATMs.

As an online-only bank, accounts can be opened quickly and easy through Ally’s website, and customer service is accessible by way of a phone call or via chat online or through the app. Avoiding fees is easy to do with no complicated requirements, and the bank even provides free checks.

Compare the Best Joint Checking Accounts

Company	Minimum Deposit	Fees	APY	ATM Access
Ally Bank Best Overall	None	None	0.10%–0.25%	Nationwide but no cash deposits
Capital One Best for Parents & Teens	None	None	0.10%	Nationwide
Axos Bank Best for Frequent ATM Users	None	None	Up to 3.30%	Nationwide
Wells Fargo Best for Branch Banking	$25	$5-$35/month if qualifications not met	0.00%–0.01%	Nationwide
Presidential Bank Best for High Interest	$100+	$5/month if balance below minimum balance	0.10%–4.62%	Nationwide
LendingClub Banking Best for Cash Back	None	None	0.00%–0.15%	Nationwide
Liberty Federal Credit Union Best for Debit Users	$25	None	Up to 3.45%	Nationwide

What You Need to Know

In the News: The Fed held rates steady for a sixth consecutive time at its meeting ending on May 1. The 5.25% to 5.50% range is the highest it has been since 2001, and Fed officials noted in a statement that there has been a lack of recent progress toward the committee’s goal of lowering inflation. Consumer prices rose 3.5% over the year in March. Officials don’t foresee reducing the target range until they are confident inflation is moving toward 2%.

Interest rates closely follow the fed funds rate. But once the Fed does make a rate cut, interest rates are expected to fall.

Guide to Choosing the Best Joint Checking Accounts

Are You In Need of a Joint Checking Account? 

Whether or not you need a joint checking account depends on a few factors. For instance, will you need to share or manage funds with someone else? Do you want to be able to see how someone else is spending the money? Will it make your life easier to be able to achieve financial goals, budget, or pay bills if another person split the responsibility? 

Your answer to these questions will help you decide if you need a joint checking account.

Compare Joint Checking Account Options

It’s important to know your options when comparing joint checking accounts. You will want to consider the following when comparing account options:

• Account requirements: Before opening an account, know what you need to do in order to open the account and maintain it. You may be required to maintain a minimum balance in the account or make a certain amount of deposits per month. Different banks have different account requirements. 
• Maintenance fees: Be aware of all of the account fees before signing up for the account. Fees can be charged monthly or annually and can be for maintaining the account, overdraft fees, and fees for not keeping a certain minimum balance in the account. Know the fees so you can compare them to the fees that other financial institutions charge. 
• ATM access: Know if your account comes with an ATM card and if so, where can you use it? Are there out-of-network ATM fees? 
• Online account management: The best online banks and mobile apps help you manage your account and keep track of spending so compare these features before choosing a joint checking account.

Opening a Joint Checking Account 

After you have decided that a joint account is right for you and you have selected the institution where you’re going to open the account, you will need specific documentation to actually open the account. Typically, you will need your current driver’s license with your current address and you may need a piece of mail verifying that address such as a utility bill.

Additionally, the banker or online banking system will ask you a series of questions and run a banking check through ChexSystems that ensures you don’t owe money to any other banks which may prevent you from opening up a new account. 

After your account is successfully opened, you should receive your debit cards in the mail. Usually, it takes about ten days to receive them. In the meantime, you can set up online banking and start using your account.

Pros and Cons of Joint Checking Accounts

Pros

• Cost savings

• Budgeting simplicity

• Equality and teamwork

Cons

• Potential disagreements

• Lack of privacy

• Difficulty in cases of separation

Pros Explained

• Cost savings: When you share a bank account with a partner, it may be easier to qualify for monthly maintenance fee waivers (if available) or to only pay one fee. Of course, there are free checking account options that may allow you to avoid fees altogether.
• Budgeting simplicity: If you share monthly bills with a spouse or partner, a joint checking account can make budgeting together a simple process. A single account can make planning and tracking your household spending easy to manage.
• Teamwork: A joint checking account (along with other shared deposit and investment accounts) can be useful as you work toward reaching shared financial goals like an emergency fund, retirement savings, and more. 

Cons Explained

• Potential disagreements: When you pool your cash into a joint checking account, you can’t control how the other person spends your money. If you disagree with their financial choices, it could lead to disagreements.  
• Lack of privacy: Joint checking accounts mean that you lose some financial independence. The lack of privacy could also be a challenge if you ever want to surprise your partner with a gift, trip, etc. unless you have the ability to pay for such purchases from another account.
• Difficulty in cases of separation: In the event of a separation, one party could drain a joint checking account and leave the other person in a compromised financial position. Even in amicable separations, dividing money can be complicated.  

Alternatives to Joint Checking Accounts

A joint checking account can be a great solution for two people who want to share their finances (either in part or full). Yet they’re not an ideal fit for everyone. Here are some alternatives to consider depending on your specific circumstances and financial needs.

• Individual checking accounts: Many partners are more comfortable maintaining financial independence through separate checking accounts. Even with separate bank accounts you can still divide expenses, set joint savings goals, and find ways to budget as a couple that work for you. If you live in a community property state, you may have to split assets acquired during a marriage 50/50 in the event of a divorce, even if you maintain separate accounts.
• Joint savings account: Some couples may opt to maintain a joint savings account for shared savings goals instead of an account for joint expenses. If you’re considering this option, it’s wise to shop around for high-yield savings accounts that offer the best rates available to grow your savings at a faster pace. 
• Reloadable prepaid cards: Prepaid debit cards aren’t always the best alternative to traditional checking accounts. However, they can be an option worth looking into under certain circumstances since they’re easy to open (even if you have ChexSystems issues or other challenges that make it difficult to open a traditional bank account). Be sure to watch out for fees, however, as they can be high and may eat away at the funds you deposit onto your reloadable card. 
• Check-cashing services: If you’re ineligible to open a traditional joint checking account, third-party check-cashing services may provide access to your paychecks and other types of check payments. Yet the fees these services charge for each transaction can add up. So, it may be worth looking into second-chance checking accounts instead to see if you can qualify for those types of deposit accounts.  

Frequently Asked Questions

Is a Joint Account FDIC Insured Up to $500,000?

Each owner of a joint account is insured up to $250,000 as long as each owner has equal access and rights to the account. So, if two people have a joint account with a $500,000 balance, the full $500,000 would be insured since each person would be insured up to $250,000. The same principle applies to accounts with three or more owners, meaning an account with three owners and a $750,000 balance would be fully insured, and so on.

What Are the Two Types of Joint Accounts?

Survivorship accounts and convenience accounts differ in how they deal with the death of one of the account holders. With a survivorship account, commonly opened by married couples, the surviving account holder becomes the sole owner of the account. With a convenience account, there typically is an original account holder and someone else who has access for the sake of convenience. With this type of account, the death of the person who originally opened the account means the remaining balance would still be part of the deceased person’s assets.

What Are the Disadvantages of a Joint Account?

Each account holder typically has equal access and equal responsibility, so it is vital that you open a joint account only with someone you trust completely. There also is no privacy with a joint account. Each account holder has full access to records of every transaction. As well, if the relationship between the account holders goes south, managing the remaining funds can become contentious.

Who Pays Taxes on a Joint Bank Account?

This depends partly on local laws, but typically each owner of the account is responsible for an equal amount. For a married couple filing jointly, this is easy. Married couples filing separately simply need to include half the investment income on each return. For accounts held by two or more people at separate addresses, it’s important to contact the bank and a tax professional to determine who will receive any applicable tax forms and how to report any income.

Can Having a Joint Checking Account Hurt Your Credit?

If you own a joint account with someone who mismanages the account in some way, you could be liable in ways that might hurt your credit. For example, if the other account holder overdraws the account and incurs fees that go unpaid, you would be equally responsible for that debt.

What Is a Joint Checking Account?

A joint checking account is a bank account that belongs to two or more people. In many cases, spouses or partners will share joint accounts to make it easier to manage their household income and expenses together. 

You don’t have to be married to open a joint checking account. This solution is also popular among parents and children and other individuals who need to share access to the same pool of cash. 

Can I Remove My Name From a Joint Checking Account?

Your bank may allow you to request the removal of your name from a joint checking account without having to close the account. However, the ability to remove your name from a joint account (and the steps you need to take to request removal) will vary depending on the terms of your account. 

How We Pick the Best Joint Checking Accounts

To come up with the best joint checking accounts, we compiled a list of the most popular choices and researched more than a dozen accounts. We considered banks that were entirely online and those that had brick-and-mortar locations. We reviewed the monthly maintenance fees and minimum balance requirements, weeding out those with high fees or onerous minimums. We also assessed other important account features, such as the availability of free checks, ATM fee rebates, and Zelle payments.

Lastly, we looked for standout features that made an account especially attractive for certain types of joint checking consumers, such as those preferring cash-back rewards versus a high interest rate, high debit card use versus frequent ATM withdrawals, and physical branch banking versus online-only operations.

Guide to Checking Accounts

Learn more about checking accounts:

• What Is a Checking Account?
• How Do Checking Accounts Work?
• Types of Checking Accounts
• Pros and Cons of Online Checking Accounts
• How Much Do Checking Accounts Cost?

Read the original article on Investopedia.