Best Joint Checking Accounts - November 2024
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Best Joint Checking Accounts of November 2024

  • Joint checking accounts make it easier to manage shared expenses.
  • Joint account holders may find it easier to meet minimum balance and deposit requirements together, potentially earning more account rewards or higher interest.
  • Trust is critical in managing a joint checking account, as all account owners have equal control over the funds.
  • You can open a joint checking account with anyone—you don’t have to be related to them.
  • Our top picks for joint checking accounts come from Axos Bank, Quontic, Chime, SoFi and Upgrade.

Our top picks for the best checking accounts

A closer look at our top picks for checking accounts

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Axos Rewards Checking
LEARN MORE FDIC insured
Rates updated as of 10/02/2024
Minimum Opening Deposit
$0
Monthly Fee
$0
Other Features
Earn up to 3.30% APY
Why We Like It

Editor's take

Axos Bank offers a high-yield Rewards Checking account that lets you earn up to 3.30% APY—many times the national average earnings on checking accounts. However, you have to meet various thresholds to incrementally earn that high APY, which is easier to do as a joint account holder. For example, if you have $1,500 or more in monthly direct deposits, you earn 0.40% APY, and if you make 10 debit card transactions per month, you earn an additional 0.30% APY.

PROS

  • No fees
  • Competitive APY
  • Low minimum deposit requirements
  • Potential for sign-up bonuses

CONS

  • You have to open other accounts and invest funds to earn the highest checking APY
  • No physical branches for in-person service
  • The direct deposit and minimum balance thresholds for some rewards are fairly high

Quontic Hight Interest Checking Account
LEARN MORE FDIC Insured
Rates updated as of 10/01/2024
Minimum Opening Deposit
$100
Monthly Fee
$0
Other Features
Earn up to 1.10% APY
Why We Like It

Editor's take

We love the Quontic High Interest Checking Account for its impressive 1.10% APY, which stands out compared to many standard checking accounts. With just 10 qualifying transactions per statement cycle, most people can easily meet the requirements and enjoy better interest rates. The account also features a simple and friendly online platform, which helps to make your banking experience smooth and hassle-free.

PROS

  • Earn 1.10% APY when you make 10+ qualifying transactions of $10 or more per statement cycle
  • No monthly maintenance or overdraft fees
  • 24/7 chat and call support
  • Mobile app with financial management features

CONS

  • Failing to meet the transaction requirement will result in losing the APY
  • No physical branches for in-person support
  • You need at least a $100 initial deposit

Upgrade Rewards Checking Plus
LEARN MORE FDIC Insured
Rates updates rates_last_updated
Minimum Opening Deposit
$0
Monthly Fee
$0
Other Features
Earn up to 2% cash back on purchases
Why We Like It

Editor's take

Set up monthly direct deposits of $1,000 or more to get 2% cash back on everyday spending at convenience stores, drugstores, restaurants, bars and gas stations, as well as on utilities and subscriptions. You’ll earn 1% back on all other purchases. The 2% cash back is limited to $500 in rewards each year, after which it then drops to 1%. If you don’t deposit at least $1,000 a month within 60 days, you’ll earn 1% back on everyday purchases and 0.50% on everything else.

PROS

  • Earn up to 2% cash back on everyday spending
  • Get paid up to two days early
  • No monthly fees
  • Access to 55,000 fee-free ATM network

CONS

  • Must set up monthly direct deposits of $1,000 to earn 2% cash back
  • Doesn’t earn interest
  • No physical branch locations

SoFi Checking and Savings

LEARN MORE
Member FDIC
rates_last_updated
Minimum Opening Deposit
$0
Monthly Fee
$0
Other Features
Earn apy% APY on checking balances
Why We Like It

Editor's take

Sofi’s Checking and Savings account gives you features of both types of accounts in one. You won’t pay account fees and can access your money at more than 55,000 ATMs across the country. If you have direct deposits totaling at least $1,000 per month—which is easier to accomplish with joint account holders—you’re covered for up to $50 in overdraft protection when using your debit card. That means a miscue between account holders is less likely to leave someone stranded at the register with a denied card.

When you use your debit card to pay at certain local establishments, you can earn 15% cash back. You can also get apy% APY on Sofi Vault balances, which are segregated funds you set aside for a special purpose.

PROS

  • Options for high-yield savings
  • No monthly maintenance fees
  • No minimum opening balance requirement
  • Opportunity for 15% cash back on some purchases

CONS

  • Highest APYs on Vault balances require you to meet direct deposit or balance thresholds
  • No local branches for in-person support
  • Vault subaccount structure may be confusing for joint account holders to manage

What is a joint checking account?

A joint checking account is an account owned by two or more people. All the owners of the account have equal rights to the funds in it and the same level of control and access.

How does a joint checking account work?

With a joint checking account, all owners can make deposits and withdrawals, write checks against the account, use debit cards to make purchases and sign up for online account access or mobile banking. Good management of an adult account requires the owners to communicate with each other, track expenses and deposits together and trust each other. No owner can remove another from the account without the other person’s written consent.

Are joint checking accounts safe?

Whether you set up an online joint checking account or an account with a local branch, make sure you choose a bank that’s FDIC-insured. This insures your account for losses of up to $250,000 per person if the bank experiences a financial disaster.

You should also only open a joint checking account with someone you trust. Since the other person has equal control over the funds in the account, your balance is only safe if you can trust them to manage it well.

Pros and cons of a joint checking account

Pros
  • It can be more convenient to manage expenses when you have a single shared account
  • You can work together to establish higher deposit and balance amounts for better rewards
  • You get more FDIC insurance for each person on the account
  • Joint accounts can offer more transparency about money matters, which may be beneficial for relationships
Cons
  • Lack of communication can lead to issues with account management
  • Funds in accounts are at risk if any account holder is dealing with creditors
  • You may have less privacy about money matters as someone else has access to all your spending and deposit details

Who should get a joint checking account?

A free joint checking account may be a good option if you’re:

How to choose the best joint checking account

Finding the best joint checking account for you involves the same considerations that are relevant when shopping for the best checking account for an individual.

You may want to consider:

1

Fees:

Look for options that don’t include a monthly maintenance fee, and read the fine print on all other fees to ensure your account won’t cost a lot to manage. Determine whether fees depend on deposit or balance thresholds and whether you and other account holders can meet those costs together.

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2

APY:

Some checking accounts are interest bearing. Find out how much you might be able to earn on the balance in your joint account.

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3

Branch and ATM availability:

Consider whether you want in-person service at a local branch or can manage your funds fine via a mobile app. You should also look into network ATMs and whether you’ll pay bank fees each time you make a withdrawal at such machines.

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4

Customer service:

Review the customer service options to ensure you’re comfortable getting assistance via methods offered by the bank. If you’re going with an online-only bank, look for ones that provide chat, email and phone support.

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5

Mobile banking capabilities:

Consider what you can do with the bank’s mobile app. At minimum, you’ll likely want each person to be able to view balances and account transactions, make mobile deposits and initiate transfers.

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How to open a joint checking account

Once you determine the best bank for joint checking accounts for your needs, it’s typically easy to open an account.

If you opt for a bank with local branches, you and the other intended account holder(s) can go into the bank and ask to open an account. Some banks offer the option of opening this type of account online.

In both cases, you’ll need a government-issued ID and Social Security or Tax ID number for all intended account holders. You’ll also need to provide information about each person, including their full name, residential address and date of birth.

Finally, you’ll need a way to fund your initial deposit. You can do that using cash at a physical branch location or with an electronic funds transfer if you open a joint checking account online.

How to close a joint checking account

To close a shared checking account, you must contact your online bank, go into a branch location, or initiate account closing in your banking mobile app. The exact requirements for closing an account vary by bank. Some may allow one account holder to close the account, though most require at least a signed consent form from all account holders before the process can be completed.

Joint checking account alternatives

There are many alternatives to joint checking accounts, including:

Our top picks for the best checking accounts

FAQ: Joint checking accounts

How many joint owners can be on a checking account?

While having two account holders is most common, you can have more. The maximum number of account holders allowed may vary between banks.

Can I open a joint checking account with anyone?

Yes, you can open a joint checking account with anyone you choose. These accounts aren’t limited to married couples. However, banks may limit joint accounts with minor owners to children and their parent(s) or guardian(s).

Can I open a joint checking account with someone with bad credit?

Yes. Plus, if you have good credit, it may offset any detriment to account options that the other person’s bad credit causes. Alternatively, someone with bad credit may be interested in a second chance checking account.

How do I remove one of the owners from a joint checking account?

To remove a joint owner from a banking account, you’ll need written permission. The person can go to the bank and ask to be removed or sign a request to be removed and send it in.

What happens to a joint account after one of the holders dies?

In most cases, joint checking accounts are considered payable on death accounts with a right of survivorship. That means the funds in the account become the property of the remaining account holder. Some banks may simply remove the deceased account holder’s name once you present a death certificate, whereas others may require that you open a new account for the funds to be transferred into.

Is a joint checking account part of an estate?

This depends on how the account is set up and applicable state laws. However, joint accounts usually don’t go through probate. If the remaining account holder has a right of survivorship, the funds in the account belong to them upon the death of the other owner.

About the Author

Sarah Stasik
Sarah Stasik Personal Finance

Sarah Stasik is well versed in personal finance thanks to her previous role as a Revenue Cycle Manager for a Fortune 500 healthcare company. Using her inside knowledge and expertise, Sarah often covers topics ranging from insurance and the economics of private healthcare to personal finance and small business management.

With more than a dozen years of writing experience, Sarah has tackled niches that range from technical advances in fintech to personal budgeting challenges. She has covered topics such as insurance and the economics of private healthcare, small business management and accounting, and credit and savings. Her writing focuses on making complex or seemingly daunting financial topics more accessible and providing helpful and relevant resources for readers.

About the Reviewer

Blake Esken
Blake Esken Los Angeles Times

Blake Esken has over 15 years of experience in product management and has been a member of the Los Angeles Times staff for over five years.

As part of his role at the Los Angeles Times Commerce Team, Blake acts as the in-house reviewer and fact checker for LA Times Compare. He supervises all content for compliance and accuracy and puts to use skills he has honed through years of experience managing high-stakes projects for a range of industry-leading companies.

He has a strong background in data analysis, compliance, and communication, which allows him to support LA Times Compare through fact-checking in an effort to provide up-to-date and factual information across our content.

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