Best Joint Checking Accounts Of April 2024 (2024)

We’ve compared 164 checking accounts at 66 nationally available banks and credit unions to find some of the best options available. See below to learn more about why we picked each account, the pros and cons, and to access individual bank reviews.

Annual percentage yields (APYs) and other account details are accurate as of March 13, 2024.

To create this list, Forbes Advisor analyzed 164 checking accounts at 66 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 18 data points within the categories of fees, access, customer experience, digital experience, minimums and APY.

The following is the weighting assigned to each category:

• Fees: 50%
• Branch and ATM access: 15%
• Customer experience: 10%
• Digital experience: 10%
• Minimums: 10%
• APY: 5%

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

A joint checking account is a bank account shared between two individuals. With a joint checking account, both account owners have full access to account funds, including the ability to pay bills, make debit card purchases and deposit, withdraw and transfer funds. Both parties have equal ownership of the checking account and can use funds whenever they want. They can also see every transaction made, including those made by the other account owner.

Couples often use joint checking accounts to share funds and budget together, but joint accounts are available for any two adults, such as roommates or business partners. Custodial accounts for kids and teens are considered joint accounts with parents or legal guardians designated as the primary account owner of the account. Some banks limit the amount of access for accountholders under 18 years of age, but others do not.

How Does a Joint Checking Account Work?

A joint checking account works similarly to other checking accounts, except that the account is shared between multiple people. Each co-owner has full control over any funds kept in the account and can request a debit card, write checks and withdraw funds without the consent of the other person.

Both account owners share in any liabilities, like bank fees or tax implications. You can’t remove another account owner from the account without consent, but you can often close a joint checking account without the consent of the other account owner.

Some situations lend themselves better to using a joint checking account. You may consider a joint checking account if you:

• Share expenses, like rent or utility bills, with another person
• Want to save money toward a common goal, like a dream vacation
• Want double the protection of a traditional account since each account holder is insured by the FDIC or NCUA up to $250,000.

Opening a joint account with another individual requires a level of mutual trust and respect. Both owners must be on the same page to avoid overdrafts, pay bills and ensure that all financial obligations are taken care of properly. Joint accounts can also potentially affect your tax obligations, so consult your tax advisor before the next tax season.

Joint checking accounts can make everyday life easier, but they might not be the right fit for every situation. Here are some pros and cons.

Pros

• Simplifies bill paying
• Allows you to budget and make financial decisions together
• Makes monitoring combined spending easier
• Provides access to bank accounts if one account holder passes away
• Offers a level of accountability and transparency

Cons

• Less privacy
• Both account holders are liable for any overdraft fees or penalties
• If one account holder has unpaid debt, creditors can try to collect from the joint account
• One account holder can remove money from the account without permission from the other

The typical customers for a joint checking account are married couples or people who live together in a domestic partnership and want to combine finances. But these are not the only people for whom a joint checking account could be a good fit. Others might include:

• Business partners who want to contribute money to a shared account for business expenses
• Parents who want to help manage a bank account for their children
• Two friends who want to save for a dream vacation or other shared financial goal

Choosing a joint checking account isn’t that different from choosing an individual checking account. In either case, you’re looking for the highest quality account to manage your everyday money. Three of the five checking accounts listed here also make Forbes Advisor’s overall Best Checking Accounts Of 2024.

When analyzing checking accounts to find the right fit for your banking needs, consider factors including:

• Account minimums and other requirements
• Monthly maintenance charges and other bank fees
• Customer service options and hours of operation
• Digital banking tools
• Fee-free ATM access or ATM fee reimbursem*nts
• Automatic saving tools

Opening a joint checking account is similar to opening any other checking account. Depending on the financial institution, you may need to apply for an account in person, although many banks and credit unions let you open a joint checking account online.

Financial institutions require information from both parties to open joint accounts. You may be asked to provide the following:

• Drivers licenses or other government-issued photo IDs
• Social Security numbers
• Dates of birth
• Physical address(es)
• Phone number(s)
• Email address(es)

Some banks require an initial deposit to open a joint account, but many banks do not. Additionally, some banks let you convert existing checking accounts into a joint account by providing information for the new account holder.

Open a Joint Checking Account Online

Many banks, especially online banks, let you open a joint checking account online. The process is the same as opening an account in person and requires providing the same personal information to verify your identities.

Typically, you can open a checking account online in minutes, assuming you’ve provided the proper information required by the bank or credit union.

Typically, banks don’t look at your credit score or history when determining eligibility for a bank account, so poor credit shouldn’t impact your ability to open an account with someone.

Banks may look at your ChexSystems report, which includes information on past bank account applications, account openings and account closures. In some cases, excessive negative marks in your co-owner’s banking history—like unpaid overdraft fees or involuntary closures—could prevent them from opening a joint checking account with you.

There are several alternatives to joint checking accounts for people who want to combine or share finances to some degree.

Peer-to-Peer Payment Apps

If you share ongoing bills or expenses with another person, such as a housemate, you can use peer-to-peer (P2P) payment solutions like Zelle, PayPal or Venmo. These apps won’t combine your finances with another person’s, so you maintain privacy and full control over your funds. Yet these apps do make it easy to send, receive and request money between multiple people, so they’re perfect for splitting bills like rent and electricity or paying someone back for groceries.

ACH Payments

If you have recurring bills you regularly split with others, you can also set up recurring ACH payments. This allows you to schedule transactions without having to commit to a joint checking account.

Business Accounts

If you’re going into business with a friend, relative or other business partner, it might be a better idea to set up a legal entity for the business (such as an LLC or other corporate structure) that you both own separately from your personal finances. Then you can get a business checking account under your new legal entity that you both control.

Is a Joint Checking Account a Good Idea?

Joint checking accounts are a good idea because they can be a useful tool for combining finances. They offer one account to manage finances together, giving a more complete picture of your financial situation. They also promote teamwork, sharing and open communication.

Joint accounts aren’t always necessary, but combining funds can make it easier to create a budget together and pay for shared expenses. Determine your needs and compare accounts to find the best joint checking account.

Our research is based on information from the following financial institutions: ableBanking, Acorns, Affinity Federal Credit Union, Affirm, Albert, Alliant Credit Union, Ally Bank, Amalgamated Bank, American Express, Aspiration, Axos Bank, Apple Federal Credit Union, BancorpSouth Bank, Bank of America, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bethpage Federal Credit Union, Betterment, Blue Federal Credit Union, Bread Savings (formerly Comenity Direct), BrioDirect Banking, Capital One, Charles Schwab Bank, Chase, Chevron Federal Credit Union, CIBC Bank, CIT Bank, Citibank, Citizens Access, Colorado Federal Savings Bank, Comerica, CommunityWide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Copper, Credit Union of Denver, Dave, Discover, Dollar Savings Direct, E*Trade Bank, EmigrantDirect, Fidelity, Financial Partners Credit Union, Financial Resources Federal Credit Union, First Internet Bank, First National Bank of America, FNBO Direct, Georgia’s Own Credit Union, Golden1 Credit Union, Greenwood Credit Union, Heritage Bank, HSBC Direct, Hughes Federal Credit Union, Ideal Credit Union, iGoBanking, Investors eAccess, Keybank, Kinecta Federal Credit Union, LendingClub, Limelight, Live Oak Bank, MAC Federal Credit Union, Marcus by Goldman Sachs, Michigan State University Federal Credit Union, My eBanc, MySavingsDirect, Navy Federal Credit Union, nbkc Bank, Northern Bank Direct, Northpointe Bank, Nuvision Federal Credit Union, Pacific National Bank, Paramount Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Popular Direct, Purepoint Financial, Quontic, Quorum Federal Credit Union, Radius Bank, Regions Bank, Rising Bank, SalemFiveDirect, Sallie Mae Bank, Santander, SFGI Direct, SmartyPig Bank, SoFi, Spectrum Federal Credit Union, State Bank of Texas, State Department Federal Credit Union, Step, Superior Choice Credit Union, Synchrony Bank, TAB Bank, TD Bank, EverBank, TotalDirect Bank, Truist, Union Bank & Trust, U.S. Bank, USAA, USAlliance Federal Credit Union, Varo Bank, Vio Bank, Virtual Bank, Wealthfrontand Wells Fargo.

• Best Checking Accounts Of April 2024
• Best No-Fee Checking Accounts Of April 2024
• Best Business Checking Accounts Of April 2024
• How Many Checking Accounts Should You Have?
• 6 Types Of Checking Accounts
• Chase Bank Promotions