Which joint bank account is best?

If you're setting up an account that will be shared between parent and teenager, take a look at Capital One's MONEY Teen Checking account. If what you want is high APYs, Ally might be the bank for you. Ultimately, the best bank for a joint account depends on what you need, so compare the options before you decide.

What are the disadvantages of opening a joint bank account?

Joint accounts can be convenient, but they do have disadvantages – the most obvious of which is that if your banking partner proves untrustworthy, you might lose all your money. And if one of you defaults on a loan, creditors may have a claim on the full account, even if half the money is meant to belong to the other party.

Should couples get joint bank accounts?

Yes, couples can get a joint bank account even if they are not married. However, without the legal protection of a marriage, you'll want to carefully consider whether it's a good idea. If your partner turns out to be untrustworthy, or even just bad with money, you might find that your finances take a serious hit.

Can you open a joint bank account online?

Yes, many banks allow you to apply and open a bank account online . When opening a joint bank account, you will need to provide the required information for both parties during the application process.

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Best Joint Checking Accounts of May 2024

October 2, 2024

10 min Read

Written by Karen Doyle

Edited by Lindsey Kloosterman

Izabela Habur / iStock.com

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Sometimes more than one person needs or wants to have access to the same funds. In these cases, it makes sense to open a joint account. A joint account is simply a bank account with more than one owner. You can usually open any type of bank account jointly, either in person or online. Keep reading to learn about the best joint bank accounts for May 2024.

Best Joint Bank Accounts of May 2024

The factors that make a joint account a good choice are often the same as they are for an individual account — a good interest rate, low or no fees, no minimum balance and so forth. Think about which of these is most important to you before you decide where to open your joint account.

Here are some of the best joint bank accounts for May 2024:

SoFi: Best for earning interest
Capital One: Best for parents and teens
Ally Bank: Best for online-only banking
Axos Bank: Best for couples
NBKC: Best for combined checking and savings

SoFi

Best for: Earning interest

Why We Picked It

Sofi’s checking and Savings account is the best of both worlds — offering users a combined checking and savings account that pays a high APY on both balances with requirements that are easy to meet.

Pros

High APY
No account fees
No-fee overdraft coverage

Cons

Overdraft coverage limited to just $50 in debit card purchases
Overdraft coverage only available with $1,000 in direct deposits

Account Overview

Sofi’s online banking account paysAPY on checking balances. It also pays up toAPY on money that’s earmarked for savings as long as you receivemonthly direct deposits. If you don’t meet direct deposit requirements, the savings portion of your balance will earn a much lowerAPY. Additionally, there areno account fees and fee-free overdraft protection, which means your money will stay in your banking account where it belongs.

Capital One

Best for: Parents and teens

Why We Picked It

Capital One’s MONEY Teen Checking account gives parents and teens their own access to the mobile app with separate logins. Teens can manage their money while parents can see what’s going on.

Pros

Parents don’t need a Capital One account; any linked bank account works
No account fees or minimums
Lost debit cards can be locked through the app
Account is interest-bearing

Cons

Low APY
Limited branches

Account Overview

With the MONEY Teen Checking account, parents can deposit their child’s weekly or monthly allowance and even freeze their debit cards if spending gets out of control. It’s called a “teen” account, but it can actually be used for kids as young as 8. However, the account has low interest at just APY — you’ll need to open a 360 Performance Savings account for better interest. If you do, you’ll earn APY on any balance.

Ally Bank

Best for: Online-only banking

Why We Picked It

If you don’t mind doing all your banking online, Ally Bank’s Spending Account offers a fee-free, interest-bearing checking option with no minimum balance requirements and some extra perks.

Pros

$10 ATM reimbursement per statement cycle
Spending buckets to help manage money
Early direct deposit
No maintenance or overdraft fees

Cons

Online-only bank
Less competitive APY

Account Overview

Ally Bank’s Spending Account paysAPY — not a lot, but better than what many big banks offer, like Wells Fargo. You can add a savings account and getAPY on that money. Linking savings and checking lets you easily move money and analyzes your spending to reveal savings opportunities. The checking account also offersearly direct deposit, which allows you to get your pay two days early, and if you use out-of-network ATMs, you’ll receive up to $10 in reimbursements each statement cycle.

Axos Bank

Best for: Couples

Why We Picked It

The Axos Rewards Checking account is a good option for a joint account for couples. Many of the actions required to earn the maximum APY make sense for couples who have combined their finances — though individuals can also meet the requirements.

Pros

$500 bonus for sign-ups by July 31, 2024
High APY
No monthly maintenance or overdraft fees
All domestic ATM fees are reimbursable

Cons

Bonus and interest requirements could be difficult to meet
Online-only bank

Account Overview

Although a $500 bonus for opening the Axos Rewards Checking account sounds great, the requirements might be difficult to meet if you don’t have a joint account. You must have a minimum of $1,500 in monthly direct deposits for the first seven months and maintain a $3,000 average daily balance.

Additionally, earning the full amount of interest offered on the account requires you to complete a handful of qualifying activities:

Set up direct deposit totaling $1,500 or more.
Use your debit card for 10 transactions a month.
Keep $2,500 or more in a managed investment portfolio.
Have $2,500 in a self-directed trading account.
Make your Axos loan payment directly from your checking account.

If you do all these things, you could be earning APY on your checking balance. If you do only some, your APY will reduce with each activity you’re missing. It’s a lot to keep track of, but that rate on checking is hard to beat.

NBKC Bank

Best for: Combined checking and savings

Why We Picked It

The NBKC Bank Everything Account is a combined checking and savings option that allows you to address a wide variety of banking tasks, including spending, saving, tracking and earning without account-draining fees.

Pros

ATM fee reimbursements
Built-in, customizable savings goals
No monthly maintenance fees or overdraft fees

Cons

Smaller ATM network compared to some other banks
Branch availability limited to Kansas City

Account Overview

NBKC Bank has an Everything Account, which combines savings and checking. The account offers APY on all savings balances, and there’s no minimum balance required. You get free access to 37,000 ATMs and reimbursement of up to $12 per month if you use out-of-network ATMs. You can easily move money from checking to savings and vice versa.

Why Open a Joint Account?

Joint accounts make sense for couples who have combined their finances or plan to and want equal access to the funds in their checking, savings and CD accounts. This sharing of funds often makes it easier for couples to talk about money, manage expenses and set goals for their financial future.

But joint accounts aren’t for couples only. There are a lot of other situations in which a joint account makes sense.

For parents, opening joint accounts with their teenagers or young-adult kids makes it easier to teach them about managing money. It also allows some control over the funds. For adults who have responsibility for an aging parent, having a joint account can make it easier for the caregiver to access funds for the elder’s needs.

Drawbacks to a Joint Account

There is one important thing to keep in mind when considering opening a joint account: the funds in a joint account belong to all the account holders, jointly.

This means that all account holders have access to the funds, and they are considered an asset of all account holders. So, if two people have a joint account, there’s nothing to stop one of them from withdrawing all the money and moving out of the country.

Aside from extreme behavior, maintaining joint accounts makes the individuals more financially dependent on each other, and it can leave one individual vulnerable to the consequences of the other’s debt. For example, creditors may have a claim to all the assets in the account if one account holder is in default on an obligation.

In addition, the funds in a joint account shared by a parent and teenager can be considered to be an asset for the teen when they apply for financial aid for college.

Takeaway

Take a few extra minutes to compare the features of available accounts. Consider what is most important to you and the other account holder to help you determine which joint account is best for your specific situation.

FAQ

Here are the answers to some common questions about joint bank accounts.

Which joint bank account is best?
- If you're setting up an account that will be shared between parent and teenager, take a look at Capital One's MONEY Teen Checking account. If what you want is high APYs, Ally might be the bank for you.
- Ultimately, the best bank for a joint account depends on what you need, so compare the options before you decide.
What are the disadvantages of opening a joint bank account?
- Joint accounts can be convenient, but they do have disadvantages – the most obvious of which is that if your banking partner proves untrustworthy, you might lose all your money. And if one of you defaults on a loan, creditors may have a claim on the full account, even if half the money is meant to belong to the other party.
Should couples get joint bank accounts?
- Yes, couples can get a joint bank account even if they are not married. However, without the legal protection of a marriage, you'll want to carefully consider whether it's a good idea. If your partner turns out to be untrustworthy, or even just bad with money, you might find that your finances take a serious hit.
Can you open a joint bank account online?
- Yes, many banks allow you to apply and open a bank account online. When opening a joint bank account, you will need to provide the required information for both parties during the application process.

Daria Uhlig and Cynthia Measom contributed to the reporting for this article.

*Capital One interest rates accurate as of 9/27/24. See website for all current rates.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 3, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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