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Joint checking accounts offer numerous benefits, from convenience to the potential for extra interest earnings. Discover whether a joint account is right for your situation in our guide below.
We’ll answer questions like:
With Chase Total Checking®, joint account owners can both review and manage the account via the Chase Mobile app, which includes options for mobile deposits, bill pay, transfers and other functions. You can also access funds at more than 15,000 ATMs across the United States, and Chase has over 4,700 local branches.
This Chase checking account has Chase Overdraft Assist℠, ensuring you don’t pay a fee on small overdrafts of $50 or less. Plus, if you go over that amount but make a deposit or transfer to bring the overdrawn amount down to $50 or less the next business day, you don’t pay a fee. This is a nice feature with a joint account when a communication mishap between mobile banking users could lead to an unintentional overdraft.
Chase Total Checking: An overview
| APY | Minimum deposit | Fees |
|---|---|---|
| 0.01% | $0 | $12 monthly service fee unless you meet direct deposit or balance thresholds |
Chase Total Checking: Pros and cons
| Pros | Cons |
|---|---|
| ✅ Good everyday-use checking account ✅ Lots of physical branch locations ✅ Chase Mobile app is user-friendly and comprehensive ✅ Zero liability protection for unauthorized debit purchases |
❌ $12 monthly maintenance fee (unless you meet balance or direct deposit requirements) ❌ APY isn’t competitive ❌ Other potentially high fees related to various account transactions |
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.
Additionally, as of February 2024, Axos Bank offers up to $700 in rewards for new account holders. To earn these rewards, you need $5,000 or more in monthly direct deposits for the first 7 months and have an average daily balance of $7,000 or more. Plus, you won’t pay monthly maintenance, NSF or overdraft fees with this account.
Axos Bank Rewards Checking: An overview
| APY | Minimum deposit | Fees |
|---|---|---|
| Up to 3.60% | $50 | None |
Axos Bank Rewards Checking: Pros and cons
| Pros | Cons |
|---|---|
| ✅ No fees ✅ Up to 3.60% APY ✅ Low minimum deposit requirement ✅ Potential for sign-up bonuses |
❌ 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’s Cash Rewards Checking lets you earn 1% cash back on point-of-sale transactions. That doesn’t include loan payments, peer-to-peer payments or transfers, but it does include most regular purchases. Cashback is credited once per month, and with joint account holders both using debit cards, it could add up.
You need at least $100 to open this joint checking account, but there’s no minimum balance requirement after that. You won’t pay monthly, overdraft or foreign collection fees, and you can use your related debit card at 90,000 ATMs across the country without paying surcharges.
Quontic Checking: An overview
| APY | Minimum deposit | Fees |
|---|---|---|
| N/A | $100 | None |
Quontic Checking: Pros and cons
| Pros | Cons |
|---|---|
| ✅ Earn 1% cash back on qualified purchases ✅ No monthly maintenance or overdraft fees ✅ 24/7 chat and call support ✅ Mobile app with financial management features |
❌ Account isn’t interest-bearing ❌ No physical branches for in-person support ❌ You need at least a $100 initial deposit |
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 4.60% APY on Sofi Vault balances, which are segregated funds you set aside for a special purpose.
Sofi Checking and Savings: An overview
| APY | Minimum deposit | Fees |
|---|---|---|
| 0.50% on checking balances and up to 4.60% on Vault savings | $0 | None |
Sofi Checking and Savings: Pros and cons
| Pros | Cons |
|---|---|
| ✅ Options for high-yield savings ✅ No monthly maintenance fees ✅ No minimum opening balance requirement ✅ Opportunity for 15% cash back on some purchases |
❌ 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 |
Greenlight products offer parents a way to introduce minor children to money management. You can set up joint app-based banking with a debit card for your teenager that earns 1% cash back. That cash is deposited into savings, and kids can earn up to 5% on the balance.
This isn’t a traditional joint checking account, though. It’s an app-based banking product that you pay to use. Costs as of February 2024 ranged from $4.99 to $14.98 per month depending on the Greenlight product.
Greenlight Checking: An overview
| APY | Minimum deposit | Fees |
|---|---|---|
| Up to 5% on savings | N/A | Monthly subscription fee of $4.99, $9.98 or $14.98 |
Greenlight Checking: Pros and cons
| Pros | Cons |
|---|---|
| ✅ Flexible money management and education for kids and teens ✅ Earn up to 5% on savings ✅ Earn 1% cash back ✅ No minimum deposit requirement |
❌ This isn’t a traditional checking account product ❌ Benefits are limited to parents/guardians and children ❌ You pay a monthly subscription for the app |
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.
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.
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.
A free joint checking account may be a good option if you’re:
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:
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.
Some checking accounts are interest bearing. Find out how much you might be able to earn on the balance in your joint account.
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.
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.
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.
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.
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.
There are many alternatives to joint checking accounts, including:
While having two account holders is most common, you can have more. The maximum number of account holders allowed may vary between banks.
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).
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.
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.
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.
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.
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.
Over the past 12 years, Sarah has contributed to numerous publications in the personal and small business finance sector, including content on budgeting, bankruptcy, small business accounting, and financial tech. Her writing focuses on making complex or seemingly daunting financial topics more accessible and providing helpful, relevant resources for readers.
