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There are several perks to opening a joint bank account with a significant other or with your child, such as making it easier when planning how to budget and increasing your FDIC insurance coverage. We've listed several of the best joint bank accounts for people interested in opening an account with two or more people.
Best Joint Bank Accounts
- Ally Spending Account: Best overall
- Ivella Joint Account: Best for earning a high interest rate
- Alliant High-Interest Checking Account: Best at a credit union
- Capital One 360 Kids Savings Account: Best joint account for parents and kids
- Qapital Goals Account: Best for couples with individual goals
- Citi Access Checking: Best for frequent debit card users
All of the financial institutions on our list are protected by FDIC or NCUA insurance. Money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Compare the Best Joint Bank Accounts
Best overall
Ally Spending Account
Start banking
Ally Bank, Member FDIC
Insider’s Rating
4.75/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Opening Deposit
$0
Bonus
N/A
Pros
- Spending buckets to manage expenses
- Competitive APY
- No initial deposit
- No minimum account balance
- No monthly service charge
- Connect your account with Zelle
- Easy-to-use mobile app
- Early direct deposit
- Reimburses up to $10/month in out-of-network ATM fees
- Online bill pay
- 24/7 customer service
- No overdraft fees
- Overdraft protection
Cons
- No physical branch locations
- No way to deposit cash
Ally Spending Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- You can deposit checks right from your smartphone
- Manage expenses by creating spending buckets
- Ally reimburse's up to $10 per statement cycle for fees charged at other ATMs nationwide
- Transfer money with your voice through Ally Skill™ for Amazon Alexa
- Interest compounded daily, paid monthly
- FDIC insured
Best for earning a high interest rate
Ivella Joint Account
Start saving
On Ivella's website
Insider’s Rating
3.75/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
None on Joint account balances; 1.00% APY or 5.15% APY on Savings Pod balances
up to 5.15%
Minimum Opening Deposit
$0
Pros
- No minimum opening deposit
- No monthly service fees
- No overdraft fees
- Up to 4 Ivella Visa debit cards (2 physical and 2 virtual cards)
- Access to one Savings Pod
- No out-of-network ATM fees
Cons
- Access to additional Savings Pods requires a monthly fee
Product Details
- Earn 5.15% APY on Savings Pods with a direct deposit; earn 1.00% APY without a a direct deposit
- For a $5 monthly fee per couple, Pods+ offers up to 500 Savings Pods
- Access to 55,000 Allpoint ATMs
- Interest compounded and deposited monthly
- FDIC insured for up to $500,000
Best joint bank account at a credit union
Alliant High-Interest Checking Account
Start banking
Insider’s Rating
4.5/5
Perks
No monthly service fess. NCUA Insured.
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.25%
Minimum Opening Deposit
up to $25
Pros
- Earn interest
- No minimum opening deposit
- No monthly service fees
- $20/month in out-of-network ATM fee refunds
- No overdraft fees
- No incoming wire transfer fee
Cons
- Compounds interest monthly, not daily
- $25 outgoing wire transfer fee
Insider’s Take
Alliant is one of the best credit unions out there, especially if you want to earn high interest rates on savings, checking, and certificates.
Alliant High-Interest Checking Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Several ways to become a member; the easiest is to join Foster Care to Success (Alliant will cover your $5 membership fee)
- 80,000+ free ATMs
- Alliant does not charge overdraft fees; you can overdraw, but you will not pay a fee. You may also link checking to a savings account and select for funds to automatically transfer to cover overdrawn amount.
- Interest compounded monthly
- Federally insured by the NCUA
Best joint bank account for parents and kids
Capital One 360 Kids Savings Account
Capital One, Member FDIC
Annual Percentage Yield (APY)
2.50%
Minimum Opening Deposit
$0
Pros
- Competitive APY
- No monthly service fees
- No minimum opening deposit
- 24/7 live online chat
Cons
- Limited physical branch locations
- Limited customer service hours over the phone
Capital One 360 Kids Savings review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Schedule regular transfers from your account for allowance or other deposits
- Interest compounded daily, paid monthly
- FDIC insured
Best joint bank account for couples with individual goals
Qapital Goals Account
Read Review
Insider’s Rating
3.5/5
Fees
30-day free trial then Basic ($3 monthly), Complete ($6 monthly), or Premier Plan ($12 monthly)
Annual Percentage Yield (APY)
0.05%
Minimum Opening Deposit
$0.01
Pros
- Low minimum opening deposit
- No monthly service fees
- Helps you set savings goals
- Fail-safe mechanism pauses transfers from your account if your balance is less than $100
Cons
- Funds can only be transferred to your linked external checking account or Qapital Spending Account
- No checks writing
- No debit card option
- No ATM deposits
- No overdraft fees
Qapital review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Funds can only be transferred to your linked external checking account or Qapital Spending Account
- FDIC insured through Lincoln Savings Bank
Best joint bank account for frequent debit card users
Citi Access Checking
Start banking
Citi, FDIC Insured
Insider’s Rating
4/5
Perks
Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$0
Bonus
Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)
$300
Pros
- No opening deposit
- No overdraft fees
Cons
- No paper checks
- $2.50 fee for using out-of-network ATMs
- BBB gives Citi an F in trustworthiness
Citi Access Checking review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Earn $300 cash bonus by opening an eligible checking account with qualifying direct deposit and completing required activities (offer ends 7/8/24)
- The most basic Citi checking account
- Access to over 650 branches in the US
- No minimum opening deposit
- FDIC insured
Best Joint Bank Accounts FAQs
What is a joint bank account?
A joint bank account is a bank account owned by two or more people. Each co-owner may deposit, withdraw or make transactions. A joint bank account is also FDIC-insured for up to $500,000. Meanwhile, an individual bank account is only federally insured for $250,000 since there's only one owner.
Which bank is best to open a joint account with?
The best bank for a joint bank account will depend on your preferences. If you want a bank with a large branch and ATM network, national banks might be worth exploring. For high interest rates and low bank account fees, online banksor credit unions may be a great place to start. If you prefer bank accounts with budgeting tools or strong mobile and online banking, also check out online banking platforms.
How does a joint bank account work?
Joint bank accounts have equal withdrawal rights. This means when you open a bank account with another person, each of you is allowed to withdraw money at any time. There isn't a requirement for depositing money, though. As a result, you'll want to have a good personal and financial relationship before you open an account.
What happens if one person dies on a joint bank account?
The co-owner of the joint bank account still has ownership of the bank account. They will have access to all the money in the account.
Is a joint bank account a good idea for a couple?
A joint bank account is a good choice for any couple who wants to have equal access to a shared pool of money. Joint bank accounts also come with a higher FDIC insurance limit; joint accounts are covered for up to $500,000 instead of $250,000. If you aren't ready to pool your finances, though, a joint bank account might not be right for you.
What are alternative options to opening a joint bank account?
If you do not want to keep your money in a joint bank account, then you could use individual bank accounts instead. You can add an authorized signerif you want someone to still have the ability to make everyday transactions.
Do you need good credit for a joint bank account?
Whether you need good credit to open a joint account largely depends on what bank you decide to use. If you're opening an account with a minor who might not have much or any credit history, there are bank accounts designed with that in mind, such as the Capital One 360 Kids Savings Account.
What are the disadvantages of a joint account?
The major disadvantage to a joint account is also its biggest strength: both you and another person have equal access to the funds in the account. If you don't trust the person you're opening the account with, you could end up with less control over the account than you'd prefer. Otherwise, joint accounts are pretty similar to regular accounts.
What are the rules for a joint account?
If you open a joint account with someone else, generally, both of you will have equal access to the money, although what this looks like will differ depending on who you bank with. Additionally, the FDIC or NCUA insurance that goes with your bank account will increase to $500,000.
Best Joint Bank Account Reviews
We've chosen joint bank accounts that might be ideal for specific a purpose — like a bank account for parents and minors — as well as generally strong joint accounts from the best banks depending on your bank preference. The best joint bank accounts will generally offer strong interest rates, good perks, and accessibility.
Here are the best joint bank accounts as picked by Business Insider editors in 2024.
Best Overall
The Ally Spending Account is a great choice if you are searching for a straightforward fee-free joint bank account. The Ally Spending Account doesn't have monthly services or overdraft fees.
You can also save money through Round Ups if you have the Ally Savings Account — a feature that rounds up debit card purchases, payments, and checks and transfers the change to save for specific goals.
Ally is an online-only institution, so it doesn't have any physical locations. If you'd like to deposit cash, you'll have to visit a nearby ATM.
Ally also won't let you open a joint bank account with a child. Many online-only banks or online banking platforms will require you to be at least 18 years old to open a joint bank account.
Ally Spending Account Review
Best for Earning a High Interest Rate
The Ivella Joint Account is a mobile banking app that's a great choice if you're looking for a joint bank account with a competitive interest rate. Through the Ivella Joint Account, you'll have access to one Savings Pod.
Money in your Joint account balance doesn't earn interest, but money Savings Pod balances do. A Savings Pod is a feature where you can save for an individual goal, and it doesn't have any balance limits. Savings Pods offer up to 5.15% APY if you add a direct deposit or subscribe to Pods+.
The Ivella Joint Account is also a good option if you'd like to avoid monthly service fees or minimum balance requirements.
The Ivella Joint Account only has one free Savings Pod. If you'd like to get more, you'll have to sign up for a Pods+ subscription. Pods+ offers up to 500 Savings Pods and has a 30-day free trial. After the free trial, you have to pay a $5 monthly fee per couple.
Best Credit Union
The Alliant High-Interest Checking Account serves as a generally strong banking option because it doesn't charge monthly services or overdraft fees. If you use an out-of-network ATM, the credit union refunds up to $20 per month.
Credit unions usually require membership to open a bank account, but Alliant lets you add an account owner if at least one person is a member.
If you'd like to open a bank account with your child, Alliant also offers strong kid's bank accounts featured in our best kid's savings accounts guide and best teen checking accounts guide.
Alliant Credit Union is an online-only credit union, so it may not be easy to deposit cash. Some Alliant ATMs allow you to deposit cash, while others don't.
Alliant Credit Union Review
Best for Parents and Kids
The Capital One 360 Kids Savings Account is featured in our best kid's savings account guide because it makes it easy for both children and parents to manage the account.
Some kid's accounts have a strict age requirement, but the Capital One 360 Kids Savings Account allows you to open a bank account for a minor under age 12 if you're the parent or legal guardian.
The savings account won't charge monthly service fees, pays a competitive interest rate, and offers 24/7 live chat customer support if you have any questions.
Your banking experience may vary depending on where you live. The bank has branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC. If you don't live nearby any of these areas, it might not be easy to deposit cash.
Capital One Bank Review
Best Account for Couples With Individual Goals
The Qapital Goals Account is where you will keep the money for goals and collect savings earned after setting up "Rules." Some "Rules" can round up purchases to the nearest dollar or help you complete the 52-week money challenge.
Qapital also has a special couples feature called Dream Team. Dream allows couples to share visibility of individual bank accounts while still keeping money separate.
Qapital is an online banking platform with unique savings tools that help control spending.
Qapital is a mobile banking platform. Access to certain features may entail a monthly fee that varies between $3 to $12 per month. If you don't want to deal with monthly fees, consider one of our other top picks.
Qapital Banking Review
Best for Frequent Debit Card Users
With the Citi Access Checking — the lowest-tier checking account — you may withdraw up to $1,500 from ATMs and purchase up to $5,000 with your debit card daily. Citi stands out because it has high daily ATM withdrawal limits and debit card purchase limits.
Citi also has a substantial ATM network, with over 72,000 fee-free ATMs throughout the US and ATMs overseas. As a result, you'll be more likely to find an in-network ATM and avoid out-of-network ATM fees.
Citi Review
Bank Trustworthiness and BBB Ratings
The Better Business Bureau assesses businesses based on responses to customer complaints, honesty in advertising, and transparency about business practices.
Below are the BBB ratings of our top picks:
Institution | BBB rating |
Alliant Credit Union | A+ |
Ally | A |
Capital One | A+ |
Citi | F |
Ivella | D+ (rating from partner bank, Blue Ridge Bank) |
Qapital | F |
Four of our top picks have ratings under an A+ from the BBB.
Ally has an A rating from the BBB due to a few unresolved complaints from customers.
Citi bank has an F rating due to many complaints that are either unresolved or unanswered.
While Ivella does not have a BBB page, its partner bank, Blue Ridge Bank, received a D+ rating from the BBB due to several complaints filed against the business and one complaint that hasn't been responded to.
Finally, Qapital has an F rating from the BBB due to a high volume of complaints filed against the business, a few of which are either unanswered or unresolved.
Both Citi and Capital One have also been involved in recent controversies.
Capital One used to have an account called 360 Savings. The bank launched the new 360 Performance Savings Account in 2019, which paid a much a higher interest rate. Many customers thought their old savings accounts would transition into this new one, however, they had to open a new 360 Performance Savings Account to earn the higher rate. As a result, some customers have been earning a significantly lower savings rate for years.
In the lawsuit, the plaintiffs' lawyers allege that Capital One didn't inform 360 Savings customers that these were two distinct accounts, or that 360 Performance Savings paid a higher rate. However,Capital One wants this case dismissedbecause it claims people had every opportunity to learn these facts on their own. This case is still ongoing.
In 2023, Citi wasrequired to pay $25.9 million dollars by the Consumer Financial Protection Bureau. The Bureau claimed that Citi intentionally discriminated against Armenian American credit card applicants from 2015 to 2021. Of that $25.9 million, $1.4 million of that payment will go to affected applicants.
In addition, Citi is currently beingsued for sexual harassmentby a managing director at the company, Ardith Lindsey. Citi hasn't admitted to any wrongdoing, and this case is ongoing.
Why You Should Trust Us: Experts' Advice on Choosing a Bank Account
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best bank account for your needs — whether it's joint or not.
What should you look for in a bank?
The bank should be FDIC-insured, and you should consider the banking experience you want. If you plan to walk into a bank, you need a location near you. If you're happy to bank exclusively online, you might like an online bank. And if you write checks, you need an account that allows that.
- Tania Brown, certified financial planner and vice president of coaching strategy at OfColor
What makes a checking or savings account good or not good?
For checking, look into the ATM locations, and the minimum balance required to waive monthly fees. Consider features that might make your life easier, like free checks, online bill pay, or Zelle. For savings, make sure it's not too hard to transfer money to and from other institutions.
- Roger Ma, certified financial planner with lifelaidout®and author of"Work Your Money, Not Your Life"
Make sure you know where your debit card is issued from. Some places don't accept certain providers, like MasterCard or Amex.
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
Look for an account that doesn't have monthly fees, or makes it easy to waive any that exist. Also, check on the customer support availability and the mobile app ratings.
- Sophia Acevedo, certified educator in personal finance, banking editor, Business Insider
Methodology: How Did We Choose the Best Joint Bank Accounts?
At Business Insider, our goal is to create useful content that helps you make good decisions about your money. We recognize every person has distinct preferences, so we provide ample options to help you find the most suitable financial product or account.
We research extensively to make sure you know the standout features and limitations of a financial institution.
First and foremost, we wanted to provide you with options. We researched more than a dozen joint bank accounts at brick-and-mortar banks, online banks, credit unions, and online banking platforms to find the strongest joint bank accounts.
We reviewed and compared each joint bank account to find options that required minimal bank fees. We also looked for standout features, like competitive interest rates, early direct deposit, flexible customer service hours, and savings tools.
See our full ratings methodology for checking, business checking, savings, and money market accounts »
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
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