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Joint bank accounts can be useful in many circumstances, whether you have a significant other you want to merge funds with, a child you want to teach financial literacy to in a controlled manner, or another circumstance where you want to share a bank account. Joint bank accounts also make it easier when planning how to budget and let you increase 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-Rate Digital Checking: 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
no monthly service fee
0.10% to 0.25%
$0
N/A
- 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
- No physical branch locations
- No way to deposit cash
- 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
no monthly service fee
up to 5.15%
$0
- 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
- Access to additional Savings Pods requires a monthly fee
- 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
no monthly service fee
0.25%
$25
- 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
- Compounds interest monthly, not daily
- $25 outgoing wire transfer fee
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-Rate Digital Checking- 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
2.50%
$0
- Competitive APY
- No monthly service fees
- No minimum opening deposit
- 24/7 live online chat
- Limited physical branch locations
- Limited customer service hours over the phone
- 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
30-day free trial then Basic ($3 monthly), Complete ($6 monthly), or Premier Plan ($12 monthly)
0.05%
$0.01
- 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
- 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
- Funds can only be transferred to your linked external checking account or Qapital Spending Account
- FDIC insured through Lincoln Savings Bank
$5 monthly service fee
None
$0
$300
- No opening deposit
- No overdraft fees
- No paper checks
- $2.50 fee for using out-of-network ATMs
- BBB gives Citi an F in trustworthiness
- 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
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.
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 banks or 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.
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.
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.
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.
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 signer if you want someone to still have the ability to make everyday transactions.
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.
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.
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.
You should be able to open a joint bank account with a significant other, no matter your marital status. Still, you might want to check with your bank ahead of time to make sure they don't have any restrictions on who can open a joint bank account.
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.
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-Rate Digital Checking 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.
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.
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.
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.
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 dismissed because it claims people had every opportunity to learn these facts on their own. This case is still ongoing.
In 2023, Citi was required 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 being sued for sexual harassment by 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.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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