5 Best Banks for Joint Accounts [2024]

Joint bank accounts are for partners, parents/children, and even elderly people and a caretaker or loved one. They give each person equal access to the funds and all the account features. Many banks offer joint accounts, but you should look for those with the best features and that will help your money grow.

For example, if you have a lot of savings goals, Ally Bank offers a savings account with “savings buckets” that allow you to have sub accounts for each goal, but if you’re looking for a bank with multiple types of accounts and that you can bank at in-person, Chase is a great option. I personally bank at Chase and appreciate that I have the option to bank online or head to my local branch when I need more support.

Check out this deep dive into the best banks for joint accounts to see which one is best for you.

How we evaluate products

To identify the best banks for joint accounts, we first looked at various popular banks and credit unions. We then compared the features and fees of these accounts to see how they stack up against each other.

We considered several factors, including but not limited to:

• APY rates: We checked the annual percentage yield (APY) or interest rate of each account.
• Minimum balance: We looked for accounts with no or low minimum balance requirements to avoid monthly service fees or earn higher interest rates.
• Monthly fees: We looked for accounts that either didn’t charge a monthly fee or if they did, you have easy ways to waive it.
• Robust ATM network: Paying non-network ATM fees is a waste of money, so we looked for banks with large, nationwide ATM networks or rebates for non-network ATM fees.
• Other features: There’s more to banking than APYs and fees. We also evaluated all features a bank account offered to ensure you can make the most of your money.

We did not review every bank account in the market, and our recommendations are not listed in a specific order.

The 5 best banks for joint accounts

• Ally Bank
• Axos Bank
• Chase
• Capital One
• SoFi®

Best banks for joint accounts comparison

Bank	Best for	Checking APY	Monthly fee
Ally Bank	Multiple savings goals	Up to 0.25% (as of 10/28/24)	None
Axos Bank	Banking in one place	Up to 3.30%1 <p>APY means Annual Percentage Yield. APY is accurate as of June 7, 2024. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $0.</p>	None
Chase	In-person banking	Interest rates vary depending on your balance and account	$0 to $35 per month, depending on the account
Capital One	Teen checking accounts	0.10% (as of 10/28/24)	None
SoFi®	Interest on checking and savings	0.50% (as of 12/3/24)2 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> with direct deposit	None3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>

Ally Bank

Ally makes it easy for couples to set up a joint bank account whether checking or savings. They offer the standard features like 2-day early access to your direct deposit and no monthly fees, but there are a few standout features I think you shouldn’t ignore:

• ATM reimbursement: Finding a network ATM isn’t always possible, and Ally has your back by reimbursing up to $10 per statement cycle in non-network ATM fees.
• No overdraft fees: The Ally Bank CoverDraft℠ service covers overdrafts up to $250 (if you qualify).

Where Ally really shines is its savings account with an APY of 4.00% (as of 10/28/24) and the features most banks don’t offer. My favorite is the savings buckets which you can create for each financial goal. It allows you to visualize your progress for each goal individually, which can be more motivating for some people.

You also have the option to set up multiple boosters, such as round ups, recurring transfers, or my favorite, surprise savings which allows Ally to analyze your account and see what’s safe to transfer to savings. Member FDIC.

Read our full Ally Bank review

Axos Bank

Most people assume they can’t earn interest on their checking accounts, but Axos Bank says otherwise if you commit to using all their financial services. You can earn up to a 3.30% APY¹ <p>APY means Annual Percentage Yield. APY is accurate as of June 7, 2024. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $0.</p> on Rewards Checking, but to get it, you must:

• Set up and receive monthly direct deposits totaling $1,500 or more
• Use your debit card at least 10 times per month (min $3 per transaction)
• Maintain a $2,500 average daily balance in an Axos Invest Managed Portfolio per month
• Maintain a $2,500 average daily balance in Axos Invest Self-Directed Trading per month
• Use your Axos checking account to make a full monthly Axos consumer loan payment

If you don’t check all those boxes, you can still earn up to 1% cash back on your debit card purchases with the Cashback Checking account — up to $2,000 cash back each month. The only qualification requirement is to maintain a $1,500 average daily balance.

The good news is that no matter what checking account you choose, they offer unlimited ATM reimbursements.

A downside is the low 0.61% (as of 07/01/24) APY on the Axos High Yield Savings account. You’d be better off opening a savings account at a bank like Ally for the higher APY while taking advantage of Axos Bank’s high-yield checking account. Member FDIC.

Visit Axos Bank | Read the full Axos Bank review

Chase

If online banking makes you feel uncomfortable, Chase offers a hybrid option that offers a robust online banking experience plus access to over 4,700 branches nationwide. The downside is most accounts have fees, but you can get them waived by meeting their requirements. For example, for their most popular checking account, Total Checking, you need either $500 in direct deposits monthly, a $1,500 average daily balance, or a total average daily balance of $5,000 in combined Chase accounts to waive the fee.⁴ <p>$12 Monthly Service Fee OR $0 with one of the following, each monthly statement period:</p> <p>Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment network, or (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network,</p> <p>OR a balance at the beginning of each day of $1,500 or more in this account,</p> <p>OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.</p> So it’s possible to waive the fees, but it requires planning.

Chase also offers several savings accounts, again with fees, but the benefits are minimal. Since savings accounts aren’t meant to be used daily, I suggest sticking with an online bank that pays high APYs for your savings accounts, and only using Chase for checking accounts if you need that in-person service.

As far as other banking services, the sky’s the limit at Chase. They offer services including:

• Credit cards
• Home loans
• Auto loans
• Investment services
• Travel services (for credit card members)

If you’re the type of person who likes all their financial services in one place and you want in-person support, Chase is the place for you. Member FDIC.

Visit Chase | Read our Chase Bank review

Capital One

Capital One made the list of the best joint bank accounts because it has a little bit of everything, making it the perfect overall bank for anyone looking for a mostly mobile experience. With no fees, no balance requirements, and a 4.10%⁵ <p>A rate of 4.10% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 10/9/2024. Rates are subject to change at any time before or after account opening.</p> APY on its high-yield savings, there’s a lot to like.

However, what really stands out is its teen checking account. This is a joint account with your child instead of your spouse. It has all the bells and whistles an adult checking account has and parents get their own log in to monitor teen spending and exercise parental controls, such as locking the card or setting up automatic allowance. Teens get a good handle on how to manage their money, while parents can monitor and help teens learn before they make mistakes.

While parents don’t have to have a Capital One account to open a teen checking account, there are many reasons to do so including:

• 4.10% APY on savings⁵ <p>A rate of 4.10% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 10/9/2024. Rates are subject to change at any time before or after account opening.</p>
• Large ATM network
• No monthly fees
• Overdraft options
• Free access to Zelle
• Ability to deposit cash at any CVS or Walgreens

Member FDIC.

Visit Capital One | Read our full Capital One review

SoFi®

SoFi’s banking options are unique because you’re signing up for a hybrid savings/checking account. What really stands out, though, is the APY on both checking and savings. Most banks pay interest on one or the other (usually savings), not both. The SoFi account, though, earns up to 4.00% APY on savings and 0.50% (as of 12/3/24) with direct deposit on checking.⁶ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p>

You’ll pay no fees to open and maintain the account and can enjoy additional perks like:

• Potentially getting your paycheck two days early⁷ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Overdraft coverage⁸ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p>
• An up to $300 sign-up bonus when you set up direct deposit⁶ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p>
• FDIC insurance beyond the standard, allowing insurance on up to $2 million⁹ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>

Visit SoFi | Read the full SoFi review

How to choose the best banks for joint accounts

Choosing the right bank account for joint owners is a big decision. To narrow down your choices, consider the following:

• Joint financial goals: Discuss with your partner the point of your joint account. For example, if you’re saving to buy a house, you likely want a high-yield savings account, but if you’re looking to join funds for everyday spending, a joint checking account is better.
• Account features: Consider what you need in an account and what would be great to have. Think of sign-up bonuses, high APYs, online bill pay, early access to direct deposit, and special savings features.
• Account fees: Carefully review the fee structure at each bank. Some banks have no monthly fees — and they really mean it. Others hide fees in the fine print. Common fees to consider include minimum balance requirements, transaction fees, ATM fees, and overdraft fees.
• Future financial needs: Many banks offer other products besides checking and savings accounts. If you anticipate future financial needs, such as applying for a mortgage or getting a joint credit card, check if the bank offers those services.

FAQs

The list of the best banks for joint accounts isn’t exclusive. There are many other options, here are a few that didn’t quite make the list, but are worth mentioning:

• Citi: Citi has thousands of physical branches, but offers a robust online banking experience too. It didn’t make our list because its APYs are minimal, as is the case for most brick-and-mortar banks. They also charge monthly service fees on checking and savings unless you meet the minimum balance requirements.
• Alliant Credit Union: Alliant offers a robust checking and savings account option, but its APY is low, which is why it didn’t make the list. However, they do offer up to $20 in non-network ATM fee rebates and you can open up to 19 supplemental savings accounts to track specific goals.

Bottom line

Choosing the best banks for joint accounts is a big decision. You have more than one person’s opinion to consider, and many features to evaluate. Personally, I look for banks with the highest APY and then compare features from there. Interest is most important to me, as is the ability to waive monthly service fees.

I suggest comparing the best checking accounts side-by-side and evaluating the features, eliminating those with features you won’t use or those which you can’t waive the monthly service fee. This ensures you make your money grow without fees and non-existent interest hurting your chances.