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If you're in a long-term relationship and are considering combining your finances, opening a joint bank account may be a practical solution. This option can be helpful for many situations (not only romantic relationships) in making shared expenses more manageable.
While the best joint bank accounts for unmarried couples offer a long list of perks, you could face financial consequences if the relationship ever comes to an end. (I hate to mention it, but it happens!) Before applying for a joint account, make sure you fully weigh the pros and cons.
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Up to $300New 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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
Minimum Opening Balance
$0
Monthly Fee
$0
Why We Like It
Earn a $50 or $300 bonus and up to 4.30% APY1 <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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. 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> on your money with eligible direct deposit
Limited-Time Offer: +0.70% Boost on Savings APY for 6 months on new accounts with eligible Direct Deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <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>
Get your paycheck up to two days early with direct deposit4 <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>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
A joint bank account is owned by two people who both have equal access to the features and funds in the account.
Clear communication and planning with your partner are necessary to avoid any conflicts related to the account.
Joint bank accounts allow for easier bill payments and greater transparency on both partners' spending habits.
When choosing a joint bank account, think about what you'll use the account for and discuss who will contribute to it and who will manage it. Plus, consider the account's interest rate and fees.
What is a joint bank account?
A joint bank account is a type of checking or savings account that allows two or more people to share the account's funds and manage its transactions. Many associate joint bank accounts with married couples, but unmarried couples can get joint accounts as well.
My husband and I have found it works to have some joint accounts and some separate accounts, but this approach can still work for unmarried couples too. We trust each other to make smart financial decisions with all of them, and having shared savings and investment accounts offers a lot of benefits. Having a joint account allows both of us to deposit and withdraw money from a single account, making it easier to manage shared expenses, such as rent, groceries, and utilities.
Unlike being an authorized user on an account, when you open a joint bank account, both account holders have equal access to the funds in the account. This can be both a positive and a negative.
Either account holder can deposit or withdraw money without the other person's permission. The flip side of this: neither person can remove the other from the account without their consent.
If you open a joint account, you'll both be equally responsible for any transactions made from the account and fees associated with the account. This means that if one person overdraws the account, both partners will be responsible for paying any overdraft fees or other charges.
Tip
Joint bank accounts are not just for romantic partners. They can also be a useful tool for roommates, business partners, or family members who regularly share expenses.
Pros and cons of joint bank accounts for unmarried couples
Pros
Easier expense management
Increased transparency
Convenience for shared bills, expenses, and financial goals
Simplified tax filing
Cons
Loss of financial independence
Legal complications in case of a breakup
Possible conflict over spending
Risk of fraud or theft
Pros
Easier money management: With a joint account, both partners can contribute to shared expenses such as rent or mortgage payments, dining out, and groceries. This could make it easier to manage finances and ensure that all bills are paid on time. It could also make it easier to find opportunities to save money.
Increased transparency: A joint account can be more than a financial tool — it can also help foster trust and transparency in a relationship. Both partners can see all of the transactions made from the account, which could help prevent financial infidelity.
Convenience for shared bills and expenses: Having a joint account eliminates the need to constantly transfer money between accounts or keep track of who owes what. It can also make it easier to pay bills online, set up automatic payments, and contribute to savings goals.
Simplified tax filing: If you file taxes jointly, having a joint bank account can make it easier to track income and expenses.
Cons
Loss of financial independence: Sharing a bank account means that both partners may feel like they have to consult with each other before making any financial decisions. This can feel restrictive or limiting for some people, especially for those who aren't married.
Legal implications in case of a breakup: If the relationship ends, it can be complicated to divide assets in a joint account. Depending on the situation, one partner may end up owing the other money or having to take legal action to regain their financial footing after the breakup.
Possible conflict over spending: If one partner is a big spender while the other is more frugal, it can cause tension or conflict over how to use the funds in the joint account. I know some people avoid this by being clear on what the shared account is for, but keeping some separate funds as well.
Risk of fraud or theft: Sharing a bank account means that both partners have access to the funds in the account. This can increase the risk of fraud or theft if one partner is not careful with their personal information or account access.
What to consider before opening a joint bank account
Opening a joint bank account with your significant other requires trust and clear communication. Before offering full access to your money to another person, you'll need to be 100% sure that you're ready for that step. Here are a few things to consider before opening a joint account with someone:
Purpose of the account: Clarify the intended use of the account upfront to prevent misunderstandings or conflicts down the line. Will it be just for household expenses or bills? Or is it okay to use the account for personal spending on clothes or books or nights out with friends?
Account management: Determine who will manage the account and have access to online banking. Will this person also use online bill pay features? Decide who's in charge and be sure everyone is on board.
Contributions: Discuss who will contribute to the account and how much, and establish a clear plan for managing these contributions.
Handling emergencies: In case unexpected expenses come up, plan in advance how you'll handle financial emergencies. You also want to think about and discuss what happens if the relationship ends (I know it might be a downer, but it's an important conversation).
Communication: Establish clear guidelines for how you will communicate about the account and any transactions made. While this isn't always the most comfortable conversation, it's vital that this happens. Money issues can cause serious difficulties in any sort of relationship.
I know in some social circles, people in relationships face a lot of pressure to merge all of their finances. But if you feel any hesitation about whether it's a wise idea, don't jump into joint account ownership. It's something you can always add later on, but for some people, completely separate finances make them feel more comfortable and safe.
One way to try it out is to keep some accounts and spending separate, and only open a joint account for a small percentage of your money. Any approach can work as long as everyone involved is in agreement.
Personally, I think a joint account for shared expenses like rent and groceries is useful as it lets you keep separate accounts for your own individual needs. But it's up to you and your partner.
Choosing the right bank account
Choosing the best checking account or savings account involves a few factors such as the type of account ownership, the accessibility of the bank, and the overall account features offered. Let's look more in-depth at these factors:
Account ownership: First, make sure the bank you're interested in offers joint account options. If you don't see this option on the homepage, reach out to a customer service representative or go into an in-person branch (if available) and ask what joint options they have.
Interest rate and fees: With any bank account, you'll want to look for an account with competitive interest rates and low fees so you can maximize your earnings and minimize expenses. Check on whether an account requires direct deposit or a minimum balance to earn higher interest rates.
In-person vs. online: Do you prefer a bank that offers in-person services and brick-and-mortar locations? Or do you prefer the convenience of online banking? If you do everything on your phone, you may also want to look for a bank with a good mobile app.
Insurance: You'll also want to ensure the account is insured. Most banks and credit unions are, but to confirm, look for "Member FDIC" or an indication that the funds are insured by the National Credit Union Administration (NCUA).
Additional features: Look for additional features you want, such as mobile banking apps, overdraft protection, rewards programs, or sign-up bonuses. You'll also want to make sure that the account is insured.
Once you're ready to open the account, you'll both need to complete an application and provide personal information such as your Social Security number.
4.3
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Our partners do not influence our ratings.
Enjoy $300 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.6 <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 1/21/2026.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus and up to 4.30% APY on Savings (3.60% APY1 <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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. 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 +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank7 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.8 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks9 <p>Your first deposit may take longer depending on your employer.</p>
Can unmarried couples be on the same bank account?
Yes, unmarried couples can absolutely open a joint bank account together. Both parties (or all parties if there are more than two people on the account) will need to submit financial and personal information to meet approval requirements for the account. Not every single bank will offer joint account options, but most major lenders do.
Who can withdraw money from a joint bank account?
Both parties listed on a joint bank account have equal access to withdraw money from the account, regardless of who contributed to the funds. This means that either party can make withdrawals or transactions without the other's permission or knowledge.
This is why it's so important to establish clear communication and guidelines with your partner to avoid conflicts related to withdrawals or spending from the account.
What is the difference between a joint bank account and a savings account?
A joint bank account is an account that is owned and accessed by two or more individuals, who can use it to deposit and withdraw funds, write checks, or make online transactions.
On the other hand, a savings account is a type of account that is specifically designed for saving money. That said, a joint bank account can be a savings account, but more often it takes the form of a joint checking account. The advantage of a savings account is that it typically earns interest on the deposited funds, which can help your account balance grow over time.
Bottom line
Opening a joint bank account with your partner can be a convenient and practical way to manage your finances together. It's also an option for roommates, older parents and their children, and anyone who needs to share money regularly. I find it's helpful to carefully plan and communicate with your partner, to ensure that you're both on the same page.
You'll want to have a high level of trust with someone before opening a joint account, so talk through your expectations beforehand. You want to be sure since it can be a bit more complicated to close a joint bank account.
Take time to research the best banks available and compare your desired features, making sure your account is NCUA or FDIC insured.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.30% on Savings (3.60% APY1 <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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. 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 +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <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>
No monthly maintenance or overdraft fees3 <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>
Streamlined savings and savings goals with Vaults
Access to a large ATM network10 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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