Joint bank accounts are useful for anyone who wants to share finances with another person — couples, families, or business partners.
Joint bank accounts work like standard savings or checking accounts. The only difference is that they're co-owned by at least two people, making it easier to decide how to budget with another person.
We've listed several of the best joint savings and checking accounts for people interested in opening an account with two or more people.
Top Joint Bank Accounts 2025
- Best joint high-yield savings account: LendingClub LevelUp Savings Account
- Best joint checking account for ease of use: Ally Spending Account
- Best checking and savings account for couples: Axos ONE Savings and Checking Bundle
- Best joint rewards checking account: Discover® Cashback Debit Account
- Best joint checking account at a credit union: Alliant High-Rate Digital Checking
- Best joint savings account with a child: Capital One 360 Kids Savings Account
- Best joint checking account with a teen: Capital One MONEY Teen Checking Account
- Best joint business checking account: Axos Bank Basic Business Checking Account
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.
We've chosen joint bank accounts that might be ideal for a specific 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 2025.
Best Joint High-Yield Savings Account: LendingClub LevelUp Savings Account
The LendingClub LevelUp Savings Account is one of the best high-yield savings accounts currently offered. It has a high interest rate of up to 4.40% APY and a minimum opening deposit of $0.
It also comes with perks such as an ATM card, making it a rare savings account with a debit card, and no monthly service fee. When opening the account, you can choose to add a joint owner as part of the sign-up process.
To earn the highest interest rate, you'll need to deposit at least $250 into the account each month. If you don't, you'll earn 3.40% APY instead — still good, but many high-yield savings accounts offer much higher rates.
Best Joint Checking Account for Ease of Use: Ally Spending Account
The Ally Spending Account is a great choice if you are searching for a straightforward joint bank account. The Ally Spending Account doesn't have monthly services or overdraft fees, making it one of the best banks for overdraft.
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 Bank 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 Checking and Savings Account for Couples: Axos ONE Savings and Checking Bundle
The Axos ONE Savings and Checking Bundle is the best all-in-one bank account for couples because it pays a competitive interest rate, has no monthly service fee, and offers enhanced FDIC insurance.
You can earn up to 4.66% APY on your savings balance and 0.51% APY on your checking balance. To qualify for the highest interest rate, you must receive at least $1,500 in direct deposits before the 25th of the month. You'll also need to maintain an average daily balance of $1,500. Alternatively, you could also receive at least $5,000 in qualifying deposits and maintain an average daily balance of at least $5,000 in your checking account.
If you don't meet the requirements, you'll only earn 1.00% APY on your savings account balance and no interest on your checking balance.
As a savings and checking bundle, you can't open Axos ONE Savings without Axos ONE Checking. They have to be open together and work to complement one another.
Best Joint Rewards Checking Account: Discover® Cashback Debit Account
The Discover® Cashback Debit Account is featured in our best rewards checking acccounts guide for its cash-back perks.
The checking account lets you earn 1% cash back on up to $3,000 in debit card purchases per month (see website for details).
It's also a top pick because the checking account itself is pretty straightforward and helps avoid common bank fees.
It has a $0 minimum opening deposit, which is a more flexible opening requirement than other banks that may need at least $25 or $100 upfront.
The account also has no monthly service fee, no overdraft fees, and no non-sufficient funds fees.
Discover Bank Review (FDIC Insured)
Best Joint Checking Account at a Credit Union: Alliant High-Rate Digital Checking
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. And while its interest rate is a plus, there are high-yield checking accounts with higher rates if that's your priority.
Best Joint Savings Account with a Child: Capital One 360 Kids Savings Account
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.
All Capital One 360 accounts are also second chance bank accounts. That means that Capital One 360 won't check ChexSystems when you open a bank account, making it easier to open an account if you have poor credit history.
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 Joint Checking Account with a Teen: Capital One MONEY Teen Checking Account
The Capital One MONEY Teen Checking Account is the best joint checking account for teens to manage their spending.
As a reminder, minors can't open a bank account on their own, they need to open it with a parent or legal guardian. That said, this bank account has features for teens to be more independent.
It has a debit card and a solid mobile app. It also is pretty managable, with no monthly service fee, no overdraft fees, and no out-of-network ATM fees.
Best Joint Business Checking Account: Axos Bank Basic Business Checking Account
The Axos Bank Basic Business Checking Account is the best joint business checking account because it is a well-rounded option. It has access to a large ATM network, no monthly service fee, and refunds all out-of-network domestic ATM fees.
Axos also offers one of the best bank account bonuses for business checking accounts. Here's how it works: Earn up to $400 welcome bonus when you maintain a minimum average daily balance of $50,000 and use promo code NEW400 (offer expires September 30, 2025).
What Is a Joint Bank Account?
A joint bank account is a type of bank account that two or more people co-own. For most joint bank accounts, the only difference will be that two or more people are allowed to make deposits and transactions from the account. The only exceptions are kids' joint bank accounts. Those usually come with some parental control features that let parents be more in control of the account.
How to Choose a Joint Bank Account
Joint Bank Account Factors to Consider
When you're deciding to open a joint bank account, remember that it should be with someone you trust. Joint bank accounts have equal withdrawal rights, which means that each person can withdraw money from the account at any time. This can include the full balance of the account.
Typically, joint bank accounts are opened between family members or married couples. However, unmarried couples could choose the open a joint bank account if it fits their needs.
A lot of the factors to consider with joint bank accounts are also similar to what you'd consider with individual bank accounts. Depending on what kind of account you're opening, you'll probably want to go with a joint bank account with a high interest rate. And you'll want to avoid bank fees whenever possible, just like you would with a normal bank account.
Comparing Joint Bank Account Fees and Features
Since you're opening an account with another person, you'll want to talk ahead of time about what joint bank account features you both want. For example, if you want to open a joint savings account with buckets, but you end up being the only one who uses those buckets, it might be just as hard to tell what you've saved up for as if you hadn't had the buckets at all. And if you're a parent who pays a little extra for a joint account with financial literacy courses, you'll want to make sure your child knows about the courses and commits to using them; otherwise, you're paying extra fees for nothing.
Advantages and Disadvantages of Joint Bank Accounts
Joint Bank Account Benefits
Opening a joint bank account with someone whom you want to share funds with can make financial planning a lot easier. It's easier to keep track of shared income and expenses if everything's coming from a shared account, making it easier to save for joint savings goals. If you're a parent and child, a joint bank account can come with lots of helpful features, including parental control and financial literacy tools.
Joint Bank Account Cons
It can be easier to overspend with a joint bank account if you don't pay attention, since two or more people are making withdrawals from the account at the same time. And if you don't trust the other person you've opened an account with, joint bank accounts are probably not a good choice, since the other person will be able to withdraw money from the account freely. Joint bank accounts have equal withdrawal rights, which means that either person can take out money at any time. There also aren't any limitations on how much money you can withdraw.
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 |
| LendingClub | A+ |
| Ally | A+ |
| Axos | A+ |
| Discover Bank (FDIC Insured) | A+ |
| Alliant Credit Union | A+ |
| Capital One | A+ |
Alliant has been involved in recent controversies. In 2024, Alliant settled a class-action lawsuit, agreeing to pay $86,750 to the lawsuit's members. The lawsuit says that Alliant denied services to DACA recipients and other immigrants because of their citizenship status rather than their creditworthiness. By settling, Alliant does not admit wrongdoing.
Discover Bank (FDIC Insured) has had one recent lawsuit. In 2024, Discover settled a class action lawsuit from DACA recipients. The lawsuit said that Discover unlawfully denied DACA recipients loans because of their immigration status. Discover will pay $979,500 as part of the settlement. Discover does not admit wrongdoing by settling, and it maintains that it complied with the law.
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, CFP® professional 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, CFP® professional 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, 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. We rate each of the bank account's relevant features on a scale from zero to five, then use a weighted average of those features to determine the account's final score.
See our bank account methodology to learn more about how we rate bank accounts.
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 $250,000 per depositor, meaning an account between two people is insured for up to $500,000.
Who can open a joint bank account?
Generally, anyone can open a joint bank account. One person needs to be at least 18 years old. If you are a parent opening a specialty account with your child, though, some bank accounts have age specifications for children.
What happens to a joint bank account if one account holder passes away?
If a joint bank account holder passes away, the co-owner of the joint bank account still has ownership of the bank account. The living account holder will have access to all the money in the account.
Are there fees associated with joint bank accounts?
Joint bank account fees are similar to the fees associated with regular bank accounts. You'll want to look out for monthly service fees, overdraft fees, and ATM fees when opening a joint bank account, too.
Which bank is best for joint bank accounts?
We've selected LendingClub, Discover Bank (FDIC Insured), Axos, Ally, and Capital One 360 as a few of our favorite banks that offer joint bank accounts.
