Best Online Joint Bank Accounts

You don’t need to be married (or even dating) to open a joint bank account. Married and unmarried couples alike can open a joint bank account, and a shared account can make financial management easier as a couple. But lovebirds aren’t the only people who can open joint accounts: roommates, business partners, and parents and their kids can open joint accounts together, too. We’ve researched and analyzed over 400 joint accounts, and here are six of the best.

6 best online joint bank accounts

• Best overall: SoFi Checking and Savings
• Best for hassle free: Capital One 360 Checking
• Best for whole family: Greenlight
• Best joint business account: Relay
• Best for joint checking: Ally Bank Spending Account
• Best for roommates: Quontic Cash Rewards Checking

Methodology

Finder’s banking experts research over 400 bank accounts to find the best online joint account options. We compare checking, saving, business and kids’ bank accounts to find the best in the current market and update our best picks regularly. We also favor accounts with no monthly fees, no opening deposit requirements, and accounts with joint-specific features such as in-app chats, shared savings goals and budgeting.

• See all factors considered

  • Nationwide availability
  • Monthly fee at or below $6
  • Must accept more than one account holder
  • Opening deposits:
    • At or below $100 for savings and checking
    • At or below $200 for credit cards
  • Reasonable requirements to earn APY on savings, such as a direct deposit requirement

How do joint bank accounts work?

Joint bank accounts work just like regular bank accounts — the main difference is that two or more people share the account.

Here are some other key differences between how single accounts and joint bank accounts work:

• Double insured. Deposit insurance is $250,000 per depositor, per FDIC- or NCUA-insured institution, per ownership category. Since joint accounts have at least two depositors, a joint account has at least $500,000 in federal deposit insurance.
• Two cards. Each owner can get their own debit or credit card for joint accounts.
• Share responsibility. Both owners are responsible for fees incurred, like overdraft charges, so you should only open a joint bank account with someone you trust.
• Customize access. Most joint accounts give owners equal access, but some banks allow you to add restrictions. For example, it’s common for joint business bank accounts to require dual signatures for withdrawals or closures.
• May be able to add more. Although joint bank accounts usually refer to two account holders, some providers allow three or more people.

How to open a joint bank account

The application process for a joint bank account is nearly the same as opening an account on your own. Follow these steps to open a joint bank account:

1. Choose the account. Compare fees, accessibility, perks and so on.
2. Supply information. You and the other intended owner(s) need to show proof of identity and address, provide other contact information and meet deposit requirements, if applicable. Some traditional banks might require you to visit a branch, and some children’s bank accounts may also require a visit to fully apply.
3. Wait for the decision. Online accounts may offer a decision within the same day, while more traditional banks may take a few days to send approval or denial.
4. Fund the account. If approved, you can fund the account, request cards to be mailed, set up direct deposit, create logins for mobile banking and so on.

While online banks require fully online applications, some more traditional banks might require you to visit a branch to verify the person you’re adding to the account, such as Chase or Wells Fargo.

Are joint accounts a good idea?

Joint bank accounts are ideal for couples, roommates or family members to manage shared expenses and stay aligned financially. Both account holders have equal access to the funds, can deposit or withdraw money and track transactions in real time.

With two people involved, it’s easier to stay on top of spending, budgeting and bill payments. Joint accounts aren’t just for married couples, either. Joint accounts can be great for unmarried partners, parents and teens, roommates or even caregivers helping manage someone’s finances.

Whoever you choose to get a joint account with, trust is key — co-owners of a joint bank account have equal access to the funds unless set up otherwise. That said, trust is essential. Typically, both co-owners have full access to the account. And even if you’re married, you can’t access your spouse’s separate account without permission; only joint accounts give shared access.

Before opening a joint account, talk through expectations with your co-owner and review your bank’s terms so you’re both on the same page.

Bottom line

Joint bank accounts are great for couples and can also help anyone looking to share or manage expenses with multiple people. Regardless of where you open your joint checking or savings account, be sure you and the co-owner trust each other.

Frequently asked questions

• Do you have to be married to have a joint bank account?

  No, being married is not a requirement to open a joint bank account. You don't even have to be related to open a joint bank account — both owners just must consent to opening the account and meet the account's requirements to apply.

• Can you open a joint bank account online?

  Usually, yes, you can open a joint bank account online. SoFi, for example, is an entirely online bank, so the only way to apply for a single or joint account is online. However, some more traditional banks like Chase require visiting a branch to finalize a joint bank account application.

• Can I open a joint account with my child?

  Yes, there are plenty of kids' bank accounts, and opening a joint account for a minor does require an adult as a joint owner. Many banks offer teen checking or kids' savings account, sometimes with age requirements, but a few online options like Greenlight and Modak Makers have no age restrictions for kiddos.