How does FDIC insurance work with joint bank accounts?

FDIC insurance covers up to $250,000 per owner, per insured bank, per account category. That means a two-person joint account is insured for up to $500,000 total.

Are there free joint bank accounts?

Yes. Many online banks offer joint accounts with no monthly fees and no minimum balance requirements.

Who legally owns money in a joint account?

In most cases, each account holder has equal ownership of the account and is responsible for any debts or overdrafts on the account.

Is it illegal to take all the money out of a joint account?

No. It’s not illegal since either party can withdraw all the money from a joint account. That said, doing so without the other person’s consent could cause civil issues, especially in divorces, estates or business arrangements.

What is the disadvantage of a joint bank account?

The biggest disadvantage of a joint bank account is shared liability since all owners are responsible for overdrafts and fees. There’s also not much financial privacy, since everyone can see the account history.

Can You Open a Joint Bank Account Online? Yes! Here's How

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Joint accounts are easier to open than most people think. If you’re opening a bank account with someone else, you don’t always have to visit a branch. Many banks now let you open joint bank accounts online, and the process is generally quite simple and quick.

How to open a joint bank account online

Opening a joint account is pretty much the same as opening an individual bank account online. You just need to submit information for two or more people instead of one.

Here’s what that process typically looks like:

Gather documents. You’ll typically need a government-issued ID, Social Security numbers, addresses, birthdates and sometimes proof of address.
an online application. Each applicant will need to enter personal details and agree to the bank’s terms.
Verify identities. Many banks ask you to upload photos of your ID, answer verification questions or complete a quick digital check.
Fund the account. You may need to make an initial deposit using a debit card, bank transfer or mobile deposit.
Meet any account requirements. This step could include setting up direct deposit, maintaining a minimum balance or opting into e-statements.

How joint bank accounts work

A joint bank account works just like an individual bank account, except you’ll share it with one or more people.

Everyone listed as a joint owner can deposit and withdraw money, transfer funds, use a debit card, view account details or make changes to it.

Joint accounts are typically opened by couples who want to combine part or all of their finances, parents and teens who need shared access or business partners who share expenses.

Which bank offers joint accounts online?

Most online banks and many traditional banks let you open a joint account without having to visit a branch in person. Here are some worth checking out:

SoFi Checking & Savings

The SoFi® hybrid bank account allows individuals to open a joint account with two adults to manage their finances together. There are no monthly fees, overdraft protection options, high APYs and even account opening bonuses up for grabs.

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.

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 http://www.sofi.com/legal/banking-rate-sheet.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

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 SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

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.

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.

Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.

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. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.

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Alliant Credit Union High-Rate Checking

Alliant also lets members open joint accounts online with competitive APY, no monthly fees and access to 80,000+ ATMs. All you have to do is complete the joint owner form by providing contact info for the person you want to be your account joint owner. Alliant will then email them to confirm their identity and review their joint owner eligibility.

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Ally Bank Spending Account

Ally’s joint spending account has zero monthly fees, minimum balance requirements or overdraft charges. But you may still have to pay some standard banking fees, such as outgoing wire transfers and same-day bill pay.

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How to compare joint bank accounts

Before you and your co-owner open an account, compare these factors across different banks to find the best option.

Fees. Check whether the account charges monthly service fees, overdraft fees, ATM fees or minimum balance requirements.
Transaction limits. Some savings accounts limit withdrawals to six per month, and many checking accounts have ATM and debit card spending limits.
Deposit requirements. Look for minimum opening deposits or conditions for earning high interest, like setting up direct deposit.
Debit cards and access. Each joint owner should get their own debit card and full login access to the bank’s app. If you need shared budgeting tools, alerts or spending trackers, make sure they’re included as well.

Bottom line

You can open a joint bank account online, and it’s much more convenient than visiting a branch. Most banks today let you apply from your phone or computer, upload documents digitally and start managing your shared account within minutes.

If you’re considering opening a joint bank account with your loved one, business partner, kids or even a roommate, check out the best free online bank accounts to start comparing your options.

Frequently asked questions

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Bethany Hickey as part of our fact-checking process.

Written by

Jamela Adam

Contributor

Jamela Adam is a personal finance writer with over three years of experience. Her work has been published in major publications, including Yahoo Finance, Forbes Advisor, U.S. News, Business Insider, GOBankingRates, CNN Underscored, and Chime. Jamela previously worked as a content marketing specialist and helped devise content strategies for major brands in the financial services space. She is also a Certified Financial Education Instructor (CFEI). See full bio

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Can You Open a Joint Bank Account Online?

Yes, you can open a joint bank account online, and here’s how.