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