Compare 3-Way Joint Bank Accounts

How many people can be in a bank account?

You can open a joint bank account with two, three, four, five or more people depending on the bank.
Joint accounts most commonly have two account holders, but it’s possible to add more. No matter how many joint owners, each person can deposit and withdraw funds.

When a 3-way joint bank account makes sense

A joint bank account makes the most sense for those who share expenses or frequently need to share funds. Common reasons why people open up joint accounts include:

• Life partners or family members to manage income and expenses
• Parents who want to monitor their children’s spending and transfer allowances
• Roommates for shared living expenses
• Business partners for easier money management
• Friends to contribute toward an upcoming vacation
• Caregivers or guardians who need to manage a person’s funds

How to compare joint bank accounts

If you want to open an account with three or more people, consider the following when comparing your options:

• Monthly fees. Look for an account with low or no monthly fees.
• Transaction limits. With several people accessing the account, there may be a lot more transactions. Make sure you’re not charged any unnecessary transaction fees and know that most savings accounts only allow for up to six transactions per month.
• ATM fees. Look for an account that offers free ATM withdrawals, so you’re not hit with a fee each time one of the account holders withdraws some cash.
• Easy online access. Make sure the account is easily accessible for everyone on the account. For example, check if there’s an easy-to-use mobile banking app and an online banking platform.
• Number of linked debit cards. If more than two people request a linked debit card, make sure you’re not charged extra fees for the additional cards.
• APY on savings. If you’re aiming for a joint savings account, compare the account’s APY. Average rates are 0.38%⁽¹⁾, but some accounts have APYs above 5.00%.
• Account closure. Generally, one person can close a joint bank account without the other’s permission. But some banks have stricter rules that require all joint owners to provide consent before closing.

Pros and cons of having a joint account with multiple people

How to open a 3-way bank account

Opening a joint bank account is similar to opening an individual account. If you’re applying online, there’s usually a “joint account” option you’ll need to select. In some cases, the bank will require all joint owners to visit the physical branch to complete the application process.

Each person needs to provide identification, such as a driver’s license or government-issued ID, Social Security numbers, birthdates, address and contact information. If the account requires an opening deposit, be sure to complete that requirement within the allotted time.

And, if you want to add a child as a joint owner, the primary account holder will be responsible for the account.

Bottom line

While two is the most common number when it comes to joint accounts, most banks don’t have a rule preventing you from adding a third account holder. Before you decide, compare top savings accounts and checking accounts to find one with the features you need.

Written by

Cassidy Horton

Writer

Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University. See full bio