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Many banks offer joint accounts for three or more people. You’ll each get your own debit card linked to the account, and there generally aren’t extra charges or fees for having several account holders.
A joint bank account allows multiple account holders to deposit and withdraw money. Joint accounts most commonly have two account holders, but it is possible to have more. You can open a joint bank account with three people, four people, five people or even more.
For checking accounts, each account holder will have their own debit card that will allow them to make purchases and withdraw cash at ATMs. Each account holder will also be able to access the account online or via an app to transfer funds and keep an eye on transactions.
If you want to open an account with two or more others, consider the following when comparing your options:
When you’ve selected an account from the table above, click “Go to site” to check that the account allows the number of people you want to share it with, then complete the online application process. Each account holder will need to provide personal information. Banks may also require you to verify your identity using a passport, driver’s license or state ID.
The need for more than two joint account holders most often arises in business situations, where partners, treasurers and other bookkeepers all need to be able to move money in and out of the account. In the case of youth accounts, it is not uncommon to find both parents listed as account holders as well as the child. This ensures that in the event that one parent is absent, the account is still accessible.
People also commonly open joint accounts with:
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. If you’re concerned about having the account closed without you knowing, look for a bank that requires all parties to close the account together.
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. Compare savings accounts or checking accounts to find one with the features you’re looking for before getting started.
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