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Compare bank accounts for three or more people

There's no rule that says a joint account is just for two.

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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.

What is a joint account?

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.

How do I compare accounts that allow multiple joint holders?

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

  • Account maintenance fees. Look for an account with low or no monthly account fees.
  • Transaction limits and fees. With several people accessing the account, there may be a lot more transactions than with a single account. Make sure you’re not charged any unnecessary transaction fees.
  • ATM fees. Look for an account that offers fee-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 with an easy-to-use mobile banking app.
  • Number of linked debit cards. If there’s more than two people requesting a linked debit card, make sure you’re not charged extra fees for the additional debit cards.

Pros and cons of having a joint account with multiple people

Pros

  • Easy money management. If you share a lot of expenses with a number of people, it can be easier if you all have access to the one bank account to manage them.
  • Transparent. Because you can all access the account online it’s easy to see who’s transferring or withdrawing money and for what.
  • Accessible in an emergency. With more than two joint holders, the account is accessible even if one of the account holders is unavailable.

Cons

  • Less secure. Other account holders can withdraw money without your consent.
  • Difficult to manage. With multiple individuals making deposits and withdrawals into your account you may find it difficult to keep track of the balance.

Options that allow joint accounts

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
0.60%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account

0.55% on $25,000+ or set up a direct deposit of $100+ each month
0.31% on $0 to $24,999
$0
$100
Go to site
View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
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Compare up to 4 providers

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
M&T Bank MyChoice Premium Checking
$25
Over 1,500 free M&T Bank ATMs and up to $2 rebates when using all other ATMs
$0
Get up to $250 if you open a MyChoice Premium M&T checking account by March 2, 2020, and make qualifying direct deposits totaling at least $500 within 90 days of account opening.
Aspiration Spend & Save Account
$10
55,000 free in-network ATMs
$0
A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
TD Beyond Checking
$0
1,900 ATMs across the country and Canada
$0
A checking account that offers interest plus three ways to waive the monthly fee, two overdraft paybacks a year and no ATM fees with a $2,500 balance.
HSBC Advance Checking
$0
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
Get up to $270 (max. $50 per month) for eligible new customers who open an HSBC Advance checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
TD Convenience Checking℠
$0
1,900 ATMs across the country and Canada
$3
Offering digital wallet compatibility, free Zelle transfers, TD rate discounts and no fees for students and young adults age 17 to 23. But the $15 monthly maintenance fee could chip at your funds.
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Compare up to 4 providers

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
CIT Bank Term CDs
0.35%
0.35%
0.4%
0.4%
0.5%
BBVA CD
0.15%
0.15%
0.2%
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Compare up to 4 providers

How to open a 3-way bank account

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.

Common reasons for using a three-person joint account

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:

  • Roommates to pay for shared living expenses and rent
  • Business partners so multiple employees can make deposits and withdrawals
  • Family members as an emergency fund
  • Friends to pay for an upcoming holiday
  • Romantic partners to combine finances

Who can close a joint bank account?

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.

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. Compare savings accounts or checking accounts to find one with the features you’re looking for before getting started.

Frequently asked questions

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