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Compare bank accounts for three or more people

Browse joint bank accounts options and learn how to choose one that's best for all of you.

Compare your joint account options

Use this table to compare popular bank accounts that allow multiple account owners by APY, minimum opening deposit and ATMs.
Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01%
$0
Free to use at all ATMs in the US
$0
Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by August 31, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
N/A
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
Axos Bank Rewards Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Rewards Checking
1.25%
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
USAA Classic Checking
Finder Rating: 4.3 / 5: ★★★★★
USAA Classic Checking
0.01%
$25
Free at 60,000 ATMs nationwide (USAA, Allpoint, MoneyPass, PNC)
$2
An online checking account means no driving around town, no waiting in line and no bankers' hours.
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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.

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.

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.

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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