The best joint checking accounts

Written by: Jamie Johnson
• Updated •2 min read • Leer en español
This date may not reflect recent changes in individual terms.
Couple sitting in a bank to open a joint checking accountImage: Couple sitting in a bank to open a joint checking account

In a Nutshell

A joint checking account is a type of deposit account typically owned by two people. It may make managing money easier for spouses, parents and business partners.  Here’s a look at five joint checking account options and how they might suit your needs.
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What is a joint checking account?

A joint checking account is a deposit account owned by two or more people. The accounts can be used by couples, family members or business partners to jointly manage finances and pay bills.

Joint account holders have equal access to the funds and share responsibility for the account. 

Best for earning cash back rewards: Discover

Why Discover stands out: Discover may be known for its credit cards, but its cash back debit checking account provides 1% cash back on up to $3,000 in monthly debit card purchases.

  • Favorable fees: Discover doesn’t charge monthly maintenance fees, overdraft fees or nonsufficient funds charges. In fact, Discover says the only fee it charges is for outgoing wire transfers from your account.
  • Deposit options: You can make deposits through direct deposit, online transfers from external bank accounts, using your mobile device or mailing a check to Discover’s customer service center.

What to consider with a joint checking account

Shopping for a joint checking account isn’t that different from what you should consider with a solo account. Some things you may want to weigh include:

  • Recommendations: If you’re overwhelmed by choices, it may help to seek recommendations from friends and family.
  • Fees: Does the account come with a monthly maintenance fee or does it cost you if you don’t keep a minimum balance?
  • Overdraft charges: If the account you’re considering has overdraft fees, is there a way to opt out of them?  
  • Minimum opening deposit: Is there a minimum initial deposit required to open the account?
  • Interest rates: Some checking accounts pay interest on your money — you can shop around for the best interest rates.

Before opening a joint checking account, it’s important that you trust the person who will co-own the account with you. Once you’ve opened a joint account, most banks won’t let you remove the other person from the account without their consent.

It’s also important to agree on the purpose of the checking account and establish guidelines for how it’ll be used. Will the account be used for monthly expenses, or is it meant to save for a specific expense?

And beware of potential downsides. Your spending patterns and habits may be different from your partner’s, leading to possible disagreements over how the account is funded and managed. You might decide that it makes sense to keep separate deposit accounts while also maintaining a joint account.

How we picked these joint checking accounts

We reviewed joint checking accounts from 10 financial institutions, looking at monthly fees, overdraft charges, interest rates, ATM networks, perks and features.

About the author: Jamie Johnson is a Kansas City-based freelance writer who specializes in finance and business. She covers a variety of personal finance topics, including building credit, credit cards, personal loans and student loans… Read more.