A joint bank account is useful if you're combining finances, whether that means saving for a mutual goal, paying shared bills, teaching your children money management skills or starting a business with a friend.
CNBC Select has analyzed dozens of joint checking and savings accounts to find the best options in a variety of categories, comparing fees, rates, rewards and other features. You can read more about how we made our selections in our methodology.
Best joint bank accounts
- Best for checking/savings combo: SoFi Checking and Savings
- Best savings account: Happen Bank LevelUp Savings
- Best from a major bank: Capital One 360 Checking® Account
- Best from a credit union: Alliant Credit Union High-Rate Checking
- Best for families with kids: Capital One Kids Savings
- Best for earning interest: Axos ONE®
- Best for ATM access: Chase Total Checking®
Best joint bank accounts
| Account | Monthly fee | Fee waiver | ATM network | Standout perk |
|---|---|---|---|---|
| SoFi Checking and Savings | $0 | N/A | 55,000+ (Allpoint) | Both accounts earn interest, no transfer limits |
| Happen Bank LevelUp Savings | $0 | N/A | Free ATM card, no fees | High-yield savings with no minimum balance |
| Capital One 360 Checking | $0 | N/A | 70,000+ | 330+ branches, 50 café locations |
| Alliant High-Rate Checking | $0 | N/A | 80,000+ | Interest-bearing checking, $20/mo out-of-network ATM refunds |
| Capital One Kids Savings | $0 | N/A | N/A | Multiple child accounts, mobile check deposit |
| Axos ONE | $0 | N/A | N/A | Above-average rates on both checking and savings |
| Chase Total Checking | $15 | $500+ deposits or $1,500 balance | 15,000+ | $400 new customer bonus, branches in every continental state |
Best for checking/savings combo: SoFi Checking and Savings
Who's this for? If you're looking to share a checking and savings account, SoFi Checking and Savings offers the best of both worlds. Both of your accounts earn interest, and there's no limits on transfers between the two.
Standout benefits: SoFi Checking and Savings has no account, overdraft or monthly fees, as well as no minimum balance requirements. Account holders have free access to over 55,000 ATMs nationwide and can get paychecks up to two days early with eligible direct deposit. Each debit card transaction is rounded up to the next whole dollar, with the difference transferred to one of your chosen "Vaults," where it slowly but surely boosts your savings.
- Welcome bonus frequently offered
- No minimum balance or monthly fees
- Can get paycheck deposited up to 2 days early with direct deposit
- Comes with a checking account, ATM access and no foreign transaction fees
- FDIC insured up to $3 million through the SoFi Insured Deposit Program,* offering far more protection than the standard $250,000 limit.
- Savings APY drops significantly without direct deposit
- Out-of-network ATM fees aren’t reimbursed
- No physical branches
Best savings account: Happen Bank LevelUp Savings
Who's this for? Happen Bank LevelUp Savings offers outstanding returns on its high-yield savings account, with no monthly maintenance fee or minimum balance requirement.
Standout benefits: Happen Bank offers free ATM cards and doesn't charge ATM fees, making it easy to withdraw or deposit cash.
Happen Bank LevelUp Savings
Annual Percentage Yield (APY)
4.00% (with monthly deposits of $250 or more), or 3.00%
Minimum balance
None
Monthly fee
None
Maximum transactions
None
Excessive transactions fee
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
Pros
- Strong APY
- No minimum balance required
- No monthly fees
- Free ATM card and no ATM fees
Cons
- At least a $250 monthly deposit required to earn the highest APY
- No physical branch locations
Best from a major bank: Capital One 360 Checking
Who's this for? With over 330 branches (including 50 cafe-style locations), Capital One 360 Checking is a best bet for couples who like the personalized attention of a brick-and-mortar bank. Capital One doesn't charge maintenance or overdraft fees and doesn't require a minimum balance, earning it a spot on CNBC Select's list of the best banks for free checking.
Standout benefits: Account holders get fee-free access to over 70,000 ATMs and a highly-rated mobile app. Capital One 360 accounts that meet account requirements are eligible for no-fee overdraft protection.
- Earns 0.10% APY on all balances
- No minimum opening deposit
- No overdraft fee or foreign transaction fee
- 750 physical branches and 60 Capital One cafés
- Get your direct deposits up to two days early
- Over 72,000 fee-free ATMs via Capital One, Allpoint and MoneyPass networks
- Out-of-network ATM fees aren’t reimbursed
- Physical branches limited to nine states and Washington, D.C.
Best from a credit union: Alliant High-Rate Checking
Who's this for? Alliant Credit Union High-Rate Checking is a great choice if you like the high rates associated with a credit union. Membership is available to anyone who joins Alliant Credit Union Foundation, and Alliant will reimburse your $5 donation when you apply. (For a joint account, all co-owners must be all Alliant members or their access is limited.)
Standout benefits: Alliant's High-Rate Checking offers interest if you go paperless and set up a recurring monthly electronic deposit. There are no monthly fees or minimum balance requirements and you'll get access to over 80,000 in-network ATMs and up to $20 per month in refunds for out-of-network ATM fees. If you have insufficient funds, you can set up automatic transfers from another account or sign up for Alliant's Courtesy Pay feature.
- Top-rated mobile app
- ATM fee reimbursement up to $20 per month
- 0.25% APY
- No overdraft fees
- Must opt-in to paperless statements and have a recurring monthly electronic deposit to earn APY
Best for families with kids: Capital One Kids Savings
Who's this for? The Capital One Kids Savings account is a good option for parents looking to co-manage savings with their children so they can begin to save money and learn healthy financial habits.
Standout benefits: With Capital One Kids Savings, you can link your bank account and set up a schedule for allowance and regular deposits. You can also create multiple accounts — one for each of your children. Kids check their balances online and make mobile deposits by uploading a picture of a check in the Capital One app. Alternatively, they can mail the check. Capital One Kids Savings doesn't charge any maintenance fees and there's no minimum balance to open and maintain the account.
Capital One Kids Savings Account
Annual Percentage Yield (APY)
2.50% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
No transfer limits
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
Yes, when kid turns 8
Offer ATM card?
Yes, with the Capital One MONEY Teen Checking account
Pros
- No age requirement to open, so you can start building your child’s savings from birth.
- No fees, no minimum balance, and no transfer limits, making it a no-cost account at any balance level.
- Kids can create multiple savings accounts for different goals, helping them learn to save with purpose from an early age.
- Option to add a Capital One MONEY Teen Checking account with debit card access starting at age 8.
- Automatically converts to an adult Capital One 360 Performance Savings account at age 18, so there’s no need to switch banks as your child grows.
- Parental controls and educational articles on teaching kids about money make it a well-rounded tool for financial literacy.
- Physical branch locations available for families who prefer in-person banking.
Cons
- APY is lower than some other kids' savings accounts, so it may not be the top pick if maximizing your child’s earnings is the priority.
Best for earning interest: Axos ONE
Who's this for? The Axos ONE® account earns an-above average rate on savings and a pretty good return on checking, which most banks don't offer.
Standout benefits: There's no minimum balance requirement, and no monthly maintenance or overdraft fees. To earn the top savings rate, you'll need at least $1,500 in monthly direct deposits and an average daily balance above $1,500.
Axos ONE® savings and checking bundle
Annual Percentage Yield (APY)
Axos ONE Checking: 0.00% APY base rate and 0.51% APY promotional rate; Axos ONE Savings: 1.00% APY base rate and 4.21% APY promotional rate
Minimum balance
None. To earn promotional rates, monthly direct deposits of at least $1,500 and daily balance greater than $1,500
Monthly fee
None
ATM network
Over 95,000 fee-free ATMs
Overdraft fee
None
Terms apply.
Pros
- Combines checking and savings in one account, making it easy to manage your money without juggling multiple banks.
- Promotional APYs available on both checking and savings accounts, so your everyday spending money can earn interest too.
- No minimum deposit, no monthly fees and no overdraft fees, so nothing is cutting into your balance.
- Access to over 95,000 fee-free ATMs nationwide, one of the largest networks available.
- Get your paycheck early with direct deposit and benefit from expanded FDIC insurance for added protection.
- Can link external accounts for added flexibility in managing your money.
Cons
- Online-only bank with no physical branches, so all support is handled digitally or by phone.
- Base APYs are low without meeting the promotional requirements, so the account works best if you can consistently hit the direct deposit and balance thresholds.
- Promotional rates require at least $1,500 in monthly direct deposits and a daily balance above $1,500 to qualify.
Best for ATM access: Chase Total Checking
Who's this for? If you frequently need cash, Chase Total Checking provides access to over 4,700 Chase branches and 15,000 ATMs.
Standout benefits: Chase is the only bank with locations in every state in the continental U.S. New customers can earn a $400 bonus when opening a Chase Total Checking account. The $15 monthly fee can be waived by meeting certain account requirements, such as maintaining a $1,500 daily balance or making $500 or more in qualifying electronic deposits each month.
- No minimum deposit to open an account
- Access to over 4,700 branches and 15,000+ ATMs nationwide
- Monthly service fee can be waived by meeting direct deposit or minimum balance requirements.
- Overdraft assistance available
- No APY
- $34 overdraft fee
- No reimbursement for out-of-network ATM fees
How to avoid the monthly fee:
- Electronic deposits made into this account totaling $500 or more,
- or a balance at the beginning of each day of $1,500 or more in this account
- or an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances
Information about Chase Total Checking® has been collected independently by CNBC Select and has not been reviewed or provided by the issuer of the card prior to publication.
Compare offers to find the right savings account
What is a joint account?
A joint bank account is shared by two or more people who have equal ownership, access to funds and responsibility for fees, overdrafts and other account activity.
Married couples, parents with children and business partners often open joint accounts because of the convenience and transparency they offer. But all parties are responsible for account activity, and their credit scores could all be impacted by any mistakes.
How do you open a joint bank account?
You can open a joint bank account online, over the phone or in person at a branch. You'll need personal information for each account holder, including their name, date of birth and Social Security number. If you're applying in person, each applicant must be present.
Typically, you can add an additional owner to an existing account. In some cases you can add them online, but some banks and credit unions require an in-person visit.
How to choose a joint bank account
Choosing a joint bank account is much the same as choosing an individual account. Look for no (or low) fees or minimum balance requirements, a good interest rate, debit cards for each account holder and perks like cash back or a welcome bonus.
Other considerations include an easy-to-use mobile app, bill-pay feature, no-fee ATM access and overdraft protection.
You should also think about whether you want access to in-person branches or prefer the simplicity of an online bank. If you select the former, all parties named in the account may have to be present to open or close it.
Is a joint bank account a good idea?
Having a joint checking or savings account allows a couple to manage shared financial commitments with increased transparency. At the same time, pooling your money requires a great deal of trust and communication.
Any negative activity on the account can affect all holders' credit and, if one account holder has unpaid debts, creditors may go after the money in the joint account.
Conflict may arise if one partner isn't contributing enough or makes unannounced purchases. If the relationship or business partnership ends less than amiably, dividing up the funds in the account can be difficult.
Experts often recommend a hybrid approach, with each joint account holder also maintaining separate individual accounts for personal spending.
Pros and cons of joint bank accounts
- Easy to pay for shared expenses like rent or groceries
- Quick insight into how you and your partner spend money
- Transparency in how money is coming in and going out
- Shared balance gives you more to work with when budgeting
- Can build trust between partners
- All account holders have full access to funds
- No account activity can be kept private
- All parties are responsible for overdrafts or other account issues
- Closing the account may be difficult if the relationship ends acrimoniously
FAQs
Are joint accounts FDIC-insured?
Joint accounts enjoy the same protection as individual accounts. Most bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC), while credit union accounts are insured by the National Credit Union Administration (NCUA). Each account holder is typically insured for up to $250,000, so a couple could be insured for up to $500,000 in a joint account.
The coverage is cumulative across all joint accounts that the same two people hold at the same bank. But individual accounts are insured separately from joint accounts, so if you have individual checking and savings accounts and a joint checking account at the same bank, you get $250,000 in combined coverage for your individual accounts and another $250,000 for the shared account.
Who owns the money in a joint bank account?
Money in a joint bank account is owned equally by all account holders, who can withdraw, spend and manage the funds. If one account holder dies, account ownership and any remaining funds pass directly to the other account owner without going through probate.
Is a joint account different from adding an authorized user?
Yes. An authorized user can make transactions on an account but has no ownership rights; they can't close the account or change its terms. A joint account holder is a co-owner with equal rights to the funds and equal responsibility for any fees or overdrafts.
Can you remove someone from a joint bank account?
Removing someone from a joint bank account typically requires the consent of all account holders, and some banks require you to close the account entirely and open a new one rather than simply removing a person. It's worth checking your bank's rules accordingly.
Does a joint bank account affect my credit score?
No. Joint bank accounts (checking and savings) aren't reported to credit bureaus, so they don't affect your credit score. This is different from a joint credit account, like a joint credit card or co-signed loan, where both holders' payment activity is reported and can impact both people's credit.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every banking list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best joint bank accounts.
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Our methodology
To determine which checking and savings accounts are the best for joint ownership, CNBC Select analyzed dozens of U.S. bank accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed our ranking to only accounts that earn interest or rewards.
We also favored those accounts with zero monthly maintenance fees (or a simple way to waive them), no overdraft fees and low minimum balance and minimum deposit requirements.
All of the accounts included on this list are FDIC- or NCUA-insured up to $250,000. Note that the rates and fee structures for checking and savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer the money you already had in an account at that bank.
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* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC. *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
