Best Joint Checking Accounts for Joint Finances

Managing joint finances can be a delicate matter, but having the right joint checking account can make all the difference. Ally Bank's Online Savings Account is a great option, offering unlimited reimbursements for ATM fees worldwide.

With a joint checking account, you and your partner can work together to reach your financial goals. PNC Bank's Virtual Wallet with Performance Spend account allows you to create a budget and track your spending together.

Some joint checking accounts come with rewards programs, such as Bank of America's Keep the Change program, which rounds up your debit card purchases to the nearest dollar and transfers the change into your savings account.

Our top picks for joint checking accounts offer a range of benefits, including no monthly fees and competitive interest rates.

Some accounts, like the 1st Account from First Direct, come with a £175 welcome bonus for new customers who switch current accounts. This account also offers a 7% regular saver account and no debit card fees when spending abroad.

In addition to these perks, some joint checking accounts offer overdraft options with competitive rates. For example, the 1st Account has an arranged overdraft of £1,200, which is charged at 39.9% EAR variable.

Here are some key features to consider when choosing a joint checking account:

Some accounts, like SoFi Checking and Savings, offer a combined checking and savings account with the potential to earn up to 4.00% APY. This account also has a large ATM network with no fees for in-network transactions.

Our top pick for a joint bank account is the 1st Account from First Direct, which offers a £175 welcome bonus for new customers who switch current accounts. This account also comes with a 7% regular saver account and no debit card fees when spending abroad.

The 1st Account is a great option for those who want to avoid monthly fees and overdraft charges. Representative APRs for overdrafts are 39.9% EAR variable, which is a relatively high rate.

Another great option is the joint checking account from Santander, which offers cashback offers at participating retailers through their Satander Boosts program. This account is perfect for everyday spending and offers a solid, no-frills banking experience.

If you're looking for a joint bank account with a high APY, you may want to consider one of the six popular joint checking accounts reviewed in our article. However, be aware that some of these accounts may have higher overdraft rates, such as 39.94% APR Representative/EAR variable.

Our top joint bank accounts are designed to help you and your partner manage your finances together.

Alliant is a reliable joint checking account for people who prefer banking with a credit union. It offers 0.25% APY and a user-friendly mobile app. Minimal requirements to earn interest are a plus, and you'll also get instant fraud alerts and responsive customer service.

If you meet the eligibility requirements, you can open an Alliant account and add one other person as a joint account holder. Your Alliant joint checking account qualifies for 0.25% APY if you receive e-statements and make at least one electronic deposit each month.

SoFi is an online-only bank that stands out for its combined checking and savings account. It has the potential to earn a high APY, but might not be the best option if you already have a savings account.

To earn the highest possible APY with SoFi, you'll have to set up direct deposit. SoFi can expedite deposits up to two days before the usual date, making it a great option for those who get paid through direct deposit.

Here are the top joint bank accounts you should consider:

Citi offers a joint checking account with some attractive features. It's worth noting that Citi has limited branch availability.

One of the perks of a Citi joint checking account is the potential for a significant bonus. You could earn up to $1,000 if you open an account with a high deposit.

Citi's product lineup is quite extensive, so you may find something that suits your needs.

Wells Fargo is a great option for those who prefer in-person banking. Their joint checking account offers a wide range of products and plenty of branch locations.

If you're someone who likes to visit your bank in person, Wells Fargo's joint checking account is a good choice. This account has multiple checking account options to choose from.

However, it's worth noting that this account comes with some monthly fees and a low interest rate.

A joint checking account can be a game-changer for couples and roommates, giving everyone equal access to shared funds.

With a joint account, you can set up Direct Debits to pay rent, mortgage payments, council tax, and utility bills. Each account holder also gets a debit card, making it easy to make purchases using the shared account.

One of the biggest benefits of joint accounts is that they can actually strengthen your relationship, according to a recent study. Couples with joint accounts were significantly better off than those with separate accounts, and were buffered against the decline of relationship quality over time.

Sharing a joint checking account with your partner or family member can be a major step in building trust and learning to save together. This is especially true for unmarried couples, as it allows them to improve their financial communication and work together towards common goals.

A joint checking account can also help build trust in a parent-child relationship, allowing parents to monitor their teen's spending and ensure they're being responsible with their money. This can be especially helpful when it comes to teaching teens how to balance a budget and make smart financial decisions.

Having a joint account can take the stress out of day-to-day expenses, giving both partners equal access to their shared funds. This can be especially helpful for stay-at-home parents who don't have an independent income source.

According to a study by Jenny Olson, Ph.D., couples with joint accounts were significantly better off than couples with separate accounts. The study found that joint accounts can actually strengthen relationships and help couples stay on the same page financially.

Here are some key benefits of joint checking accounts:

A joint savings account gives both account holders equal power over the account, so you and your partner can both deposit and withdraw funds, and see all account activity.

Both account holders can withdraw or spend from the shared pool of funds, even if they weren't the contributor.

One of the biggest perks of a joint account is having a shared pool of assets, which can streamline how you save and spend as a couple.

You can think of it like a joint piggy bank, where all the money goes into one shared pool and you both have access to it.

With a joint account, there is no difference between the funds you or your partner contribute.

Joint current accounts can be a great way for family or friends to manage their money together.

Joint accounts work by allowing multiple people to access and manage the same account, making it easier to split bills and track expenses.

The application process for a joint account is relatively straightforward, but it's essential to understand that both account holders will be equally responsible for managing the account and repaying any debts.

Joint accounts can impact your personal credit rating, as any missed payments or overdrafts will be reflected on both account holders' credit reports.

To get a joint account, you can visit the bank's branch in person or apply online, but you'll need to supply scanned copies of documents proving your identity, address, and age.

You'll need to have a permanent UK address and be at least 18 years old to open a joint bank account.

Setting up a joint bank account can be a straightforward process, especially if you already have an existing current account that you can add the other person to.

Just remember that whoever you add will have full access to the account and be able to deposit or withdraw money from it.

You'll usually get access to online banking or an app when you open your joint bank account, allowing each joint account holder to access the bank account in this way.