Internet banking with reasonable service charges along with the ability to have several account holders at once
Banks may provide customers with joint checking accounts, which differ from standard checking accounts in that they permit more than a single individual to oversee the money management of the account. The only difference between opening one of these and opening a checking account for yourself is that anyone who wants to access the account in question will be required to supply their personal information. These types of accounts are usually formed by couples committed to one another for an extended period. However, different groups and pairs of individuals sharing accounts is not unheard of.
No of the motivation for your search for a joint checking account, you will need to locate the one that is most suitable for your circumstances. For example, the kind of account which a married couple could require is not necessarily the same as the kind of account that two people who work together might require.
After analyzing more than a dozen different possibilities for joint checking accounts, we selected the best options for you on the basis of the associated fees, quality of customer support, simplicity of account opening, and general advantageousness.
The Top 4 Finest Shared Checking Accounts Available in 2022 For You
- HIGHLY RECOMMENDED OVERALL: Ally
- HIGHLY RECOMMENDED FOR ONLINE ACCOUNTS: Axos
- HIGHLY RECOMMENDED FOR TEENAGERS AND STUDENTS: Capital One
- HIGHLY RECOMMENDED FOR CREDIT UNION ACCOUNTS: Alliant
HIGHLY RECOMMENDED OVERALL: Ally
Why do we recommend it?
Because of its cheap fees, significant annual percentage yield (APY), and good ratings regarding customer service, Ally is our top recommendation for joint checking accounts.
The advantages and disadvantages of Ally
Ally –– the advantages
- Overdraft fees are not charged
- There is no requirement of minimum balance
- Provides reimbursement for ATM
Ally –– the disadvantages
- There is not a single local bank branch available.
- There is no provision for cash deposits.
Ally is an online banking company that was once known as GMAC until 2010, when they rebranded. The joint checking account offered by Ally is simple to open and allows for direct management from your mobile device. Ally has received positive feedback from previous customers and boasts a competitive annual percentage yield (APY) in comparison to numerous other financial institutions. Because of all of these factors and the straightforward procedures offered by Ally, it is our pick for the top joint checking account overall.
Ally is able to fulfill the functions of a bank which is completely full-service for a lot of its customers. It provides high-yield savings accounts, personal loan choices, and money market accounts that can be used to finance a vehicle, a house, or for a variety of other purposes. Ally provides an outstanding level of customer service. The customer is able to open a joint checking account online in a matter of minutes, and there are neither monthly fees nor minimum deposit requirements.
Overall, Ally provides a choice for a joint checking account that is comparable not only with other exclusively online solutions but also with traditional banking institutions. Those in need of a hassle-free and cost-effective joint checking account may find that Ally is a fantastic option to consider.
HIGHLY RECOMMENDED FOR ONLINE ACCOUNTS: Axos
Why do we recommend it?
An online bank, Axos provides customers with various alternatives for joint checking accounts, including the Rewards Checking account, which can earn an annual yield of up to 1.25 percent.
The advantages and disadvantages of Axos
Axos –– the advantages
- APY is generous
- Fees are incredibly low
- ATM reimbursements are available
Axos –– the disadvantages
- There is not a single local bank branch available.
- There are other criteria that you must meet in order to get the highest APY for Rewards Checking.
This bank that operates solely online and provides a comprehensive range of financial services. Axos provides customers with various personal checking alternatives, which includes a joint checking account that may be used by parents as well as their underage children or business partners. Axos's wide range of checking accounts ensures that customers can find the perfect fit for their needs. The bank has multiple account options, fee-free checking, and customer ratings which are above average. Due to all these reasons, we decided Axos would be the ideal online account for you to open.
The bank accounts offered by Axos require no monthly maintenance costs, have an unlimited number of ATM reimbursements, as well as an APY of 1.25 percent. However, in order to earn that APY, account holders are required to fulfil certain criteria. These requirements include maintaining certain minimum balances in several accounts on Axos and completing specific spending requirements using their debit cards.
Personal loans are available through Axos and can be used to refinance a house, finish up your credit card debt, or buy a vehicle. With the exception of the teen checking account, you need to be at least 18 years old to have an account with them.
Axos provides a convenient account option online, enabling account management with the help of any internet-connected device easily. You will need to fill out an application online in order to join, but there is no needed minimum deposit amount.
HIGHLY RECOMMENDED FOR TEENAGERS AND STUDENTS: Capital One
Why do we recommend it?
Because it has low maintenance costs and the capability to monitor spending the Capital One MONEY Teen Checking account is an excellent option for households with teenagers.
The advantages and disadvantages of Capital One
Capital One –– the advantages
- No requirement for minimum balance
- Minimal fees
Capital One –– the disadvantages
- APY is lower APY than what others offer
- There is no opportunity to apply for an account at a branch near you.
Since it gives parents access to wonderful features such as no fees along with alerts via text so that you can keep track of your ward's expenditure, the MONEY Teen Checking account from Capital One is our pick for the best joint checking account for teens and students. This is because it allows you to monitor your ward's expenditure in a way that is convenient for both of you. There is an APY of 0.10 percent on the balance, which enables teenagers to gradually build up their savings over the course of time and have a greater knowledge of the significance of saving money rather than squandering it.
You may complete the application for a joint checking account with Capital One quickly and easily online, and deposits of checks can be made to the account using either the mobile app or the website. The financial institution has also developed a user-friendly app that is simple to operate and provides new account users with tools for managing their money, such as tracking their spending habits and establishing savings targets. When teenagers accomplish their goals, their parents could give them a token of appreciation, such as a little deposit.
The joint account that you open with Capital One needs to have a minimum of one adult account holder who is 18 years or older, and that adult account holder needs to be the minor account holder's parent or legal guardian. Everyone who wants to open an account must be a minimum of 8 years of age.
Capital One provides a wide variety of financial services, including credit cards, savings accounts, auto loans, and more. They are an excellent resource that can help your adolescent through the transition from opening their checking account to opening their auto loan.
HIGHLY RECOMMENDED FOR CREDIT UNION ACCOUNTS: Alliant
Why do we recommend it?
Because it offers significant account features and receives high praise from consumers, Alliant has earned our recommendation as a good choice for a credit union for a joint checking account.
The advantages and disadvantages of Alliant
Alliant –– the advantages
- Provides attractive annual percentage yields (APY)
- No charges are incurred on a monthly basis
- Fraud alerts in real-time
Alliant –– the disadvantages
- No nearby branches available
- Contains the prerequisites necessary to get APY
A credit union, Alliant is in contrast to traditional financial institutions such as banks, since it is a form of financial organization that is not for profit. The fees and interest rates offered by credit unions are not necessarily superior to those offered by traditional banks; however, when the economy is in a downturn, your credit union's services and rates are likely to remain unchanged, whereas traditional banks may choose to lower their interest rates or eliminate other benefits. Due to its online features, user-friendly mobile app, lack of monthly fees, $20 in monthly ATM rebates, as well as competitive annual percentage yield (APY), the joint checking account offered by Alliant is our top pick for a credit union. In order for account holders to earn interest, they will first need to consent to receive electronic statements and then electronically deposit funds once each month at minimum.
The quality of Alliant's online banking service has been singled out for most of its praise. It has spared no effort to ensure that its mobile application is not just available but also superior to that of its competitors. Alliant is in direct competition with numerous banks because it lets you completely control your account from your device.
You will be able to submit an application for a joint checking account with Alliant online, but in order to do so, you need to join the credit union first. For eligibility, you must have relations to a someone who is already an Alliant member, be a part of certain partner organizations, or work or live within a community which is qualified, or a part of a charity that is a partner with Alliant. After establishing that you meet the requirements, all that is required of you is to present a valid government-issued identification card to demonstrate that you are a minimum of 18 years old, as well as either your Social Security number or a tax ID number. You should be able to finish the whole process in the shortest amount of time.
Frequently Asked Questions (FAQs)
What exactly is meant by the term "joint checking account"?
A bank account permitting two or more individuals to oversee the account's withdrawals, deposits, and other transactions is known as a joint checking account. Whoever is a holder of a joint checking account can access the funds in the account, and in most cases, they are required to record those funds as an asset that is owned jointly.
How Does the Process Work for Joint Checking Accounts?
When opening a joint checking account, you will need to provide your personal information as well as the information of the other holder as well. You could give your name, address, date of birth, and your tax ID number or Social Security number. At the conclusion of the procedure, it is possible that you will be required to add funds to your account; the minimum amount that is necessary will vary. Many banks and other types of financial organizations demand that all account holders be at least 18 years old, while others want a minimum of one account holder in a joint account to be at least that age.
Maintaining control of the account is easy. Just stick by the guidelines that your financial institution establishes, such as ensuring that there is sufficient funds within the account to meet your current expenditure and any required minimums that you must meet to avoid incurring any fees.
In what ways are individual checking accounts distinct from joint checking accounts?
The FDIC charges a greater premium for the insurance coverage it provides for joint accounts. $250,000 is the amount up to which every joint account co-owner is insured, which means that co-owners of an account can safely deposit $500,000 and still be safe in case something makes a damage to your financial institution.
The fact that the money in the account is potentially accessible to any account holder's creditor is another significant distinction between the two. For instance, if there is a financial judgement against your partner account holder, the funds in the account might not be the most secure. There are additionally essentially no safeguards or legal options available in the event that another account holder depletes the funds in the account with you unaware.
How We Determined Which Joint Checking Accounts Were the Best Option for You in 2022
We researched and evaluated over twenty-four different joint checking accounts before selecting the best four, which are presented below for your perusal. We investigated how simple it was to open one, the bank's reputation, what customers had to say about the bank, the fees associated with the checking account, and any other available features. According to our research, the most desirable qualities in a financial institution include low or nonexistent costs for basic banking services, an intuitive online banking platform, and a low learning curve.