Joint checking accounts can be opened by two or more individuals who want to plan a budget together, save for a common goal, or share expenses.

For example, Joint checking accounts can be opened by couples to share household expenses, save for the future, etc. Any two individuals can open them to save for a common interest or goal or investment. Such accounts can also be opened for children below 18 years of age with Joint custody shared by a parent or guardian.

Joint Checking Accounts For Married Couples

Joint Checking Accounts help develop trust among couples. Further, paying financial expenses that go into a household, like bills and other monthly expenses through joint accounts maintain financial transparency between the partners. Additionally, couples can also open joint accounts to save for a common future goal like the education of their child, a dream vacation, etc.

Joint Checking accounts provide better ease to planning things for the future, setting budgets, and contributing to household expenses equally. This builds mutual trust among couples.

The best Joint Checking Accounts for couples should be those banks that provide high-interest rates, charge low maintenance fees, and require low minimum monthly deposits.

Ally Joint Checking account

Ally provides one of the best options for opening a joint checking account. It requires no minimum monthly deposit. Further, Ally also charges $0 maintenance fees.

Further, Ally provides an interest of 0.10% APY on a balance of $15,000 and 0.25% APY above $15,000. If you want a higher interest rate, you can opt for other checking accounts, but that will also come with a minimum monthly deposit.

You can open an Ally Interest Checking Account with almost no hassle. The entire process is online. Although Ally does not have any physical branches, it provides great 24/7 customer support and service.

Ally’s mobile application is easy to use and comes with separate login credentials for both individuals. So this makes the management of finances, spending money, and making individual transactions much easier and hassle-free.

Ally is the best option if you just want an account to manage finances, plan budgets, and share expenses.

Presidential Bank

Presidential Bank offers one of the highest interest rates. The bank has multiple varieties of Checking Accounts that offer up to 2.25% APY each month. But this comes along with multiple conditions.

A minimum balance of $100-$25,000 has to be maintained depending on the type of account. Additionally, a deposit of a minimum of $500 has to be made. Each account holder should make seven electronic transactions every month in the form of bill payments, debit card payments, ATM withdrawals, etc.

Couples who are planning a dream vacation or saving up for the future or a big expense can open a Presidential Checking account and avail of the high rate of interest.

SoFi Checking and Savings Account

SoFi Checking and Savings Account allows you to earn interest of $4.20% APY and up to $250 with direct deposit. It provides $1.20% APY on its checking account and $4.20% APY on its savings account.

This is great for couples who want to manage every form of their finances together, as this is not a checking account only. Sofi Account provides both checking and savings accounts in one.

Thus, it is one of the best options for couples, as there is no minimum monthly deposit. Further, there are no maintenance fees. The only cost is that the direct deposits have to be handled through a third party and can cost up to $5 per transaction.

So, open your SoFi Checking and Savings Account.

High-Interest Joint Checking Accounts

1. Presidential Bank

Presidential Bank offers one of the highest interest rates. Further, the bank has multiple varieties of Checking Accounts that offer up to 2.25% APY each month. But, this comes along with multiple conditions.

A minimum balance of $100-$25,000 has to be maintained depending on the type of account. Additionally, a deposit of a minimum of $500 has to be made. Likewise, each account holder should make seven monthly electronic transactions in the form of bill payments, debit card payments, ATM withdrawals, etc.

1. Liberty Federal Credit Union

Liberty Federal Credit Union debit users can earn up to 3.45% APY. Furthermore, this credit union allows anyone who makes a minimum $5 donation to Evansville’s local high school alumni association to become a credit union member.

A minimum of deposit of $25 and 15 debit transactions a month are required to avail of this high-intertest. Further, you need to login into their mobile application once a month and update your bank statements.

Joint Checking Accounts with no Fee

Axos Bank Rewards Checking Account

Axos Bank Rewards Checking Account offers 5 rewards tiers that allow users to earn up to 3.30% APY. Axos Bank Checking account does not require you to give a maintenance fee and has no minimum monthly deposit.

But, you need to fulfill all the monthly requirements to avail of 3.30% APY. You can check all the conditions and open your Axos Bank Rewards Checking Account.

TIAA Bank Yield Pledge Checking Account

TIAA Bank Yield Pledge Checking Account provides you with a 0.25% APY. it requires no monthly fees and no maintenance cost. The only requirement is a minimum deposit of $100.

Further, users who maintain a minimum balance of $5000 get unlimited reimbursement of fees at ATMs. Likewise, users who keep a balance of below $5000 get $15 as ATM reimbursement.

Check out TIAA Bank Yield Pledge Checking Account conditions and open your TIAA Bank Yield Pledge Checking Account.

SoFi Checking and Savings Account

SoFi Checking and Savings Account allows you to earn interest of $4.20% APY and up to $250 with direct deposit. A Sofi Account provides both checking and savings accounts in one. It provides $1.20% APY on its checking account and $4.20% APY on its savings account.

It is one of the best options for couples as there is no minimum monthly deposit. Further, there are no maintenance fees. The only cost is that the direct deposits have to be handled through a third party and can cost up to $5 per transaction.

Capital One Money Teen Checking Account

This is the best joint account option for teens and parents. There are no maintenance fees. There is no minimum monthly deposit. Further, this offers 0.10% APY.

It provides parental control and transaction alerts to keep a check on teens. It also limits certain spending categories. Thus, it provides a great way to manage teens' finances and helps save up.

Ally bank

Ally provides one of the best options for opening a joint checking account. It requires no minimum monthly deposit. Further, Ally also charges $0 maintenance fees.

Ally provides an interest of 0.10% APY on a balance of $15,000 and 0.25% APY above $15,000. If you want a higher interest rate, you can opt for other checking accounts, but that will also come with a minimum monthly deposit.

FAQs

Is Joint Checking accounts a good idea?

Yes, joint checking accounts are a great idea if two individuals want to save up for a common goal, manage finances or plan out budgets.

Which bank account is best for a Joint account?

Ally Joint Checking Account, Presidential Bank, SoFi Checking and Savings account, Liberty Federal Credit Union, Axos Bank Rewards Checking Account, TIAA Bank Yield Pledge Checking Account, and Capital One 360 Checking Account are some of the best options for a Joint account.

Can I open a Joint checking account with anyone?

Yes, you can open a Joint Checking account with anybody. So, it can be your husband/wife, friend, business partner, or parent.

Is there a downside to a Joint account?

Joint accounts can often lead to a breach of privacy and losing control over one’s own money. Therefore, we recommend you use a combination of joint and personal saving account.

Thus, Joint Checking Accounts provide a great option for managing budgets, planning out finances, and saving up for the future. Ally Joint Checking Account, Presidential Bank, SoFi Checking and Savings account, Liberty Federal Credit Union, Axos Bank Rewards Checking Account, TIAA Bank Yield Pledge Checking Account, and Capital One 360 Checking Account are some of the best options for your Joint Checking account.