The Best Joint Bank Accounts

If you want to manage funds with another person, consider a joint bank. This bank allows two or more people to manage their finances equally. This post will discuss different joint accounts based on purpose and preference.  For instance, bank accounts for minors and parents and general joint accounts. 


No minimum deposit balances 

2.75% APY 

4.75/5 high-yield saving account 

Ally is the right choice, especially if you’re looking for an outstanding free joint bank account.  Its checking account doesn’t incur overdrafts or monthly services. It also allows you to save money via rounds ups, especially if you’ve Ally High Yield Savings Account.  Its goal is to monitor payments, checks, and debit card purchases, and then transfer the balance to the saving account. 

Ally offers mobile and online banking options, but it doesn’t have physical branches. So, if you want to deposit money, you need to visit a nearby ATM. However, it doesn’t allow opening a joint bank account with your kid. Typically, most online banking providers require a person to be at least 18 years old to open an account with them. 

SoFi: Best for earning much interest rate. 

No minimum deposit cash

4.25/5 SoFi savings and checking 

1.20% to 3.00% APY 

SoFi is among the best joint bank accounts for a person preferring to combine savings and checking into the same account. Once you set up direct deposit, you can earn approximately 3.00% APY. The good news, SoFi doesn’t charge overdraft fees or monthly service fees. They have a saving tool known as Money Vaults that helps people save for personal goals. 

As a hybrid checking and saving account, you can earn more on your savings. But if you deposit money, you’ll have to pay a specific fee.  Like Ally’s high-yield saving account, you must be at least 18 to open SoFi Checking and Savings. 

Alliant Credit Union: Best credit union 

No minimum deposit amounts 

4.5/5 Alliant high-interest checking account 

0.25% APY

Many credit unions require a membership to open a bank account, but Alliant allows you to add an account if the person is a member. The Alliant High-Interest Checking Account is the best banking institution because it doesn’t charge overdraft fees or monthly services. And if you withdraw via ATM, it refunds close to $20 each month. 

You can also open a bank account with your kid without much hustle.  Alliant Credit Union offers its services online, making it easy for you to deposit money. However, some allow you to deposit, while others don’t. 

Capital One: Best for parents and children    

No minimum deposit amounts 

4.75/5 Capital one 360 Children Saving account 

0.30% APY

Capital One is the best kid’s saving account because it makes it easy for both parents and kids to monitor their finances. Unlike other kid’s account, Capital One 360 Kids Savings allow you to open an account for your kid under 12. It doesn’t charge monthly fees but yields an interest rate.  Plus, it has 24/7 live chat customer care to solve any issues.  

Today, Capital One has built branches in Texas, New Jersey, Delaware, New York, Washington, DC, and Maryland. So, if you don’t reside nearby these states, it’ll be difficult to deposit your cash. 

Qapital: Best bank account for spouses

$0.01 minimum deposit amount 

3.5/5 Qapital Goals Account 

0.10% APY

Qapital is the best mobile banking with the utmost savings tools to help you manage your spending. It’s the brank to keep cash for goals and earn high-interest rates in the long run. Plus, it has unique couples’ features known as the Dream Team. The feature allows you to share account details while keeping money separate.  As mobile banking, it allows you access to special features like monthly fees. But if you don’t like monthly fees, consider one of the above joint bank accounts.     

Citi: Best for frequent debit card users 

No minimum deposit amounts 

3.5/5 Citi Access Account 

None Annual Percentage Yield (APY)

Citi is among the best joint bank accounts due to high daily debit card purchases and ATM withdrawal limits. Also, it’s the lowest-tier checking account you can purchase close to $5,000 and withdraw $1,500 from ATMs daily.  

Further, it has over 72,000 ATM branches throughout the US and beyond. That means it’s easy to find an ATM branch nearby and avoid unnecessary out-of-ATM fees. 

Citi organizes checking and savings accounts into different packages. So, pay attention to monthly fees and how to avoid them because it varies from one account to another. 

BBB ratings and Bank trustworthiness 

The Better Business Bureau assesses business depending on honesty in advertising, customer complaints, and transparency about business activities. Here are BBB ratings; 

InstitutionBBB rating
Alliant Credit UnionA+
Capital OneA-

Frequently Asked Questions

How does a joint bank account operate? 

What is a joint bank account? Which bank is the best for a joint account?

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