Co-Ownership Checking Accounts That Will Be the Best In 2023

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For couples who want to share their financial responsibilities equally or split them up, a joint checking account is a convenient banking option. Although couples are the most common people to open a joint checking account, parents with teenagers and business partners can also benefit from them.

With the best joint checking accounts, you and your partner will have access to a wide variety of convenient services, like a debit card, check writing, an ATM, and online bill pay. These accounts provide convenient access for account holders on the go, in addition to competitive interest rates and low or no maintenance fees.

  • There is no minimum deposit required.
  • Fees: None
  • APY: 0 10%-0 25%

The best checking account is provided by Ally because it does not demand a minimum deposit and does not charge any fees.  

Pros
  • There are not any regular costs

  • No cost for additional checks

  • High-quality web and mobile apps

Cons
  • The interest rate on certain other accounts is higher.

  • There are no actual locations for this branch

  • Cash deposits are currently unavailable.

To sum it up, Ally's Interest Checking Account is our top pick for a joint checking account because of how simple it is to manage for both partners and how few fees are incurred. Ally is an online bank that was founded in 2009 and provides a full range of banking services, including checking, savings, money market, certificate of deposit, mortgage, auto loan, and individual retirement account options.

Ally makes it easy to open a joint checking account by moving the process almost entirely online. Despite the lack of physical locations, app and web-based banking make it simple to contact customer service by phone or live chat.

The web and mobile interfaces offered by Ally are some of the most straightforward in the banking sector. Furthermore, each account holder is provided with their own login, allowing them to independently set up their own external transfer accounts, Zelle contacts, and payments, etc., making it simple for each of you to both view and execute transactions.

The lack of hiccups in the form of hidden fees is another distinctive feature of Ally's checking account. In addition, there are no conditions that must be met in order to have fees waived, further streamlining account management for couples. When you open an Ally checking account, they'll send you a free initial supply of checks printed with the names of both account holders.

For those who keep their money in an Ally checking account, they can earn interest (currently 0%). If you have a balance of less than $15,000, you will earn 10% APY. above that level, you'll earn 25% APY Some checking accounts offer higher interest rates, but usually only if the account holder meets monthly transaction thresholds. Ally's interest rate, on the other hand, is provided automatically and is significantly higher than the current zero-percent national average. 03% APY

  • Putting down no money at all is the minimum required.
  • Fees: None
  • APY: 0 10%

This account is great for families with minor children because it has no minimum balance requirements, separate logins for parents and teens, and parental controls.

Pros
  • No recurring costs

  • Controls and checks for parents

  • Planning and monitoring one's financial progress

Cons
  • Negligible interest income

  • No Checks Needed

  • ATM usage fees incurred when using an out-of-network machine

If you want to teach your preteen or teenager about financial responsibility, opening a joint checking account with them is a great place to start. Our top pick for parent-child accounts is Capital One because its mobile app makes it simple for parents to keep tabs on their children's finances, whether that means transferring allowance money or just keeping tabs on their spending habits.

With the help of an adult, any child aged 8 or older can open a fee-free MONEY Teen Checking account. It is not necessary for parents to have a Capital One account; instead, they can simply link an existing account from another financial institution.

There are some restrictions on this account that you should know about. For starters, you can't order or write checks because the account is "debit card only." Withdrawals from over 70,000 ATMs in the Capital One, MoneyPass, and Allpoint networks are also free, but withdrawals from any other ATM will result in fees that are not reimbursable.

There is a low interest rate as well. Although it pays more than the average savings account, this account currently earns 0%. 10% APY

  • Zero Required Minimum Deposit
  • Fees: None
  • Annual Percentage Yield: 1.0 25%

Your trips to the ATM won't cost you a dime with Axos Bank because the bank will reimburse your ATM fees, up to your monthly limit, as often as you like.

Pros
  • There is no obligatory minimum balance.

  • There will be no overdraft fees incurred.

  • Unlimited reimbursements of domestic ATM fees

Cons
  • You won't get any free payroll checks

  • There is no way to make instantaneous payments to one another via Zelle.

  • There are no actual locations for this branch.

Axos Bank, headquartered in San Diego, first opened under the name Bank of Internet USA on July 4, 2000. The bank rebranded as Axos in 2018. It has been making waves under its new name, with numerous "best of" lists and rankings praising its convenient online checking accounts.

Our top pick for couples who use ATMs frequently is Axos because of their generous ATM fee reimbursements, which are available with any of their checking account options. Essential Checking is the most basic. It has no overdraft fee, no monthly maintenance fee, no minimum balance, and no ATM fees (thanks to unlimited reimbursements). One useful feature is Direct Deposit Express, which can expedite your paycheck deposit by up to two days.

Instead of receiving your paychecks early, you and your partner can enjoy a higher interest rate with Axos' Rewards Checking account. You'll be eligible for the same fee-free perks, plus an additional 1% in potential earnings. Balances earn 25% annual percentage rate Gain $0 per month if you receive a direct deposit of $1,500 or more. Using your Axos debit card ten times in a month will earn you a 40% APY, and so will making a total of ten purchases. Earn an annual percentage yield of 1% with the direct deposit qualification, 10 debit transactions, and a few other opportunities. 25%

Rather than points, opt for cash rebates. Then, you can open a CashBack Checking account with Axos and both you and your joint account holder will receive 1 point per month for your efforts. Enjoy the same fee-free setup and uncapped ATM rebates, plus 0.0% cash back on all signature-based debit card purchases.

  • There is a $25 minimum deposit required.
  • Noncompliance results in monthly fees between $5 and $35.
  • APY: 0 00-0 01%

Wells Fargo gives its customers the option to bank in person or online, so they can receive personalized service and have their questions answered.

Pros
  • Almost 4,900 locations across 37 states

  • Most customers can ignore the monthly charge.

  • Several distinct bank account choices

  • Zelle allows for instantaneous money transfers both ways.

Cons
  • Some sort of minimum balance or other qualification is required to avoid service charges.

  • Interest from checking accounts only amounts to a fraction of a percent.

Wells Fargo, one of the oldest American banks at 1852, is also the third-largest in terms of assets. Wells Fargo is our top pick for branch banking because it has physical locations in 37 states and DC. (Please be aware that while residents of all 50 states have access to Wells Fargo's online banking services, customers in the following 13 states (Hawaii, Indiana, Kentucky, Louisiana, Maine, New Hampshire, Ohio, Oklahoma, Vermont, West Virginia, Missouri, Michigan, and Massachusetts) have no access to Wells Fargo's retail banking )

Everyday Checking is Wells Fargo's entry-level joint checking account. There is a $10 monthly fee, but that fee is waived as long as $500 is maintained in the account or a direct deposit of $500 is made each month.  

Wells Fargo's mobile app and online banking interface are feature-rich, so managing accounts is convenient for both types of customers. The bank also provides human assistance via phone, in-person at a branch, or by appointment if you have any questions or concerns.

Anyone interested in branch banking, whether or not they live near a Wells Fargo branch, would be wise to look into the checking account options offered by local banks, as they may provide more advantageous terms, lower fees, or both.

  • Withdrawal Fee: $100
  • If your balance drops below the minimum each month, you'll be charged $5.
  • APY: 0 10% - 2 25%

If you're looking to earn interest on your existing bank balance, look no further than Presidential Bank's checking accounts, which offer some of the highest rates in the industry. You also get your first set of checks for nothing.  

Pros
  • Deposits up to $25,000 earn 2 25% APY

  • The monthly fee for maintenance is simple to decline.

  • Free initial order of checks

Cons
  • For a high interest rate, $500 can be deposited directly into your account every month.

  • Not possible to send money to another person via Zelle.

  • You can avoid the monthly fee if your balance is between $100 and $25,000.

The Bethesda, Maryland-based Presidential Bank first opened its doors in 1985. Today, the bank has nine locations serving the greater Washington, DC area. C area However, its online banking service is available to customers all over the country. This account is our top pick for high-yield joint checking accounts due to its attractive interest rate and relatively low threshold for qualifying transactions.

The Advantage Checking account at Presidential Bank offers 2 percent interest on balances up to $25,000. Every month that the qualifying transactions are made, you will earn a 25% annual percentage rate bonus. Seven electronic withdrawals per month are required, and this includes all ATM, debit card, ACH, and bill pay withdrawals made by either account holder. Moreover, the high-yield rate is contingent upon a direct deposit of at least $500 per month.

This is better than the majority of "rewards checking" accounts, which require a minimum of 12 debit transactions per month and frequently put a cap on the high yielding balance of $10,000 or $15,000.

In order to receive 2 PTO days per month, you must meet the Presidential requirements. 25% for that accounting period But if that fails, the alternative annual percentage yield is zero. 75% is still higher than the interest rate offered by many bank accounts. Due to Presidential's extremely competitive interest rate tiers, customers with large cash balances at the bank may not need a dedicated savings account at all.

However, this account may incur a few charges. There is a $5 monthly service charge if your minimum daily deposit is less than $500. Plus, starting with the fourth check you write in a given month, you'll be charged a $3 overdraft fee.

  • Lowest Required Payment: Zero
  • Fees: None
  • APY: 0-0 15%

LendingClub Banking, which recently acquired Radius Bank, is a great option for consumers who want to earn cash back on their checking accounts because it does not charge monthly maintenance fees and provides cash back on an unlimited number of debit card purchases.  

Pros
  • No required minimum balance or service charge per month

  • Bonus cash rebate of up to 1% on all debit card purchases, no limits!

  • Infinite reimbursements of foreign ATM fees

  • One free round of examinations

Cons
  • Your balance determines how much, if any, interest you'll receive.

  • A sizable account balance or a large number of direct deposits is required to receive a cash rebate.

  • There is no way to make instantaneous payments to other users via Zelle.

This idea of a checking account that gives you money back is unusual. While it's common practice for credit card companies to reward customers with cash back, banks rarely offer this perk with debit cards. When it comes to cash-back checking accounts for couples, LendingClub Banking is currently the most generous option.

LendingClub primarily operates an online platform for customer service. The Rewards Checking Account offers customers a chance to earn between 1% cash back on debit card purchases. The cash-back rewards can accumulate quickly when the account is set up as a joint account and each account holder has their own debit card.

If you keep a balance between $2,500 and $100,000 in your LendingClub account or make monthly direct deposits totaling $2,500 or more, you'll earn LendingClub's premium cash-back rate of 1% on all purchases. Unlike some debit cash-back accounts, LendingClub's monthly cash-back calculation applies to an unlimited number of debit transactions.

LendingClub not only has no monthly maintenance fee or minimum balance requirement, but they will also reimburse any number of U.S. S as well as fees charged by foreign ATMs

Don't expect significant interest from this account, though. The account pays no interest on balances under $2,500 and a pitiful 0% on balances above that amount. 10% APY

  • To Make a Deposit, You Must Have a Minimum of $25
  • Costs: 0
  • Annual Percentage Yield: 3.0% 30%

To its members, Liberty Federal Credit Union offers high interest rates on debit card purchases and waives monthly maintenance fees.  

Pros
  • The annual percentage yield is 3.30% on eligble balances.

  • Without a required minimum balance

  • You can get up to $15 per month back on your ATM fees.

Cons
  • 15 monthly debit card purchases minimum

  • Monthly, there must be at least one direct deposit.

  • Required to join a cooperative bank

No longer a schoolteacher Get far away from the Evansville area in Indiana. Relax about it If you'd like to join the Liberty Federal Credit Union, neither of those conditions is necessary. In fact, anyone willing to contribute just $5 to the local high school alumni association can join LFCU and take advantage of their convenient Vertical Checking account.

In case you're unfamiliar with credit unions, they function similarly to banks and provide the same kinds of accounts and services. What sets a credit union apart is that its clients also act as its owners. But unlike a bank, credit unions are backed by the same $250,000 in federal deposit insurance as banks.

Among reward checking accounts, LFCU offers the highest interest rate, provided that the account holder meets monthly requirements. Earning 3 dollars an hour may sound unbelievable, but it's not. When it comes to a joint checking account for couples who use debit cards, LFCU is our top pick because they offer a competitive 30% APY on deposits of up to $20,000.

In order to qualify for the higher rate in any given month, you must perform at least 15 debit card transactions and receive at least one direct deposit into your account. You must also enroll in electronic statements and log in to your online or mobile banking account on a monthly basis. If you do all of these things, at the end of the month, you'll get 3 Your daily balance earns 30% annual percentage rate But if you miss even one, your monthly earnings will be nil.

This account has no minimum balance requirement and no monthly service fees, making it a particularly attractive option. Additionally, it will cover your monthly ATM fee of up to $15.

One's situation will determine the best type of joint checking account for a family, a parent and a child, or business partners. Before deciding on an account, it is important to weigh all of its features, such as interest rates, fees, ATM access, parental controls, and minimum balance requirements.

While all of the options we've provided here are good options for a joint checking account, we recommend Ally Bank because theirs doesn't require a minimum deposit to open, they don't charge monthly maintenance fees, and they have a large network of ATMs.

Company Lowest Acceptable Down Payment Fees  APY  Having Easy Access to an ATM Overall, Ally Ban Is The Best None None 0.10%-0 25% Anywhere in the country, except for actual cash deposits Best for Parents and Young Adults, Capital One None None 0.10% Nationwide  Customers who utilize their bank's automated teller machines frequently should consider Axos. None None  Up to 1 25% Nationwide  The Best Bank Branches Are Located at Wells Fargo $25 If requirements aren't met, expect to pay between $5 and $35 per month. 0.00%-0 01% Nationwide  With a lot of money, you should deposit it in the Presidential Bank. $100 If your account balance drops below the monthly minimum, you will be charged $5.  0 10%-2 25% Nationwide  LendingClub is the Top Bank for Cash Back Rewards. None  None  0 00%-0 15% Nationwide  The Best Debit Card Credit Union Is Liberty Federal $25  None  Up to 3 30% Nationwide 

There are a few considerations to make when deciding if a joint checking account is necessary. How comfortable are you with managing or sharing finances with others? Need to keep tabs on how your coworker or boss is spending their cash? Will dividing the load with another person make it easier to reach your financial goals, make a budget, or pay your bills?  

Determine whether or not you should open a joint checking account based on your responses to these questions.

Comparing joint checking accounts requires some forethought. When weighing your account options, keep in mind the following:

  • Be familiar with the account's prerequisites and ongoing maintenance procedures before attempting to open one. You might have to put in a certain amount of money each month or keep the account at a certain minimum balance. Banking necessities vary between institutions.  
  • Before opening an account, make sure you fully understand all of the associated maintenance costs. Overdraft charges, minimum balance requirements, and other account maintenance fees can be assessed on a monthly, yearly, or both basis. If you are aware of the costs, you can easily compare them to those of other banks.  
  • Find out if you are issued an ATM card and if so, where you can use it. Is there a fee for using an ATM that is not part of your network?  
  • Compare the online banking and mobile app options available with various joint checking accounts to find one that best suits your needs.

If you and your partner have decided that a joint account is the way to go, and if you have chosen the financial institution where the account will be opened, you will need to bring in certain documentation in order to officially open the account. A valid driver's license showing your current address is usually required, and a piece of mail, like a utility bill, can serve as additional proof of residency.

Your new bank account application may be denied if you have any outstanding debts to other financial institutions, so the banker or online banking system will ask you a series of questions and run a banking check through ChexSystems.  

Once your account has been opened successfully, your debit cards will be mailed to you. The standard waiting period for their arrival is around ten days. Meanwhile, you can get your bank account set up for online banking and begin using it.

A checking account is a type of bank account that allows you to make everyday purchases with a debit card, electronic payments, and wire transfers. It's common practice for married couples to open a joint checking account so that they can manage their finances together.

If the account holders are two adults, such as a married couple, they can both make financial decisions. Two partners holding a business checking account jointly would be considered the same. However, when it comes to a teen checking account, the teen account holder typically has less control than the adult primary account holder.

Joint checking accounts aren't for everyone, and the decision to open one should be made on a case-by-case basis. It's not uncommon for married couples, especially those whose personalities clash greatly when it comes to money, to keep their finances separate.  

However, when you combine your resources, you can save a lot of time and energy in the logistics and management of the project. One benefit is less time spent keeping track of accounts. Additionally, rather than each partner being responsible for their own individual financial management, one can step up and take the lead in coordinating the couple's financial matters.

Commonly, couples opt for a hybrid solution, wherein they pool a portion of their resources to cover shared outlays like the mortgage, groceries, and other household necessities. , while extra spending money is kept in a person's own account for things like holidays, hobbies, and other splurging occasions.

It's possible to steer clear of almost all joint checking account fees with some research and careful account selection based on your anticipated banking behavior. Accounts with no monthly maintenance fee and no minimum balance requirement will be one option.

Don't forget about the monthly-fee accounts that make it simple to cancel the charge. For instance, if you know you will always be receiving at least one monthly paycheck via direct deposit, you can skip the checking account fees that many financial institutions charge. The monthly fee for yet another set of accounts can be avoided if you maintain a balance of $500 or $1,000 in a joint checking account at all times.

However, the monthly costs are only a fraction of the whole. Think about how often you'll be using ATMs and how much cash you'll need access to each month to determine which account is right for you.

In order to determine which joint checking accounts are the best, we surveyed over a dozen different options and compiled the most frequently selected ones into a single comprehensive list. Both online-only and conventional banks were taken into account. We analyzed the minimum balance requirements and monthly maintenance fees, eliminating the accounts with the highest fees or strictest minimums. In addition, we compared various other aspects of the accounts, such as whether or not they offered free checks, ATM fee refunds, and Zelle transfers.

Finally, we looked for features that made a joint checking account stand out for specific groups of customers, such as those who value cash-back rewards over a high interest rate, heavy debit card users over frequent ATM users, and customers who prefer in-person service over digital banking.

Images via Getty, TzahiV, and Tetra

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