Are you and your partner looking for a joint checking account that suits your financial needs? Opening a joint account is a significant step in any relationship and can make managing shared expenses much simpler. But with so many options available, it can be challenging to find the right one.
At Personal Finances Blog, we’ve done the research to bring you the best joint checking accounts for 2024. Whether you’re a couple, a family, a business, or simply looking for the best rewards or high APY, we have recommendations that will fit your needs.
Best Joint Bank Accounts Compared 2024
To make your search easier, we have compared the top joint bank accounts available in 2024.
Our Recommendations for Best Joint Checking Account
Best for Basic Banking: Chase Total Checking
If you’re looking for a simple joint checking account for shared expenses, consider the Chase Total Checking account. While it doesn’t come with many bells and whistles, it is perfect for couples who want a separate account for their joint expenses. Plus, you can avoid the monthly maintenance fee by meeting certain criteria.
Best for Welcome Bonus: Axos Rewards Checking
With Axos Rewards Checking, you can enjoy a $300 welcome bonus upon signing up with the promo code AXOS300. This account also offers a high APY and comes with no monthly maintenance fees or overdraft fees.
Best for Rewards: Upgrade Rewards Checking Plus
Upgrade Rewards Checking Plus is an excellent option if you want to earn rewards for your spending. You can earn cashback on eligible purchases and even get paid two days early with direct deposit. Additionally, Upgrade offers a high APY and has no minimum balance requirements or monthly fees.
Best for High APY: Quontic High Interest Checking
If you’re looking for a checking account with a high APY, Quontic High Interest Checking is the way to go. By making qualifying purchases with your debit card, you can earn up to 1.1% APY. Quontic also provides a unique payment wearable called the Quontic Pay Ring, which allows for easy payments.
Best for Business Owners: Lili Business Banking
Lili Business Banking offers a joint checking account designed specifically for business owners. With this account, you can earn a competitive APY on your savings and enjoy features like cashback, no hidden fees, and easy expense categorization.
Best for Families: Zeta Joint Account
The Zeta Joint Account is perfect for families who want to manage their finances together. With the ability to allocate savings toward specific goals and automatic saving features, Zeta makes it easier to reach your financial targets. Plus, you can earn a high APY on your money.
Best for Online Banking: CIT eChecking
For those who prefer online banking, CIT eChecking is a great choice. This account allows you to manage your money easily online or through the CIT app. With no monthly fees, no overdraft fees, and no online transfer fees, CIT makes banking hassle-free.
Our Methodology
To determine the best joint checking accounts for 2024, we thoroughly researched financial institutions offering joint accounts. We then analyzed each account’s unique offerings and benefits to identify those that stood out. Finally, we assigned awards to the accounts based on their strengths.
How to Select the Best Joint Checking Account
To choose the best joint account, it’s important to consider your specific requirements. Do you want an account with no monthly maintenance fees? Are high APYs a priority for you? Discussing these preferences with your account co-owner will help you make an informed decision.
What to Consider When Opening a Joint Checking Account
Before opening a joint checking account, consider your specific needs and whether a joint account is the right choice for you. Trust and communication with your account co-owner are crucial since joint accounts require shared responsibility. Additionally, consult a tax professional or financial advisor to understand any tax implications.
What Are Some Alternatives to a Joint Account?
Although joint accounts work for many, they may not be suitable for everyone. Some alternatives to consider include maintaining individual checking accounts, opening joint savings accounts, or using prepaid debit cards for shared expenses.
Frequently Asked Questions (FAQs)
- What is the FDIC limit on joint accounts? The FDIC insures up to $250,000 per account holder, so the limit for a joint account is $500,000.
- What happens to a joint account after one of the holders dies? The process varies, but in many cases, the account transfers ownership to the surviving holder, making them the sole owner.
- How do I open a joint checking account? To open a joint account, both account holders must apply together and provide necessary information for identity verification.
- Who owns the money in a joint checking account? Both account holders own the money equally and can deposit and withdraw funds.
- How do I close a joint checking account? The process depends on the financial institution and may require permission from both or just one account holder.
- How do I remove one of the owners from a joint checking account? Contact the financial institution and follow their process to remove an owner.
At Personal Finances Blog, we’re here to help you find the best joint checking account for your needs. Remember, opening a joint account is a significant step that requires trust and mutual agreement. Make sure to carefully consider your requirements and find an account that suits both you and your partner.
For more information and financial tips, visit Personal Finances Blog.