How to Select the Best Joint Checking & Savings Account

Aditi Shekar
November 18th, 2019 | 4 mins
How to Select the Best Joint Checking & Savings Account
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TLDR: When it comes to selecting the best bank for a joint account, there are a lot of things to consider - like bank fees, online accessibility, any additional perks, and more.

You’ve decided to take the next step in your relationship — opening a joint checking account. But you might not be sure where to begin. How do you know which is the best bank for joint accounts? We break down all the essential details you need to know before taking the leap.

Advantages of a Joint Checking Account

Before you start to consider which bank to open a joint account with, solidify with your partner that it’s right for you both.

A few advantages to consider:

  • It could make your lives easier if you and your partner are always playing musical chairs with bank transfers for shared expenses

  • The account would be in both of your names, so both of you have easy access to your combined funds and can easily log in to check the balance

  • A shared account could open up better communication about spending and saving as a team

When to Avoid a Joint Account

There are times when opening a joint account might not be the best idea, especially if you aren't on the same page about how to navigate your finances. Moreover, having a joint account means either of you are able to withdraw funds from that account, without getting "approval" from the other party. That means that you should be totally comfortable with giving your partner full access to your shared funds. If there's any reason why you might be hesitating, a joint account might not be a good option yet.

How to Open a Joint Account

A joint checking account is very similar to your personal bank account — except that there is another person who is authorized to use it. The good news is that you can open a joint account either in-person or online, depending on what you prefer. Whichever route you choose, you'll each need to have documents proving your identity, like a social security number and a valid U.S. address. Once you’ve selected which bank you want to open a joint account with, opening the account should not take more than 30 minutes.

Additionally, you also have the option to turn an existing individual checking account into a joint account. To do so, you’ll want to contact your bank and add your partner as a co-owner of that account.

What Makes the Best Joint Checking Account

With so many options out there for joint bank accounts, it can be hard to choose! Here are some of the good qualities to look for when shopping around.

Low or No Bank Fees

Depending on the bank, joint bank accounts can charge anywhere from $0 to $15 in monthly maintenance fees. According to a recent MyBankTracker study, the average account costs $9.60 per month in maintenance fees just for it to exist. Some banks offer ways to avoid these fees, like maintaining a specific minimum balance or enrolling in direct deposit. However, it's best to make sure you can qualify for a fee waiver before opening the account. Otherwise, try to find an account that doesn't charge monthly fees.

Don’t forget to also look at other fees such as ATM fees, overdraft charges or foreign transaction fees. All banks are required to share their “fee schedule” with you, so don’t be shy to ask for it.

Local or National

Another consideration is whether you prefer a credit union, which is typically a local entity, or a nationwide bank. Credit unions aren't focused on making a profit, so they often offer high savings and low interest rates on loans. That's not traditionally true for a national bank. However, one disadvantage of a local or smaller bank is the lack of ATM or branch access outside of the area. Think about the type of institution you want to house your money in before opening a joint account.

Online Access

Given how much of our lives have gone digital, it’s not surprising that many young couples are looking for banks that are easily accessible on the go. Whether it’s the ability to deposit a check via your phone or access help when you want, online banks typically have strong mobile and web apps that make it easy to manage your money. Online banks reduce the overhead costs of maintaining branches and use those savings to offer new and improved products and services for their customers. Not surprisingly, online banking is one of the fastest growing trends around the world.

Additional Perks

The best joint checking accounts come with extras like free checks, refunded ATM fees or bill pay. These perks might seem small, but they can really create value over time. Before opening an account, consider whether the bank has any perks that are exciting for you.

Sign-Up Bonuses

Some banks offer bonuses just for signing up. This reward shouldn't be your only reason for opening an account with a specific bank. However, it never hurts to make a $100 or more off of something you were already planning to do. Look around for sign-up rewards by searching for terms like “bank name sign up bonus”.

Top-Notch Customer Service

You should be able to easily reach a customer service agent when you need one. Before opening a joint bank account, check the institution's customer service hours and read reviews of their service from their customers. Also, look into a bank's ATM network to make sure you'll be able to withdraw your cash quickly and cheaply. If it's a physical bank, see how many branches are near you and how many in-network ATMs are within driving distance.

How Zeta Can Help

If you’re looking for a modern-day joint account designed for couples, you can sign up for Zeta’s Joint Accounts. Once you are on the waitlist, we’ll notify you when the account is live. We designed our no-fee joint account for couples like you — making it painless to manage your money together.


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