If you have a partnership business or have a family or you are planning a wedding, you may need a joint bank account. Opening a joint account can be a good idea if you are in any of the above scenarios since it helps all parties manage finances from a single account.
However, before you can open a joint bank account, it is important you be aware of the implications a joint account has for all parties. Here, we will be looking at instances when you need a joint bank account and what you need to open a joint bank account.
When to Open a Joint Bank Account?
You may need to open a joint bank account if you are in any of the following scenarios:
- A couple that manages money together. If you have a family and you manage household expenses together, a joint bank account is necessary.
- Business partners. If you have a partnership business and all partners need to manage and access funds, then you may need a joint bank account.
- If you are a parent wanting to control your children’s spending. If you want to be in control of your children’s spending habits, consider opening a joint bank account.
What is Needed to Open a Joint Bank Account
If you are opening a joint bank account in the U.S or the UK, then you need to provide the following documentation:
- Proof of identification such as I.D or driver’s license for all account owners
- Email address
- Personal information for all account owners such as their names, date of birth
- Social Security Number for U.S accounts
- A photo ID of all account owners
- Mailing address of all account owners
How to Open a Joint Account?
Depending on your needs and the use of the joint account, you can choose to open a joint bank account in an online bank or a brick-and-mortar bank.
To open a joint account online, you just need to visit the bank’s website and locate the joint account. Fill in an online application form and then upload all the necessary documents.
For most banks, you will need to wait for some time to have your online joint account application reviewed before verification. When your joint account is approved, you will be notified via email.
If you choose to open a joint bank account in a brick-and-mortar bank, you need to decide on the bank to use. Then fill out an online application form and book an appointment with the bank branch. Make sure to carry all the necessary documents for all account owners. Once the account has been approved, you can fund it.
Best Joint Checking Accounts in the U.S
If you want to open a joint bank account in the U.S, we will provide you with a list of some of the banks you can consider:
- Fees: None
- APY: 0.10% – 0.25%
Ally Bank is one of the best banks to open a joint account within the U.S. It offers the best checking account that does not charge any fees. Besides, you don’t need to maintain a minimum deposit with the bank. It is a fully virtual bank that doesn’t have physical branches.
- Fees: None
- APY: Maximum of 1.25%
Capital One is another bank you can consider when opening a joint bank account in the U.S. It is an ideal bank for parents who would want to open joint accounts for their teens. Parents can use this joint account to control their children’s spending. It doesn’t have minimum balance requirements. it is also a fully virtual bank with no physical branches.
- Fees: $5 – $35
- APY: Maximum of 0.01%
Wells Fargo is another online and in-person bank that offers joint account openings. Wells Fargo has over 4,900 branches in over 37 states. You need to maintain a minimum deposit of $25. Most of their monthly fees can easily be waived for most of the customers.
- Fees: None
- APY: 3.30% up to $50,000
Axos Bank is a good bank to open a joint account because of its high-interest rates for checking accounts. You earn an APY of 3.30% on balances up to $50,000. You need to maintain a minimum balance of $50. The bank does not charge monthly maintenance fees. It is also a fully virtual bank with no physical branches.
Alliant High Rate Checking
You can open a joint Alliant High Rate Checking account and start earning interest. It is a digital credit union that offers online and mobile banking services like joint checking accounts. The account has teen checking accounts with no monthly charges or minimum balance.
Best Joint Checking Accounts in the UK
If you are in the U.K and want to open a joint bank account, then you need to consider the following banks:
N26 Joint Bank Account
If you are in the UK or the U.S., you can open a joint account with N26 Bank. N26 is a virtual bank that allows you to create a sub-account known as “spaces”. With this feature, up to 10 people can manage the funds altogether.
Revolut Joint Bank Account
Revolut is a virtual bank that was founded in the UK that you can use to open a joint account called Group Vault. Both account owners must be residents of the same country and must not be part of another Revolut joint account. You can open a Revolut joint account if you are a resident of both the UK and the U.S.
Monese Joint Bank Account
Monese is a UK virtual bank that offers joint bank accounts. You can open an instant joint account and start sending money. You can use the joint account to make free transfers between euros and sterling pounds.
Monzo Bank Account
Monzo is also a virtual bank offering joint accounts in the UK. To open Monzo joint account, you need first to open a personal Monzo account. You won’t need to provide documents again when opening a joint account. If you have an existing joint account with another bank, you can move that account to Monzo through the Current Account Switch Service.
What is Needed to Open a Joint Account?
To open a joint account, you need to provide identification documents like an ID or driver’s license. If you are opening a joint account in the U.S., you need to have a social security number. You also need to provide other details like name, area of residence, mailing address, and email address.