Opening a Joint Banking Account
8 Min Read | Published: March 28, 2025
This article contains general information and is not intended to provide information that is specific to American Express products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product.
Learn how to open a joint bank account to streamline shared finances and use our tips for managing spending and finding the right joint savings account.
At-A-Glance
- Opening a joint bank account lets multiple users manage everyday expenses or save for shared goals, like splitting bills or planning big purchases.
- To get the most out of a joint bank account, set clear rules, maintain regular check-ins, and have a plan to avoid misunderstandings or overspending.
- Choose the type of joint bank account that best fits with your needs, whether you prioritize earning rewards, easy accessibility, or access to additional features.
From splitting bills with roommates to combining finances with a partner or family member, managing shared expenses can feel like a chore. With clear communication and mutual trust, opening a joint bank account could be a viable solution, whether for savings or checking needs. Keep reading to learn how joint banking can benefit everyone with shared account access.
Joint Savings Account vs. Joint Bank Account
Bank accounts come in several forms, with many people being most familiar with checking and savings accounts. A checking account lets you manage everyday expenses by depositing and withdrawing money, tracking purchases, and paying bills. Joint checking accounts function the same way but allow multiple users to deposit, withdraw, and pay bills.1
A savings account lets you store money while earning interest.2 Some high-yield savings accounts (HYSAs) (including joint savings accounts) may offer higher annual percentage yields (APY) than standard savings accounts, boosting your yearly earnings with interest. A joint savings account of either type gives multiple users access to deposit money or withdraw.
Roommates, couples, business partners, family members, and even friends may find a joint banking account useful in these common scenarios:
- Splitting rent, utility bills, communal groceries, gas, or repairs among members of the same household.
- Saving for vacations, family reunions, care for older adults, home or auto purchases, or family planning.
- Streamlining business transactions, bill automation, and company budgeting.
Pros and Cons of Opening Joint Banking Accounts
Equal access can be both a pro and con of joint bank accounts, offering convenience while making all users responsible in the event of one person’s mismanagement. Regardless of who has access to your shared account, be aware of the potential pros and cons.3
| Pros of Joint Accounts | Cons of Joint Accounts |
One-Stop Shop A joint account can streamline all household payments without constantly splitting bills. |
Money Mix-Ups Overlapping withdrawals or late deposits may lead to overdrafts or extra account maintenance. |
Stronger Together Joint finance management is an opportunity to build trust, practice open communication, and keep all parties aligned on shared financial goals. |
Financial Strain in Relationships Different spending habits or financial missteps might cause tension, especially if money feels tight or expectations clash. |
See It, Know It Each account user can easily track deposits and spending for added accountability and transparency that could help you reach financial goals faster. |
Complications Due to Significant Life Changes In cases of significant life changes, such as divorce or death, all the money belongs to the joint account holders, which may cause complications for other family members or dependents.4 |
Managing Your Joint Bank Account
With the proper boundaries, spending rules, and honesty, managing an online joint bank account can be a rewarding experience.
- Set Goals and Budget as a Team
Work together to create a monthly budget that covers shared expenses, anticipates savings contributions, and leaves room for personal spending. Decide upfront how much each person will contribute so that account usage is fair and manageable. - Agree on Spending Rules and Share Responsibilities
Lay out clear guidelines for how and when users can spend money. Considering tips for tracking your spending can you find ways to help streamline budgeting while rotating tracking responsibilities keeps everyone involved and accountable. - Meet Regularly to Stay on Track
Make time for monthly or quarterly check-ins to review spending, adjust savings, and plan for future goals. Communication can cut down on misunderstandings and provide valuable practice for financial management. - Have an Exit Plan in Place
Prepare for the unexpected by agreeing on what happens if the account needs to be closed. Know if you’ll need to settle debts or divide funds to close the count, and make sure everyone understands how to close a joint bank account before a problem arises.
Tips for Opening a Joint Bank Account
Always assess your banking needs before choosing an account. Some accounts offer low fees, easy ATM (automated teller machine) access, or additional rewards like the Rewards Checking Account from American Express®. You’ll also want to know if your account requires a minimum balance. Additionally, understanding the bank’s customer service reputation can help you find the right fit.
Here are a few more tips for choosing an ideal shared account:5
- Understand The Terms
Even no-fee or rewards accounts can have overdraft charges or out-of-network ATM fees. Always review the terms so you know what to expect. - Factor in Long-Term Needs
Specialized accounts can offer customized benefits for students, premium customers, or business owners, like waived fees or budgeting management tools. Choose one that aligns with your current and future goals. - Look for Accessibility and Features You’ll Use
If you travel or make international transactions frequently, prioritize accounts that offer features like mobile apps, 24/7 customer service chats, or multicurrency options.
Frequently Asked Questions
Each account user may need to supply the bank with personal details like address, government identification (ID), or a Social Security number. In some cases, you may need to make a minimum deposit to open the account.6
It depends. Some banks allow you to open a joint bank account or add users online. Others may require you to open or modify the account in person.7
Your joint account information does not appear on a credit report, so joint banking does not directly affect your credit score. The exception to this would be if you were to overdraft with your account, and neglect to repay the overdraft on time.
The Takeaway
Learning how to open a joint bank account may simplify shared finances, but successful management requires clear communication, well-defined spending rules, and choosing the right account for everyone’s needs.
1 “What is a Bank Account?,” Experian
2 “What is a Savings Account?,” Experian
3 “Should Married Couples Have Joint Checking Accounts?,” Experian
4 “What Happens to Bank Account When You Die,” Experian
5 “10 Types of Checking Accounts and Their Benefits,” Experian
6 “What is a Joint Checking Account?,” Experian
Liv Gillespie is a Philadelphia-based writer with a double M.A. in English Linguistics & Literature and Secondary Education. Her work focuses on personal finance.
All Credit Intel content is written by freelance authors and commissioned and paid for by American Express.
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Types of Savings Accounts
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