A joint savings account can make managing finances with another person easier. However, you should only create one once you’ve defined its purpose and established clear ground rules with people you trust. Meanwhile, we’ll be looking at Best joint savings account chase, Wells Fargo, Bank of America, and Ally. 

Joint Savings Account

A joint savings account can make it easier for numerous people to handle their accounts at the same time. It may also enable an individual co-owner to have more money protected at one organization than they would with a separate savings account.

Let’s go over the possible advantages of joint savings accounts in further detail, as well as some items to think about before opening one.

A joint savings account is comparable to an individual savings account, except that it is co-owned by two or more people. A joint savings account, like an individual savings account, may provide the account proprietors an interest rate on their deposits, generally with compounding interest. This is known as the annual percentage yield, or APY.

How to Create a Joint Savings Account

The process of creating a joint savings account is the same as that of opening an individual savings account.

To begin, identify which bank, credit union, or online bank you wish to create an account with. And determine whether it provides a joint account.

Then, If none of you has an account with the banking institution you’ve chosen. Then you can possibly apply jointly by selecting the “joint account” option in the application, which can be completed online or in a physical branch.

If you currently have an account with your current financial institution, you may be able to add others as joint account holders. However, you may need to go into a branch to do so.

When creating a new joint account, you may be asked to provide the following personal information.

  • Social Security Number 
  • Identification that is valid
  • The birthdate
  • telephone number
  • Contact information via email
  • Proof of actual location
  • Information about your bank account or debit card for funding your new account

Who is eligible to access the joint savings account?

The joint account is accessible to everyone on the account. In other words, either account holder may take funds from the joint account without the agreement of the other account holder.

What are the advantages of having a joint savings account?

A joint savings account might be beneficial for those who want to manage their finances. Or work toward shared financial objectives with a trusted partner.

A joint account also provides better transparency since all account holders can see both deposits and withdrawals from the account. It’s also worth noting that everyone listed on the account has equal access to the funds in it.

In addition, it may also provide superior financial security because of the Federal Deposit Insurance Corporation. Or FDIC covers a larger amount for a joint account than it would for a single savings account. Moreover,  The FDIC covers an individual person at the same institution up to $250,000 for a single account type for an individual account.

However, for a joint account with two co-owners, the FDIC would cover up to $500,000 on that joint account. Then minus any sums held by either co-owner in other FDIC-insured accounts at the same bank.

To whom can I start a joint savings account?

In general, anyone can open a joint savings account. However, just because you can, does not imply you should.

Because a joint account permits anyone with ownership to remove assets from the account without the approval of another account holder. Therefore, it’s critical to have a specific aim for the account — and the funds in it. It’s also critical to open this sort of account with someone you know and trust.

For partners or married couples who handle joint spending, joint savings accounts may make sense. Furthermore, a joint account with a child can also be a good way for parents to teach their children about money.

Best Joint Savings Account

The best joint savings accounts include debit card support, check-writing capability, ATM access, online bill payment, and other benefits. Moreover, account holders may conveniently access these accounts while on the road, and they offer competitive interest and little or no fees.

#1. Ally Joint Best Savings Account

It’s difficult to surpass Ally’s Interest savings Account, whose ease of account management for couples. And the ability to eliminate practically all fees makes it our overall champion among joint checking accounts. Meanwhile, Ally was founded in 2009 as an internet-only bank and now provides joint savings account, money market, and CD accounts. As well as mortgages, auto and personal loans, and investment accounts.

Creating joint savings bank account with Ally is quick and easy, and it is virtually entirely conducted online. Though there are no physical branches, customer care is easily accessible via phone call or live chat. Which is accessible both in the app and through internet banking.

Ally’s web and mobile platforms are among the easiest to use in the banking business. Furthermore, each Ally joint savings account holder receives their own login, allowing you to set up your own external transfer accounts. Plus Zelle links and payments, and so on, making it simple for each of you to observe and conduct transactions.

#2. Wells Fargo Best Joint Savings Account

Wells Fargo is one of the joint savings country’s oldest banks and the third-largest in terms of assets. Truly, with physical locations in 36 states and the District of Columbia. The chances of living near a Wells Fargo branch are relatively high, making this bank our top pick for branch banking. Meanwhile, it is important to note, although residents of any state can bank or create joint savings account online with Wells Fargo. The following 11 states do not have physical branches: Hawaii, Indiana, Kentucky, Louisiana, Maine, New Hampshire, Ohio, Oklahoma, Rhode Island, Vermont, West Virginia, Missouri, Michigan, and Massachusetts.

Everyday Checking is Wells Fargo’s most basic joint savings account. Despite the fact, that there is a monthly cost of $10. And anyone who retains at least $500 in the account or has at least one direct deposit of $500 hit the account each month is not charged the price.

Wells Fargo joint savings account has a feature-rich mobile app and online banking interface. Which makes account administration simple for both account holders. Hence, when you need human assistance, you can call, visit a branch, or even schedule an appointment with a banker.

#3. One Capital Best joint Savings Account

Opening a joint savings account with your tween or adolescent is a great approach to educate them on how to bank responsibly. As you can track their account function for training money moments. Moreover, capital One’s mobile app makes it easy for parents to remain on top of their child’s banking. Whether you’re moving allowance payments or simply tracking your child’s transactions, making it our top selection for joint parent-child accounts.

#4. Axos Best Joint Savings Account

Axos’ large ATM charge reimbursements win it our top ranking for couples who use ATMs frequently. And the refunds are available with all of their checking accounts. Furthermore, the most basic of these is known as Essential Checking. It has no monthly maintenance cost, no minimum balance requirement, no ATM fees (via limitless reimbursements), and no overdraft fees. Most importantly,  Its Direct Deposit Express option, which enables you to get your paycheck deposit up to two days early, is an added perk.

Bank of America Joint Savings Account

Below are Bank of America Eligibility Criteria for Opening Joint Savings Account

Individuals can open joint savings account with the Bank Of America.

A joint account is typically opened by married couples, partners, housemates, senior persons, and parents with their children.

Note: Minors, HUFs, proprietary/partnership firms, LLPs, companies, AOPs, bodies of persons (BOIs), local authorities, trusts, and registered societies are not permitted to open joint accounts.

Documents needed to start a joint savings account with Bank of America

For creating a savings Joint Account (applicable to all joint holders), the following documents are required:

  • Firstly, PAN
  • Secondly, 2 passport-sized photos
  • Thirdly, PAN, Aadhaar card, passport, or driving license as proof of identity
  • Finally, Address proof, such as a passport, Aadhaar card, electricity bill, or a passbook from another bank

How to Open a Joint Account at Bank of America

Now, how can you open joint savings account on your Bank of America account? Then you must follow the following step-by-step procedure:

Step 1: fill out the Bank Of America Form with the Mode of Holding selected as “Joint.”

If you want to open a joint account with Bank of America, the first step is to go to the branch where you want to create your joint account. And fill out an Account Opening Form with all of your important information. Moreover, you can also get it on the bank’s website. In most cases, each account can have a maximum of three joint holders. In the form, you must include the names of all account holders. Meanwhile,  You can choose from the following modes of holding:

  • First, Joint
  • Second, Survivor or Joint?
  • Third, Survivor or first holder
  • Then, Survivor or either
  • Finally, Any individual or survivor

Following that, all account holders must sign in the spaces designated for them on the form before sending it to the branch manager/officer-in-charge.

Step 2: Submit all Joint Account Holders’ Required Documents

All account holders must attach a copy of KYC documents to the account opening form.  Including a copy of their PAN, which also serves as evidence of identification and proof of address. However, account holders may be requested to self-attest these papers as well.

Step 3: Submit the Account Opening Form, with the necessary documentation

You must send an account opening form to the banker along with all required attachments.

Step 4: Account Opening Form (AOF) and Other Documents Verification by the Banker

The Account Opening Form (AOF) and other related papers will be verified by the branch manager/officer-in-charge. So, he will proceed if he is pleased with these prerequisites.

Step 5: Obtain an acknowledgment slip for the Account Opening Form from Bank of America.

The banker will provide you with an acknowledgment slip of the Account Opening Form once your documents have been successfully checked. Next, the banker will next process your application. In most cases, the account is opened within 2 to 3 days.


A joint savings account can make managing finances with another person easier. However, you should only create one once you’ve defined its purpose and established clear ground rules with people you trust.

Joint savings account FAQ’s

Can you get a joint savings account?

Can you get a joint savings account? A joint savings account can be a great way for couples to meet savings goals together: Save up for shared goals, such as buying a house. Both partners can directly deposit money into the account. No need to transfer money between individual accounts.

Can I open a savings account in joint names?

A joint savings account works in the same way as a sole owner account, except that there are two or more named account holders that are able to pay into the account. … You may earn more interest on joint savings account if the pooling of funds means the value of the account is higher than in your sole account.

Is it better to have a joint savings account?

Benefits of a Joint Bank Account

Couples with joint accounts may find it easier to keep track of their finances because all expenses come out of one account. This makes it harder to miss account activity, such as withdrawals and payments, and easier to balance the checkbook at the end of the month.

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