Couples can benefit from shared funds for family expenses and planning for the future. The best bank account for couples should offer added incentives in the form of interest or minimal fees. This article looks at the choices for couples currently available. Show
Best Bank Account for Couples
Our MethodologyWhen looking at the best bank account for couples, we looked at monthly fees and balance requirements for each account. We also wanted to identify checking accounts with the potential to pay out interest, or at least offer savings accounts that complement them well. Lastly, we deeded it important to transfer and withdraw funds from the most locations possible. Check out a more detailed explanation of our methodology here. Bank Account Fees Minimum Balance APY Other Available Accounts ATM Network No monthly fees, $20 per outgoing wire, $15 for expedited delivery $0 0.10% for accounts under $15,000, 0.25% otherwise Savings, Money Market, CDs, Mortgages, Loans, Investments 43,000 no-fee ATMs No monthly fees, $35 for domestic and $45 for international outgoing wires $0 Up to 1.25% if requirements are met Savings, Money Market, CDs, Mortgages, Loans, Investments Unlimited domestic ATM fee reimbursements No monthly fees, $25 for domestic and $50 for international outgoing wires, $10 dormant account fee $0 0.25% Savings, CDs, Mortgages, Loans, Investments Over 80,000 fee-free ATMs $0 to $12 monthly service fee, $34 overdraft fee, up to $50 wire transfers $1,500 to avoid fees 0% Savings, CDs, Mortgages, Loans, Investments, Home Equity Over 16,000 fee-free ATMs No monthly fees, $20 per domestic wire out, $40 per international wire out $0 0.10% from $2,500 to $100,000, 0.15% on balances beyond that Savings, CDs, Loans, Mortgages, Auto Refinancing Free ATMs worldwide No monthly fees, $30 outgoing wire transfers $0 0% Savings, CDs, Money Market, Retirement Over 60,000 fee-free ATMs $5 monthly fee if balance is below minimum, $25 overdraft fee, up to $45 for wire transfer $500 0.10% to 2.25 Savings, CDs, Mortgages, Home Equity Over 88,000 fee-free ATMs 
Ally has minimal account fees and offers a clear list of what it does charge. Best of all, there’s no minimum balance required to start up or maintain an account. For a checking account, its interest rate stands well above the competition. You will have to hold onto your cash since Ally has no physical location nor the means to deposit it. If you’re in a hurry, some transactions may move more slowly than you’d like. Why we chose it: Ally Interest Checking gives couples access to a nice APY while avoiding unnecessary fees.
FeesAlly limits its fees to outgoing domestic wires ($20) and expedited deliveries ($15), which is lower than other top banks, such as Axos and Alliant Credit Union. Nearly everything else, including overdrafts, incoming wires, and low balances doesn’t cost you a thing. The bank also doesn’t charge any monthly maintenance fees, no matter your balance. Minimum BalanceThere’s no limit on the amount of money you need to keep in your account at any given time. Whether high or low, Ally won’t ding you for your balance. APYAlly blows the 0.03% industry standard out of the water, offering between 0.1% and 0.25% depending on your monthly balance. Once your checking eclipses $15,000, you’ll start receiving 0.25% interest as long as you can maintain that number. Compared to Chase and Discover’s 0%, 0.25% feels like a breath of fresh air. Other Available AccountsIn addition to interest checking, Ally has savings, money market, CDs, and investment accounts to tuck money into. The bank can also serve mortgages and loans to those in need. Here’s a list of the best mortgage lenders for you. ATM NetworkThe online-only bank boasts 43,000 fee-free ATMs around the country you can use to collect funds. This is a bit on the lower side next to Presidential and Alliant’s 80,000+ machines. Unfortunately, there’s no way to use the machines to deposit money back into your account. There are countless ATMs scattered across the United States, and Axos lets you use any one of them for free. This helps alleviate the lack of physical locations and charges for personal checks. After setting up your account, you’ll never have to worry about monthly fees or keeping a minimum balance. While the APY can reach record heights, you have to jump through some hoops to get there. Why we chose it: The Axos Bank Rewards Checking account allows couples to draw funds from any ATM in the country without paying a penny. Members also benefit from zero monthly fees and the potential for a high-interest rate.
FeesAxos Bank avoids monthly fees on its Rewards Checking account, no matter how low your balance may go. You’ll never receive a charge for using an ATM, suffering an overdraft, or incoming wire transfers. Domestic and international outgoing wires cost $35 and $45 respectively, with a $10 fee for any returned deposits. It’s also one of the best free business bank accounts. Minimum BalanceLike Ally’s $0 minimum balance, Axos Bank also doesn’t require a certain amount of money in your account. Unlike Ally, Axos does need a $50 initial deposit to get your account up and rolling. APYMembers can achieve up to 1.25% APY with Rewards Checking if you meet certain conditions, blowing Ally’s 0.25% out of the water. It is possible to not earn any interest at all if you’re not careful. Here are the ways to earn some APY:
With the Rewards Checking account alone, it’s possible to earn up to 0.70% APY no matter what your account balance is. Should you want to raise the interest rate more, you’ll have to check out other account options. Other Available AccountsAxos features interest-bearing savings, money market, CD, and investment accounts for those interested. The online bank also offers the potential for loans and mortgages. ATM NetworkAxos’ ATM network reigns king, allowing free access to any machine in the country. Even if an ATM declares a fee, Axos will reimburse you the amount without question. You’ll never have to worry about hunting for a fee-free ATM again. Chase’s 16,000 ATMs don’t hold a candle to this level of service. Alliant introduces the comforts of a credit union on top of its APY to sweeten the pot. The rate comes alongside no minimum balance requirements and zero monthly maintenance fees. This account has high outgoing wire fees, and you’re stuck waiting until the end of the month for the dividend to roll in. The credit union doesn’t have physical locations, limiting access to online only. Why we chose it: Alliant helps keep fees down and customer service high as a non-profit credit union.
FeesYou won’t worry much about fees with Alliant, as the credit union doesn’t charge a monthly rate for keeping your account. It waives overdraft fees, in-network ATM transactions, and even your first box of checks. Fees show up with outgoing domestic wires ($25) or international ones ($50) and are sprinkled throughout for things like inactivity and collections. Fees appear more frequently than with Ally and Axos’ top accounts. Minimum BalanceAlliant users don’t have to worry about keeping a minimum balance. There’s never any fear of a monthly fee or the credit union closing your account if you don’t meet a certain threshold. APYAlliant’s APY is a respectable 0.25%, still nearly ten times the industry standard for checking accounts. This is a blessing when Chase’s Total Checking doesn’t offer a thing. Other Available AccountsEven as a credit union, Alliant offers many of the same account options as the big banks. Customers can pick up savings or investment accounts and CDs with High-rate Checking. Other options include loans and mortgages. ATM NetworkAlliant has over 80,000 ATMs in its extensive network across the country, much higher than Ally’s 46,000. Users shouldn’t have to look far to locate one that won’t charge to withdraw from. Chase Bank is one of the most popular in the country, with over 4,700 locations and an incredible online banking center. While it has thousands of ATMs in its network, the number pales in comparison to other banks out there. The Total Checking account can charge a $12 monthly fee and doesn’t offer any interest, but does have accounts for kids as young as 6 to get them started saving right. Why we chose it: Chase’s Total Checking account is easy to access from anywhere, with thousands of locations and a top-notch online platform.
FeesFor those unprepared, Chase’s Total Checking account does have a $12 monthly fee. This is steep compared to the likes of Ally and Axos that don’t charge a thing. However, it’s not too hard to get around this fee if you meet one of the following requirements:
Alongside the monthly fee, you’ll be charged $34 any time you overdraft your account. Wire transfers can cost up to $50 per transaction, whether incoming or outgoing. Minimum BalanceChase Total Checking does not require a minimum balance to keep your account open. If you want to avoid monthly fees, you’ll want to keep at least $1,500 in there at all times. APYUnfortunately, Chase’s Total Checking does not offer any APY for members, a sharp contract to Axos’ 1.25%. As a result, it’s best to pair the benefits of this checking account with one of Chase’s many savings options. Other Available AccountsChase lives up to its reputation as a large bank with several checking, savings, and investment account options. It’s also possible to snag a CD or look into loans and home equity plans. ATM NetworkChase keeps its ATM network close to its chest and only lets customers use Chase-branded ATMs for free. Fees at non-Chase ATMs can reach $2.50 or $5.00 per transaction. With only 16,000 machines to choose from, Chase pales in comparison to Alliant and Presidential. LendingClub understands there’s nothing like earning money for buying what you already need. The platform offers 1% cash back on all purchases with its debit card but does require members to meet specific requirements. Its checking account does not charge monthly fees and will reimburse you for ATM use anywhere in the world. The interest rate is a little low, and there are limited options for other accounts should you wish to diversify your money. Why we chose it: LendingClub’s Rewards Checking gifts members with interest and cash back on purchases made with its debit card.
FeesCustomers don’t have to worry about monthly fees with LendingClub, no matter what that account balance may be. As with most checking accounts, wire transfer fees can get out of hand if not careful. Minimum BalanceLike Ally and Axos, LendingClub doesn’t require a monthly balance to maintain an account. There’s no minimum needed to avoid fees, either. APYLendingClub’s APY starts at 0.10% if you have at least $2,500 in your account. If you exceed $100,000, the rate jumps to 0.15%. While lower than Ally and Axos, even 0.10% is significantly higher than the industry standard. Other Available AccountsUnlike Ally and Axos, LendingClub doesn’t offer a wide range of bank accounts. Fortunately, members aren’t completely without options. It’s also possible to set up a personal loan or a mortgage for those big purchases. ATM NetworkAlthough LendingClub doesn’t have its own ATM network, it allows members to make use of ATMs around the globe for free. It will pay back any fees domestic or foreign ATMs may charge. While most bank accounts limit fees, Discover’s Cashback Debit goes way beyond the norm. You won’t even receive charges for things like debit card replacement or reordering checks. Early direct deposit allows you to pocket extra income before heading out the door for a weekend getaway. While the account does offer cash back, it caps at $3,000 per month and doesn’t pay out any interest. Why we chose it: Discover eliminates fees from all but outgoing wire transfers while offering cash back and early direct deposit.
FeesDiscover puts its foot down on fees, charging nothing for things like check reordering that even Ally has a price for. Other than out-of-network ATMs, the only fee you’ll see from Discover’s Cashback Debit is on outgoing wire transfers. A $30 flat rate for wires is significantly less than Chase or Alliant’s $50 international outgoing transfers. Minimum BalanceThere are no minimum balance requirements for a Discover Cashback Debit account. You won’t receive a charge even if your funds fall critically low. APYUnlike Ally’s 0.10% to 0.25%, Cashback Debit doesn’t have any APY. You may wish to drop extra funds in an interest-bearing savings account instead. Other Available AccountsDiscover has a handful of savings, money market, and CD accounts that can generate interest on your hard-earned money. If you’re thinking long-term, there are also options for retirement investing available. ATM NetworkYou can make use of over 60,000 ATMs around the country completely free of charge. While Discover won’t change for using them, some out-of-network ATMs may come with a fee. Here, Discover doesn’t stand too far off from Presidential’s 88,000 in-network. Presidential Bank’s Advance checking can reach heights of 2.23% interest on a checking account as long as your balance remains between $500 and $25,000. Freedom from monthly fees and 88,000 ATM locations help you better control your money. You will need to keep a minimum account balance to meet interest rate requirements and avoid monthly payments. If you write paper checks, Presidential Bank will charge you for using more than three in a given month. Why we chose it: Presidential Bank’s Advance Checking offers one of the highest interest rates out there while avoiding most banking fees.
FeesFees are few and far between for the Advance Checking account as long as you’re careful. You need to maintain at least a $500 balance to avoid a $5 monthly fee, and you’ll also receive charges for overdrafts or if you send outgoing wires. Minimum BalanceAdvance Checking has a $500 initial deposit requirement, contrary to Ally not requiring a thing, and members will want to remain above that line to do away with a monthly fee. It’s worth noting that any funds exceeding $25,000 won’t earn the high interest rate. APYAPY rates change depending on the funds in your account. Even if you can’t maintain a $500 balance, you’ll still receive 0.10% interest each month. Users between $500 and $25,000 have found the sweet spot, earning 2.23% interest on that full amount. Compare this to Axos bank, capping out at 1.25% if you’re able to meet all its requirements. Any funds in excess of $25,000 still generate interest, but at 0.75% instead. Even this rate crushes the industry standard of 0.03%! Other Available AccountsShould you need to look beyond checking accounts, you won’t find a whole lot here. Presidential Bank does have savings accounts and CDs with varying interest rates among them. It’s also possible to obtain a mortgage or line of credit. ATM NetworkPresidential Bank sees over 88,000 ATMs dotted throughout the countryside. You can use any one of these ATMs completely fee-free. Other ATMs may have a surcharge for use with a Presidential Bank card. Next to Ally or Chase, Presidential takes the cake with ATM options. Methodology for the Best Bank Account for CouplesSeveral factors go into making bank accounts stand out. We considered each of the following when building our list of the best bank accounts for couples.
Frequently Asked Questions (FAQs) for Best Bank Account for CouplesFinding the right bank for you and your spouse can be a complicated process. The answers to these frequently asked questions should help point you in the right direction. Can an Unmarried Couple Open a Bank Account Together? Yes, an unmarried couple can open a bank account together. Banks may require the couple to live together for a certain amount of time before signing papers. Do consider the ramifications of opening an account if the relationship does not work out. Does a Joint Account Affect Credit Score? Joint account balances do not appear on a credit report and cannot directly affect your score. However, missed payments from a lack of money in a bank account can have a negative impact. Who Inherits a Joint Bank Account? In the event of the death of a spouse, the other member of the joint bank account immediately assumes all the funds. The account does not get frozen, and there is no delay in being able to access funds. What Do I Need to Open a Joint Bank Account? Opening a joint bank account is as simple as having identification and some personal information. Most banks will ask for a photo ID, current address, social security number, and date of birth. Both account owners will need to be present to set up the account. Bottom Line on Best Bank Account for CouplesJoint bank accounts are an excellent way for spouses to share money, goals, and dreams. It allows families to keep all expenses together and keep better tabs on earnings. The best bank accounts for couples do the above with minimal fees and perks to make couples’ lives even easier. About the Author: Noah is an American copywriter on a mission to help clarify the nuances of the business world through unique insights stemming from backgrounds in both engineering and the medical field. When not working, you’ll likely find him running or traveling. Which bank is best for joint account?Best Joint Checking Accounts of 2022. Best Overall: Ally Bank.. Best for Parents & Teens: Capital One.. Best for Frequent ATM Users: Axos Bank.. Best for Branch Banking: Wells Fargo.. Best for High Interest: Presidential Bank.. Best for Cash Back: LendingClub Banking.. Best for Debit Users: Liberty Federal Credit Union.. Which bank is best for married couples?Best Bank Account for Couples. Ally Interest Checking – Best Overall.. Axos Bank Rewards Checking – Best for ATM Users.. Alliant Credit Union High-Rate Checking – Best for Dividends.. Chase Total Checking – Best for Accessibility.. LendingClub Rewards Checking – Best for Cash Back.. Discover Cashback Debit – Best for Avoiding Fees.. Is joint account good for married couples?Couples may want to keep joint accounts because they ensure both spouses can access money at any time. If only one person's name is on an account and that spouse becomes injured or ill, their partner may be unable to pull out money needed for medical expenses or other bills.
How much should a couple put in joint account?A good way to do that is to use percentages. For example, in the situation above, if your shared expenses are 35 percent of your combined income, each of you should contribute 35 percent of your paycheck to your joint checking account.
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Best joint checking account for couples 2022
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